Big banks being exposed…again. A new report from ShareAction shows that HSBC comes at the top of the ranking for investments in oil and gas expansion. Followed by Barclays, BNP Paribas, Crédit Agricole, and Société Générale. They’ve ploughed in over US$400 billion since 2016. You read right – $400 billion. And they’re showing few signs of stopping.
This is happening despite the banks committing to net zero and joining the Net Zero Banking Alliance – a group “committed” to phasing out fossil fuels. In fact, since joining last year, 24 banks provided $33 billion to oil & gas expanders, with over half of that amount coming from four of the founding members – HSBC, Barclays, BNP Paribas and Deutsche Bank.
Lots of banks have policies riddled with loopholes and gaps designed to protect banks’ investments, rather than reduce their investments. For example, Barclays’ fracking policy only applies to the UK and Europe but not to North America where most of the fracking activity occurs. HSBC’s coal policy doesn’t include large parts of Asia, where most of their extraction happens.
It’s clear and simple. These banks cannot be trusted. When they’re allowed to mark their own homework, they cheat. They MUST be regulated.
Full Share Action report here: https://shareaction.org/reports/oil-gas-expansion-a-lose-lose-bet-for-banks-and-their-investors