Tag: HSBC

HSBC backtracks on climate in updated net zero transition plan – ShareAction response

Stuart Mitchell

Reacting to HSBC’s recent net zero transition plan, Louise Marfany, Director of Financial Sector Standards at ShareAction, said: “Today’s update from HSBC is an egregious example of backtracking on climate that responsible investors will not tolerate. This is profoundly irresponsible behaviour from one of the largest banks in the world at a time when extreme heat, droughts and floods exacerbated by climate change are destroying lives and wreaking havoc on economies around the world. “HSBC has declared more than 80 per cent of its clients expect to accelerate their approach…

Read More

ActionAid UK Cuts Ties With HSBC After £128bn Climate Damage Link

Stuart Mitchell

ActionAid UK Moves Away from HSBC After Report Finds Over £128bn Climate Damage Link.  “My children are always coughing. They struggle to breathe. A strange new allergy has appeared on their skin, and we don’t even know what it is. The doctors can’t give us a proper answer.”  A damning new report from ActionAid UK and research group Profundo reveals that HSBC’s financing of fossil fuels and industrial agriculture between 2021 and 2023 is linked to an estimated £128 billion in climate-related damage — nearly three times the bank’s net…

Read More

$2.5 Billion Available to Fund Sustainable Practices in India, According to New Report

Stuart Mitchell

Apparel Impact Institute (Aii), in collaboration with Development Finance International Inc. (DFI) and with support from HSBC, published the Landscape and Opportunities to Finance the Decarbonization of India’s Apparel Manufacturing Sector report, outlining solutions for mobilizing sustainable financing to support the decarbonization of India’s textile and apparel industry. Significant investment in renewable energy and energy efficiency interventions are required to reduce the absolute emissions of the fashion industry by 50% by 2030, the target set forth by the Fashion Industry Charter for Climate Change, which is operated under the United…

Read More

HSBC UK Launches Sustainability Farming Pathway For Businesses HSBC UK Launches Sustainability Farming Pathway For Businesses

Stuart Mitchell

HSBC UK has launched the HSBC Sustainable Farming Pathway with sustainable farming charity LEAF (Linking Environment And Farming) its first partner on the scheme. Farming businesses with the LEAF Marque certification, or those that complete a LEAF Sustainable Farming Review, will be eligible for discounted loan arrangement fees on term lending amounts from £25,001. Lending in scope includes flexible business loans, commercial mortgages and property development loans. Grace O’Dwyer, Interim Head of Agricultural Banking at HSBC UK says: “We are delighted to launch the HSBC Sustainable Farming Pathway to help…

Read More

HSBC announce energy policy to support net zero transition

Stuart Mitchell

HSBC has set out a transition plan for the delivery of its 2050 net-zero target, we enclose their announcement below: We’re committed to supporting and financing the transition to a secure net zero future. Our energy policy is informed by consultation with scientific and international bodies. It is also informed by analysis of a range of pathways that, if followed, would help limit global warming to 1.5°C. We review our policy annually to consider the latest outlooks from scientific and international bodies on updated pathways to net zero by 2050.…

Read More