ActionAid found that since the Paris agreement, banks have funded the largest Big Ag companies doing business in the Global South to the tune of $370 billion and the fossil fuel sector to the tune of $3.2 trillion.
Since the international community promised to limit global heating to 1.5°C above preindustrial levels, the world’s major banks have funneled 20 times more money to climate-polluting industries in the Global South than Global North governments have given those same countries to address the climate emergency.
That’s just one of the findings of How the Finance Flows: The Banks Fueling the Climate Crisis, an ActionAid report released Monday.
“This report names the biggest offenders in the banking world and calls on them to see that they are destroying the planet, while harming the present and future for their children,” Ugandan climate activist Vanessa Nakate wrote in the foreword. “It’s time to hold financial institutions to account, and demand that they end their funding of destructive activity.”
The report focuses on the financing of two major climate-heating industries in the 134 nations of the Global South: fossil fuels and industrial agriculture.
“People generally know that fossil fuels are the number one cause of greenhouse gas emissions. But what is less understood is that industrial agriculture is actually the second biggest cause of climate emissions,” Teresa Anderson, the global lead on climate justice at ActionAid International, said during a press briefing ahead of the report’s release.
This is because of the sector’s link to deforestation, as well as the emissions required to produce industrial fertilizers, she added.
In total, since the 2015 Paris agreement, banks have funded the largest Big Ag companies doing business in the Global South to the tune of $370 billion and the oil, gas, and coal sectors to the tune of $3.2 trillion.
“Global banks often make public declarations that they are addressing climate change, but the scale of their continued support of fossil fuels and industrial agriculture is simply staggering.”
The top three banks that invested the most in these sectors were the Industrial and Commercial Bank of China at $154.3 billion, China CITIC Bank at $134.7 billion, and the Bank of China at $125.9 billion. Citigroup came in fourth at $104.5 billion, followed by HSBC at $80.8 billion.
While China features prominently in the report as the world’s largest economy, Anderson noted that much of what it produces ends up purchased by consumers in the Global North.
The top three banks in the Americas funding big agriculture and fossil fuels were Citigroup, JPMorgan Chase, and Bank of America. While Citigroup was the leading regional funder of fossil fuels, JP Morgan Chase gave the most to industrial agriculture.
In Europe, the top funders after HSBC were BNP Paribas, Société Générale, and Barclays, while Mitsubishi UFJ Financial rounded out the top Asian funders.
Where is all that money going? When it comes to agriculture, the leading recipient was Bayer, which bought out Monsanto in 2018. Banks have given it $20.6 billion to do business in the Global South since 2016.
Much of the fossil fuel money went to China’s State Power Investment Corporation and other Chinese companies; commodities trader Trafigura; and the usual fossil fuel suspects like ExxonMobil, BP, Shell, Saudi Aramco, and Petrobras.
“This is absurd,” Anderson said of the findings. “Global banks often make public declarations that they are addressing climate change, but the scale of their continued support of fossil fuels and industrial agriculture is simply staggering.”
ActionAid called the report the “flagship” document of its Fund Our Future campaign to redirect global money from climate crisis causes to climate solutions. The report calls on banks to make good on their climate promises and stop funding fossil fuels and deforestation, as well as to put additional safeguards in place to protect the rights of local communities, raise the ambition of their goals to reach “real zero” emissions, and improve transparency and other measures to make sure the projects they fund are behaving ethically.
“This can be stopped,” Farah Kabir, the country director of ActionAid Bangladesh, said during the press briefing. “The banks cannot continue to fund fossil fuel industries and industrial agriculture.”
In addition, the report offers recommendations to Global North governments to ensure a just transition to a sustainable future for everyone. These included setting stricter regulations for the banking, fossil fuel, and agricultural industries as well as ending public subsidies for these sectors and channeling the money to positive solutions like renewable energy and agroecology.
However, the form that funds take when sent to the Global South makes a big difference, said ActionAid USA executive director Niranjali Amerasinghe. Instead of coming in the form of private loans, it needs to be in the form of public money.
“Providing more loans to countries that are already in significant debt distress is not going to support their transition to a climate-compatible future,” she said.
One reason that loans are counterproductive is that nations that accept them are forced to provide a return on investment, and currently the main industries that offer this are in fact fossil fuels and industrial agriculture.
In addition to public funds, debt forgiveness or restructuring and new taxes could also help these countries with their green transition. If companies like Exxon or Bayer doing business in the Global South “were taxed in an equitable way, that would allow those governments to raise public revenue that can then be used to support climate action,” Amerasinghe said.
In particular, the report emphasizes agroecology as a climate solution that should be funded in Global South countries.
“Climate change is real in Zambia.”
Mary Sakala, a frontline smallholder farmer from Zambia, spoke at the press briefing about how the climate crisis and current agricultural policy put a strain on her community.
“Climate change is real in Zambia,” she said, adding that it had brought flooding, droughts, pests, and diseases that meant that “families currently, as I’m speaking right now, sleep on an empty stomach.”
Sakala saw hope in agroecology, which would help with food security and resilience, and make farmers less dependent on the government and large companies.
“We need policies to allow [us] to conserve our environment in a cultural way, to help us eat our food,” Sakala said. “We want… every seed to be utilized and saved and shared in solidarity.”
And she said that the companies and governments of the Global North have a duty to help them get there.
“Those people who are continuing to pollute and let the climate change increase, those people need to pay us, because we are suffering from the things that others are doing,” she said.
Sometimes realisation comes in a blinding flash. Blurred outlines snap into shape and suddenly it all makes sense. Underneath such revelations is typically a much slower-dawning process. Doubts at the back of the mind grow. The sense of confusion that things cannot be made to fit together increases until something clicks. Or perhaps snaps.
Collectively we three authors of this article must have spent more than 80 years thinking about climate change. Why has it taken us so long to speak out about the obvious dangers of the concept of net zero? In our defence, the premise of net zero is deceptively simple – and we admit that it deceived us.
The threats of climate change are the direct result of there being too much carbon dioxide in the atmosphere. So it follows that we must stop emitting more and even remove some of it. This idea is central to the world’s current plan to avoid catastrophe. In fact, there are many suggestions as to how to actually do this, from mass tree planting, to high tech direct air capture devices that suck out carbon dioxide from the air.
The current consensus is that if we deploy these and other so-called “carbon dioxide removal” techniques at the same time as reducing our burning of fossil fuels, we can more rapidly halt global warming. Hopefully around the middle of this century we will achieve “net zero”. This is the point at which any residual emissions of greenhouse gases are balanced by technologies removing them from the atmosphere.
This is a great idea, in principle. Unfortunately, in practice it helps perpetuate a belief in technological salvation and diminishes the sense of urgency surrounding the need to curb emissions now.
We have arrived at the painful realisation that the idea of net zero has licensed a recklessly cavalier “burn now, pay later” approach which has seen carbon emissions continue to soar. It has also hastened the destruction of the natural world by increasing deforestation today, and greatly increases the risk of further devastation in the future.
To understand how this has happened, how humanity has gambled its civilisation on no more than promises of future solutions, we must return to the late 1980s, when climate change broke out onto the international stage.
Steps towards net zero
On June 22 1988, James Hansen was the administrator of Nasa’s Goddard Institute for Space Studies, a prestigious appointment but someone largely unknown outside of academia.
By the afternoon of the 23rd he was well on the way to becoming the world’s most famous climate scientist. This was as a direct result of his testimony to the US congress, when he forensically presented the evidence that the Earth’s climate was warming and that humans were the primary cause: “The greenhouse effect has been detected, and it is changing our climate now.”
If we had acted on Hansen’s testimony at the time, we would have been able to decarbonise our societies at a rate of around 2% a year in order to give us about a two-in-three chance of limiting warming to no more than 1.5°C. It would have been a huge challenge, but the main task at that time would have been to simply stop the accelerating use of fossil fuels while fairly sharing out future emissions.
Four years later, there were glimmers of hope that this would be possible. During the 1992 Earth Summit in Rio, all nations agreed to stabilise concentrations of greenhouse gases to ensure that they did not produce dangerous interference with the climate. The 1997 Kyoto Summit attempted to start to put that goal into practice. But as the years passed, the initial task of keeping us safe became increasingly harder given the continual increase in fossil fuel use.
It was around that time that the first computer models linking greenhouse gas emissions to impacts on different sectors of the economy were developed. These hybrid climate-economic models are known as Integrated Assessment Models. They allowed modellers to link economic activity to the climate by, for example, exploring how changes in investments and technology could lead to changes in greenhouse gas emissions.
They seemed like a miracle: you could try out policies on a computer screen before implementing them, saving humanity costly experimentation. They rapidly emerged to become key guidance for climate policy. A primacy they maintain to this day.
Unfortunately, they also removed the need for deep critical thinking. Such models represent society as a web of idealised, emotionless buyers and sellers and thus ignore complex social and political realities, or even the impacts of climate change itself. Their implicit promise is that market-based approaches will always work. This meant that discussions about policies were limited to those most convenient to politicians: incremental changes to legislation and taxes.
This story is a collaboration between Conversation Insights and Apple News editors
The Insights team generates long-form journalism and is working with academics from different backgrounds who have been engaged in projects to tackle societal and scientific challenges.
Around the time they were first developed, efforts were being made to secure US action on the climate by allowing it to count carbon sinks of the country’s forests. The US argued that if it managed its forests well, it would be able to store a large amount of carbon in trees and soil which should be subtracted from its obligations to limit the burning of coal, oil and gas. In the end, the US largely got its way. Ironically, the concessions were all in vain, since the US senate never ratified the agreement.
Postulating a future with more trees could in effect offset the burning of coal, oil and gas now. As models could easily churn out numbers that saw atmospheric carbon dioxide go as low as one wanted, ever more sophisticated scenarios could be explored which reduced the perceived urgency to reduce fossil fuel use. By including carbon sinks in climate-economic models, a Pandora’s box had been opened.
It’s here we find the genesis of today’s net zero policies.
That said, most attention in the mid-1990s was focused on increasing energy efficiency and energy switching (such as the UK’s move from coal to gas) and the potential of nuclear energy to deliver large amounts of carbon-free electricity. The hope was that such innovations would quickly reverse increases in fossil fuel emissions.
But by around the turn of the new millennium it was clear that such hopes were unfounded. Given their core assumption of incremental change, it was becoming more and more difficult for economic-climate models to find viable pathways to avoid dangerous climate change. In response, the models began to include more and more examples of carbon capture and storage, a technology that could remove the carbon dioxide from coal-fired power stations and then store the captured carbon deep underground indefinitely.
This had been shown to be possible in principle: compressed carbon dioxide had been separated from fossil gas and then injected underground in a number of projects since the 1970s. These Enhanced Oil Recovery schemes were designed to force gases into oil wells in order to push oil towards drilling rigs and so allow more to be recovered – oil that would later be burnt, releasing even more carbon dioxide into the atmosphere.
Carbon capture and storage offered the twist that instead of using the carbon dioxide to extract more oil, the gas would instead be left underground and removed from the atmosphere. This promised breakthrough technology would allow climate friendly coal and so the continued use of this fossil fuel. But long before the world would witness any such schemes, the hypothetical process had been included in climate-economic models. In the end, the mere prospect of carbon capture and storage gave policy makers a way out of making the much needed cuts to greenhouse gas emissions.
The rise of net zero
When the international climate change community convened in Copenhagen in 2009 it was clear that carbon capture and storage was not going to be sufficient for two reasons.
First, it still did not exist. There were no carbon capture and storage facilities in operation on any coal fired power station and no prospect the technology was going to have any impact on rising emissions from increased coal use in the foreseeable future.
The biggest barrier to implementation was essentially cost. The motivation to burn vast amounts of coal is to generate relatively cheap electricity. Retrofitting carbon scrubbers on existing power stations, building the infrastructure to pipe captured carbon, and developing suitable geological storage sites required huge sums of money. Consequently the only application of carbon capture in actual operation then – and now – is to use the trapped gas in enhanced oil recovery schemes. Beyond a single demonstrator, there has never been any capture of carbon dioxide from a coal fired power station chimney with that captured carbon then being stored underground.
Just as important, by 2009 it was becoming increasingly clear that it would not be possible to make even the gradual reductions that policy makers demanded. That was the case even if carbon capture and storage was up and running. The amount of carbon dioxide that was being pumped into the air each year meant humanity was rapidly running out of time.
With hopes for a solution to the climate crisis fading again, another magic bullet was required. A technology was needed not only to slow down the increasing concentrations of carbon dioxide in the atmosphere, but actually reverse it. In response, the climate-economic modelling community – already able to include plant-based carbon sinks and geological carbon storage in their models – increasingly adopted the “solution” of combining the two.
So it was that Bioenergy Carbon Capture and Storage, or BECCS, rapidly emerged as the new saviour technology. By burning “replaceable” biomass such as wood, crops, and agricultural waste instead of coal in power stations, and then capturing the carbon dioxide from the power station chimney and storing it underground, BECCS could produce electricity at the same time as removing carbon dioxide from the atmosphere. That’s because as biomass such as trees grow, they suck in carbon dioxide from the atmosphere. By planting trees and other bioenergy crops and storing carbon dioxide released when they are burnt, more carbon could be removed from the atmosphere.
With this new solution in hand the international community regrouped from repeated failures to mount another attempt at reining in our dangerous interference with the climate. The scene was set for the crucial 2015 climate conference in Paris.
A Parisian false dawn
As its general secretary brought the 21st United Nations conference on climate change to an end, a great roar issued from the crowd. People leaped to their feet, strangers embraced, tears welled up in eyes bloodshot from lack of sleep.
The emotions on display on December 13, 2015 were not just for the cameras. After weeks of gruelling high-level negotiations in Paris a breakthrough had finally been achieved. Against all expectations, after decades of false starts and failures, the international community had finally agreed to do what it took to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
The Paris Agreement was a stunning victory for those most at risk from climate change. Rich industrialised nations will be increasingly impacted as global temperatures rise. But it’s the low lying island states such as the Maldives and the Marshall Islands that are at imminent existential risk. As a later UN special report made clear, if the Paris Agreement was unable to limit global warming to 1.5°C, the number of lives lost to more intense storms, fires, heatwaves, famines and floods would significantly increase.
But dig a little deeper and you could find another emotion lurking within delegates on December 13. Doubt. We struggle to name any climate scientist who at that time thought the Paris Agreement was feasible. We have since been told by some scientists that the Paris Agreement was “of course important for climate justice but unworkable” and “a complete shock, no one thought limiting to 1.5°C was possible”. Rather than being able to limit warming to 1.5°C, a senior academic involved in the IPCC concluded we were heading beyond 3°C by the end of this century.
Instead of confront our doubts, we scientists decided to construct ever more elaborate fantasy worlds in which we would be safe. The price to pay for our cowardice: having to keep our mouths shut about the ever growing absurdity of the required planetary-scale carbon dioxide removal.
Taking centre stage was BECCS because at the time this was the only way climate-economic models could find scenarios that would be consistent with the Paris Agreement. Rather than stabilise, global emissions of carbon dioxide had increased some 60% since 1992.
Alas, BECCS, just like all the previous solutions, was too good to be true.
Across the scenarios produced by the Intergovernmental Panel on Climate Change (IPCC) with a 66% or better chance of limiting temperature increase to 1.5°C, BECCS would need to remove 12 billion tonnes of carbon dioxide each year. BECCS at this scale would require massive planting schemes for trees and bioenergy crops.
The Earth certainly needs more trees. Humanity has cut down some three trillion since we first started farming some 13,000 years ago. But rather than allow ecosystems to recover from human impacts and forests to regrow, BECCS generally refers to dedicated industrial-scale plantations regularly harvested for bioenergy rather than carbon stored away in forest trunks, roots and soils.
Currently, the two most efficient biofuels are sugarcane for bioethanol and palm oil for biodiesel – both grown in the tropics. Endless rows of such fast growing monoculture trees or other bioenergy crops harvested at frequent intervals devastate biodiversity.
It has been estimated that BECCS would demand between 0.4 and 1.2 billion hectares of land. That’s 25% to 80% of all the land currently under cultivation. How will that be achieved at the same time as feeding 8-10 billion people around the middle of the century or without destroying native vegetation and biodiversity?
Growing billions of trees would consume vast amounts of water – in some places where people are already thirsty. Increasing forest cover in higher latitudes can have an overall warming effect because replacing grassland or fields with forests means the land surface becomes darker. This darker land absorbs more energy from the Sun and so temperatures rise. Focusing on developing vast plantations in poorer tropical nations comes with real risks of people being driven off their lands.
And it is often forgotten that trees and the land in general already soak up and store away vast amounts of carbon through what is called the natural terrestrial carbon sink. Interfering with it could both disrupt the sink and lead to double accounting.
As these impacts are becoming better understood, the sense of optimism around BECCS has diminished.
Given the dawning realisation of how difficult Paris would be in the light of ever rising emissions and limited potential of BECCS, a new buzzword emerged in policy circles: the “overshoot scenario”. Temperatures would be allowed to go beyond 1.5°C in the near term, but then be brought down with a range of carbon dioxide removal by the end of the century. This means that net zero actually means carbon negative. Within a few decades, we will need to transform our civilisation from one that currently pumps out 40 billion tons of carbon dioxide into the atmosphere each year, to one that produces a net removal of tens of billions.
Mass tree planting, for bioenergy or as an attempt at offsetting, had been the latest attempt to stall cuts in fossil fuel use. But the ever-increasing need for carbon removal was calling for more. This is why the idea of direct air capture, now being touted by some as the most promising technology out there, has taken hold. It is generally more benign to ecosystems because it requires significantly less land to operate than BECCS, including the land needed to power them using wind or solar panels.
Unfortunately, it is widely believed that direct air capture, because of its exorbitant costs and energy demand, if it ever becomes feasible to be deployed at scale, will not be able to compete with BECCS with its voracious appetite for prime agricultural land.
It should now be getting clear where the journey is heading. As the mirage of each magical technical solution disappears, another equally unworkable alternative pops up to take its place. The next is already on the horizon – and it’s even more ghastly. Once we realise net zero will not happen in time or even at all, geoengineering – the deliberate and large scale intervention in the Earth’s climate system – will probably be invoked as the solution to limit temperature increases.
One of the most researched geoengineering ideas is solar radiation management – the injection of millions of tons of sulphuric acid into the stratosphere that will reflect some of the Sun’s energy away from the Earth. It is a wild idea, but some academics and politicians are deadly serious, despite significant risks. The US National Academies of Sciences, for example, has recommended allocating up to US$200 million over the next five years to explore how geoengineering could be deployed and regulated. Funding and research in this area is sure to significantly increase.
In principle there is nothing wrong or dangerous about carbon dioxide removal proposals. In fact developing ways of reducing concentrations of carbon dioxide can feel tremendously exciting. You are using science and engineering to save humanity from disaster. What you are doing is important. There is also the realisation that carbon removal will be needed to mop up some of the emissions from sectors such as aviation and cement production. So there will be some small role for a number of different carbon dioxide removal approaches.
The problems come when it is assumed that these can be deployed at vast scale. This effectively serves as a blank cheque for the continued burning of fossil fuels and the acceleration of habitat destruction.
Carbon reduction technologies and geoengineering should be seen as a sort of ejector seat that could propel humanity away from rapid and catastrophic environmental change. Just like an ejector seat in a jet aircraft, it should only be used as the very last resort. However, policymakers and businesses appear to be entirely serious about deploying highly speculative technologies as a way to land our civilisation at a sustainable destination. In fact, these are no more than fairy tales.
The only way to keep humanity safe is the immediate and sustained radical cuts to greenhouse gas emissions in a socially just way.
Academics typically see themselves as servants to society. Indeed, many are employed as civil servants. Those working at the climate science and policy interface desperately wrestle with an increasingly difficult problem. Similarly, those that champion net zero as a way of breaking through barriers holding back effective action on the climate also work with the very best of intentions.
The tragedy is that their collective efforts were never able to mount an effective challenge to a climate policy process that would only allow a narrow range of scenarios to be explored.
Most academics feel distinctly uncomfortable stepping over the invisible line that separates their day job from wider social and political concerns. There are genuine fears that being seen as advocates for or against particular issues could threaten their perceived independence. Scientists are one of the most trusted professions. Trust is very hard to build and easy to destroy.
But there is another invisible line, the one that separates maintaining academic integrity and self-censorship. As scientists, we are taught to be sceptical, to subject hypotheses to rigorous tests and interrogation. But when it comes to perhaps the greatest challenge humanity faces, we often show a dangerous lack of critical analysis.
In private, scientists express significant scepticism about the Paris Agreement, BECCS, offsetting, geoengineering and net zero. Apart from some notable exceptions, in public we quietly go about our work, apply for funding, publish papers and teach. The path to disastrous climate change is paved with feasibility studies and impact assessments.
Rather than acknowledge the seriousness of our situation, we instead continue to participate in the fantasy of net zero. What will we do when reality bites? What will we say to our friends and loved ones about our failure to speak out now?
The time has come to voice our fears and be honest with wider society. Current net zero policies will not keep warming to within 1.5°C because they were never intended to. They were and still are driven by a need to protect business as usual, not the climate. If we want to keep people safe then large and sustained cuts to carbon emissions need to happen now. That is the very simple acid test that must be applied to all climate policies. The time for wishful thinking is over.
The CDP’s Oil and Gas Benchmark report assessed 100 oil and gas companies on low-carbon transition and just transition indicators.
Top oil and gas companies have made “almost no progress” in reaching the climate goals agreed as part of the 2015 Paris climate summit, environmental disclosure non-profit CDP said on Thursday.
The CDP’s Oil and Gas Benchmark report, published with the World Benchmarking Alliance (WBA), assessed 100 oil and gas companies. The assessment was based on low-carbon transition and social and just transition indicators.
While none of the companies perform well on all indicators, Finland-based Neste is ranked first, followed by French company Engie, oil giant TotalEnergies, Spain’s Naturgy Energy and Italy’s Eni. In May this year, TotalEnergies announced its plan to keep its scope 3 emissions below 400 million tonnes. However, the company scored 19.4 out of 60 on CDP’s low-carbon transition indicator, and 9.4 out of 20 on just transition.
According to the report, the operating emissions from the oil and gas sector added up to 5.1 gigatonnes (Gt) of CO₂ in 2022. None of the companies assessed by CDP can cut their emissions “at a rate sufficient to align with a 1.5°C pathway over the next five years”, it said.
The report observes that most companies fail to disclose their capital investment in low-carbon technologies. Currently Neste is the only one with investments sufficient to meet the climate goals. Further, despite seven major oil companies disclosing a profit of $380bn in 2022, investments in low-carbon transition fall short significantly.
The Church of England is selling all its remaining oil and gas investments, saying that “not nearly enough” progress had been made by fossil fuel companies in transitioning to net zero.
The decision by the Church Commissioners for England, which manages the Anglican church’s £10.3 billion endowment fund, cuts off investments in oil majors including Shell, BP and Total.
It will also see the church divest from all other companies involved in oil and gas production unless they are in “genuine alignment” with Paris Agreement goals to limit global heating to 1.5C above pre-industrial levels, the Commissioners said.
Archbishop of Canterbury Justin Welby said the climate crisis “threatens the planet we live on, and people around the world who Jesus Christ calls us to love as our neighbors.”
“It is our duty to protect God’s creation, and energy companies have a special responsibility to help us achieve the just transition to the low carbon economy we need,” he added.
At 10:30am this morning, around fifty protesters descended on HSBC’s annual general meeting at the Eastside Rooms in Birmingham to call out the bank’s shameful climate policies. It comes as the bank announces soaring quarterly profits of $12.9 billion.
Members of Extinction Rebellion Midlands and Money Rebellion arrived with a bath of greenwash, while a group of ‘dirty scrubbers’ dressed in pinafores and headscarves offered to clean up the bank’s soiled image in return for cash.
Inside the conference centre protesters brought the AGM to a standstill as they unfurled banners, sang songs, the dirty scrubbers reappeared with dramatic skits, and people repeatedly called out HSBC’s broken promises over its climate pledges, accusing them of ‘climate genocide’ and ‘lies’. Security eventually removed protesters after 45 minutes of disruption.
HSBC has invested $145bn in fossil fuels since the Paris Agreement in 2016 and the bank’s climate pledges have been tarnished by a series of damaging exposes.
In December, HSBC made a surprise announcement that it was updating its energy policy and would stop new investment in oil and gas fields in an apparent change of policy. However, it’s climate pledges to date have been revealed as mere greenwash. in January, it was revealed that HSBC had given energy giant RWE a secret $340m loan as bulldozed a village to expand a coal mine in Germany, just three months after the bank had pledged to stop financing new coal. Last October, investigators showed that HSBC’s $1 trillion investment in ‘sustainable financing’ and ‘green bonds’ was being used by fossil fuel companies to bankroll mines, pipelines, and oil rigs.
Questions have also been raised about the bank’s pledge to stop direct funding of fossil fuel projects, while continuing to indirectly fund fossil fuel companies like Saudi Aramco, ExxonMobil and Shell. The bank is also financially supporting ConocoPhillips, the company behind the controversial Alaskan oil drilling Willow project. Despite its various pledges HSBC invested a total of $11.074b in fossil fuels last year.
Andrew Taylor from Money Rebellion said: “HSBC continues to fund new devastating coal,oil and gas projects. These projects destroy the health and livelihoods of communities who live near them, and are fuelling climate chaos. We will use every tool in the box to stop HSBC and other banks from pursuing this deadly business plan – from disrupting their AGMs to building the biggest bank boycott in history.”