HSBC has also been found financing the military-industrial complex. While pouring over £43bn into the fossil fuel industry, HSBC has also invested tens of billions in arms companies. Whether it’s supporting arms sales or financing the extraction of fossil fuels, HSBC is profiting from death and destruction.
Which banks invest in fossil fuels?
How much do banks invest in fossil fuels? The UK’s five biggest banks – Barclays, HSBC, Natwest, Lloyds Banking Group and Standard Chartered – invested nearly £40.4bn into the coal industry alone between 2018 and 2020, according to campaigners Urgewald and Reclaim Finance.
Which banks invest in fossil fuels UK?
UK bank Barclays provided the most fossil fuel financing among all European banks and French bank BNP Paribas was the biggest in the EU. Overall financing dipped by 9% in pandemic-hit 2020, but funding for the 100 fossil fuel companies with the biggest expansion plans actually rose by 10%.
Does Santander support fossil fuels?
The bank’s operations became carbon-neutral in 2020 by dint of its efficiency measures and carbon offsetting plan that includes renewable energy projects, reforestation and fossil fuel alternatives.
Does Santander Bank invest in fossil fuels?
2 This is what’s called the ‘carbon bubble’, and when it bursts it will be disastrous for those invested in fossil fuels. … In the UK alone, HSBC Holdings, Barclays, Santander, The Royal Bank of Scotland and Lloyds Banking Group have in excess of £66 billion invested in oil, gas and coal extraction.
What bank does not support fossil fuels?
Green Living. JPMorgan Chase is the worst bank in the world for the climate – far surpassing every other bank in funding fossil fuels by a whopping 36% over the last three years.
What is the most ethical bank?
The five providers below rank highly on the ethical stakes.
- Triodos Bank. Triodos Bank sits firmly at the top of our list of ethical current accounts. …
- Nationwide. …
- Cumberland Building Society. …
- Starling Bank. …
Which banks are best for climate change?
American banks top the list: JPMorgan Chase had the greatest contribution, followed by Wells Fargo, Citibank, and Bank of America. Some of the activities that the financing contributed to include controversial projects such as mining tar sands oil, tapping offshore reserves, and fracking.
How much do banks invest in fossil fuels?
The 60 largest commercial and investment banks have collectively financed $3.8 trillion in fossil fuel companies between 2016 and 2020, the five years since the Paris Agreement was signed, according to a report published in March from a collection of climate organizations titled Banking on Climate Chaos 2021.
Does NatWest fund fossil fuels?
According to the latest Banking on Climate Chaos report, NatWest is still in the top 50 most polluting banks in the world, channeling more than $13 billion in fossil fuel financing over the past five years (2016-2020) and there is no obvious downward trend.