Tag: HSBC

Outside the venue, people dressed as giant strawberries to hand out punnets of delicious fruit dripping in HSBC-funded oil. It was part of Fossil Fuel London’s blitz during Wimbledon fortnight to expose what HSBC is really up to.

No less than 115 investment companies and asset managers have signed the letter – together they represent $4.2 trillion of assets. They’ve targeted banks across Europe, North America and Asia, including HSBC, Barclays, Credit Suisse, JP Morgan, Royal Bank of Canada, and MUFG.

The good news is that shareholders voted overwhelmingly in favour of more ambitious policies on financing for coal and other high-carbon industries – the resolution passed with 99.71% of the vote.

We know that UK banks and asset managers like Barclays and HSBC are fuelling the climate crisis by financing polluting companies. Now new analysis exposes just how much the finance sector is in for.

The climate resolution put forward at this year’s AGM is a good start, and your plan to end coal financing by 2040 is promising. But you still have a lot more to do before you can claim to be fully aligned with the goals of the Paris Agreement.

In just a few weeks, HSBC shareholders will vote on a climate resolution at the bank’s AGM. If it passes, HSBC will be committed to putting plans in place to end its fossil fuel funding.

UK banks are still funnelling billions into fossil fuels according to new research, while Barclays and HSBC remain among the worst in the world.

The latest Banking on Climate Chaos report reveals that 60 banks have provided $3.8 trillion to the fossil fuel industry in the last five years.

Wow. HSBC, one of the biggest funders of fossil fuels in the world, has announced plans to set clear deadlines for ending coal financing.

The bank’s board of directors has tabled a resolution for its upcoming AGM to phase out support for coal companies.

Almost 80% of directors on the boards of the UK’s big five banks have connections to polluting industries, a new analysis has found.[1] The figures suggest such ‘climate-conflicted’ directors could represent a systemic obstacle to progressive climate action, as shareholders prepare to meet to consider a range of progressive environmental resolutions at the banks’ AGMs.

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.

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.

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.

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.

Over the last few weeks Barclays have come under increasing pressure as protests have intensified. From Kendal to Bristol, Glasgow to St Albans, Barclays have come under fire for the financing of fossil fuels across the country.

Since 2012 the group Brandalism has been holding big corporations to account with guerrilla activism they call subtervising. Their next target? One of the biggest funders of climate doom, HSBC.