Positive climate news: HSBC announces it will stop funding new fossil fuel projects
We applaud HSBC’s decision to stop funding new fossil fuel projects and urge other financial institutions to do the same.
This marks a turnaround from just a few months ago when HSBC’s ads were banned for greenwashing. The bank was advertising its green credentials in the run-up to COP26, but did not mention the fact that it is currently Europe’s biggest fossil fuel funder.
We hope this move by the biggest bank in Europe will be the first in a line of decarbonising dominoes. If other banks and financial institutions follow suit and pull money out of high-carbon projects, the markets may quickly realise that there is no future in fossil fuels.
Fossil fuel financing from the world’s biggest banks has not actually declined at all since the Paris Agreement was signed in 2015. Indeed, they have invested $4.6 trillion into fossil fuels, despite the fact that most of them have signed net zero pledges. Check out this report ‘Banking on Climate Chaos’ (2022) to learn more about fossil fuel financing and its impacts.
Action idea: Are your savings and pension being used to fund fossil fuels? Moving your money can be one of the most impactful climate actions you can easily take. If you care about the climate and want financial institutions to take action, put your money where your mouth is! You can find advice on environmentally-friendly banking here, here, and here.
If you’d like to organise a Climate Fresk workshop to help your company or community engage seriously with climate issues, get in touch at firstname.lastname@example.org. We run workshops to empower people to take climate action in companies, educational institutions, and community groups.
Who knows, your company might make a change that features in our Positive Climate News!