News

A direct message to HSBC investors has appeared in the Financial Times, asking them to back a shareholder resolution which will commit the bank to phase out coal financing.

Dear HSBC investors,

HSBC is wrong and doesn’t speak for us. Our communities in South and Southeast Asia do not need more coal.

Activists from around the world have published another impassioned open letter to Standard Chartered’s CEO, Bill Winters, criticising him and the bank for their continued support of coal companies.

A young activist from the Philippines has taken aim at Standard Chartered in a passionate letter about the bank’s continued support for fossil fuel companies. The letter heralds the start of a major campaign on the bank’s role in coal, oil and gas.

As climate change continues apace with 2020 one of the hottest years on record, a survey of consumers who bank with Barclays and HSBC shows that these banks risk losing up to three million customers due to financing fossil fuels.

Most banks are still heavily invested in the fossil fuel industry and show few signs of getting out completely. So if they won’t clean up their act, it’s time for all of us to detox our bank accounts.

“Coal is such a fundamental part of power generation in many developing countries where we operate that we do not think it is the right thing, from a social or economic perspective, to withdraw.”

You’d be forgiven for thinking that these are the words of a hardened coal baron intent on exploiting all possible coal reserves from developing countries.

The news that a resolution designed to get HSBC out of fossil fuels will be voted on at the upcoming AGM has caused quite the stir. And now another major investor has said it will also be voting in favour.

A group of HSBC shareholders is disappointed that the bank isn’t taking urgent steps to end financing for fossil fuel companies. So they’ve introduced a new resolution to be voted on at the upcoming AGM, one that will force HSBC to publish a plan explaining how it will clean up its books.

There are many ways to complain about your bank’s role in financing fossil fuels and join the millions demanding an end to bankrolling the climate crisis. But if you feel you’ve exhausted all the options, moving your account to a more responsible bank can make a big statement.

Whether you’re emailing your bank or talking to staff working in the branches, it helps to have a few good points lined up to make a solid argument.

Furious that Barclays and HSBC are still investing in fossil fuels, but haven’t got much time to spare? Don’t worry – in just ten minutes, you can take on the banks which are pumping billions into oil, gas and coal companies.

In recent weeks, stickers have been plastered on Barclays branches across the UK, drawing attention to how the bank is continuing to fund the climate crisis.
 

The stickers – catching the eye with Barclays’ signature blue colour scheme – appeared on every branch in London, as well as several in Bristol and on a number of standalone cash machines.

Another day, another ‘climate announcement’ by a major bank. 

This week, Barclays has announced how it intends to reach ‘net-zero’ by 2050.

It’s been revealed that between January and September of this year, Barclays increased its financing of key fossil fuel players compared to the same period last year in spite of a commitment by the bank to align its business with climate goals.

Activists in 10 UK cities have covered billboards and bus stops with spoof HSBC adverts, accusing HSBC of ‘climate colonialism’ and demanding the bank end its financing of fossil fuels, detention centres and climate destruction.

Barclays revealed to have been involved in over 10 deals to harmful tar sands sector since committing to net-zero

New research has shown that the fight to end the extraction of tar sands for energy is not yet over, as the biggest financial players still have significant interests tied up in the companies that produce and export the harmful substance.

A new investigation into HSBC’s dealings reveals that in the four months before it made a commitment to go net-zero by 2050, the bank financed at least four companies that are actively involved in the construction of new fossil fuel infrastructure, as well as one oil and gas project.

Europe’s largest bank has today announced it will go net-zero by 2050 but these commitments lack immediate exclusions of coal, oil and gas companies, and those most responsible for deforestation, which are now the bar of ambition.

The Bank of England has the power to stop banks like HSBC and Barclays funnelling billions into companies making the climate crisis worse. Today 350.org, Positive Money, Sumofus and Fund Our Future are launching a petition calling on the BoE to change the rules of the game.

Last week top banking prizes were given to two of the world’s worst fossil banks. JP Morgan Chase received “World’s Best Bank”, while being the #1 banker of climate chaos and the target of a massive global campaign, and our very own HSBC won, shockingly, “Best Bank for Sustainable Finance”, despite it being Europe’s second worst fossil bank, having pumped $87B USD into fossil fuels since the Paris Climate Agreement was signed.

Sheffield,
Inverness,
Rochdale,
Bath,
Bristol,
Exeter,
Worthing,
Hertford,
Newbury,
Cardiff,
Manchester,
the flagship Piccadilly Circus branch in London,
Balham,
Clapham Junction,
Kendal,
St.

The whole idea of ‘net-zero’ has rocketed into the mainstream lately, and for good reason if we’re to have any chance of limiting warming to 1.5 degrees. The devastating giga-fires and red skies across California cast a sense of foreboding that climate impacts will only worsen if we don’t act now.

A mock football match staged outside Barclays’ flagship Piccadilly Circus branch has turned the floodlights on the bank’s cynical exploitation of the beautiful game.

Barclays proudly boasts of its status as Official Banking Partner of the Premier League and sponsorship of the FA Women’s Super League.