HSBC: Stop Funding Coal and Tar Sands

HSBC Holdings plc

HSBC must stop its dangerous fossil fuel banking practices that drive the climate crisis. Tell HSBC to defund coal and tar sands now!

According to the 2018 Banking on Climate Change report [1], HSBC is the 7th largest bank funder of oil (tar sands, Arctic, and ultra-deepwater oil), liquefied natural gas (LNG) export, coal mining, and coal power. It is the largest banker of these extreme fossil fuels in the EU. HSBC has invested almost $15B in extreme fossil fuels over the last three years, including $5.633 B in 2017

HSBC is falling behind in climate leadership while peers like ING and Deutsche Bank have adopted a worldwide ban on funding new coal-fired power plants. [2] If HSBC and other banks continue at these levels of financing for extreme fossil fuel projects and companies, they must reckon with their complicity in the increased social and economic impacts of climate change, which hit certain environmental justice communities “first and worst.” [3]   Tell HSBC we will not stand for their destructive banking practices.   

[1] https://d3n8a8pro7vhmx.cloudfront.net/rainforestactionnetwork/pages/19540/attachments/original/1525099181/Banking_on_Climate_Change_2018_vWEB.pdf?1525099181

[2] https://www.ft.com/content/178c11f0-c1ff-11e7-a1d2-6786f39ef675

[3] https://ensia.com/interviews/robert-bullard-the-father-of-environmental-justice/

 

*This Ask draws from the Rainforest Action Network's Banking on Climate Change report http://www.ran.org/bankingonclimatechange2018