HSBC had a really tough day on AGM Friday. And its because of people and campaigners around the UK landed two big blows.

井 PS. If you’re an HSBC staff member, you can join your colleagues and take a short confidential survey on how you feel about HSBC’s fossil fuel funding here: https://rp38jmcm937.typeform.com/hsbc-survey

Big hit #1 – HSBC bosses don’t like ABBA

HSBC had their AGM – a day where all of HSBCs shareholders come together to hear from HSBCs progress. Its meant to be a day for HSBC bosses to show off their profits and backscratch each other – but it didnt quite go that way.

As soon as the meeting kicked off with HSBCs chairmans perfectly prepared statement, a Money Rebellion choir snuck in and started singing a rendition of Money, Money, Money to point out HSBC’s fossil fuel funding. Check the video out:

Gosh, he didnt like being interrupted in front of his shareholders.

It set the stage for the barrage of powerful criticism toward the HSBC board. They were made to speak to their human rights abuses, money laundering, funding of the climate crisis and biodiversity loss.

One woman, who had had her pension unfairly slashed, screamed at the board to “hang their heads in shame”. They didnt know where to look. It really was a powerful moment for accountability.

Big hit #2 for HSBC’s Greenwashers:

A few months back, HSBC was flaunting its green credentials on bus stops and billboards around the UK. They left out the fact that theyre funding Saudi Aramco, one of the most aggressive fossil fuel drillers in the world – out for every last drop. Dozens of us sprung into action and filed complaints against HSBC to the ad regulator.

Fast forward a few months and we all woke up to the headlines that the ad regulator (ASA) is thinking about banning HSBC from greenwashing. This is big, as its the first time an ad watchdog could rule against a banks climate ads. And it wasnt just in any paper. It was in the Financial Times, the exact paper that all HSBC bosses read every morning.

The ASA said that two of HSBCs climate ads targeting customers were completely misleading. And that any future ads cannot omit information about its fossil fuel funding.

Let that sink it.

This isnt just a huge win against HSBC – its a message to all banks. It means the regulator is listening to us and getting wise to greenwashing from major banks. It means official bodies are waking up to the fact that people dont want their bank funding fossil fuels. It means were winning.

But (big but) its not a final decision, and HSBC is fighting this decision – hard. HSBC are appealing, and the ASA could still overturn the decision. We cant let that happen. So together, were putting it out in the public to make sure the ASA feels the pressure to stick with its decision.

HSBC are feeling the heat in a big way – and they should be. Together, were not letting them get away with their continued funding of fossil fuels, and destruction of the planet.