Campaigners tell HSBC: Pull out of coal
Photos are available at http://www.wdm.org.uk/imagelibrary/?c=101&k=ce010d0d92 .
For more information please
contact Miriam Ross:
T (+44) (0)20 7820 4913 or (+44) (0)7711 875
345.
E miriam.ross@wdm.org.uk
W http://www.wdm.org.uk/
Photos are available at http://www.wdm.org.uk/imagelibrary/?c=101&k=ce010d0d92 .
For more information please
contact Miriam Ross:
T (+44) (0)20 7820 4913 or (+44) (0)7711 875
345.
E miriam.ross@wdm.org.uk
W http://www.wdm.org.uk/
Campaigners delivered a box of coal to HSBC's
Canary Wharf headquarters this morning, with a message calling on the bank to
pull out of financing the global coal industry. The campaigners from the World Development Movement,
wearing hardhats, set up a 'climate crime scene' outside the bank using hazard
tape.
The
UK's biggest bank, HSBC is also the UK's biggest underwriter of fossil fuel bonds and
shares. Between 2010 and 2012, HSBC helped
fossil fuel companies raise £75 billion, double the figures mustered by either
Barclays or RBS. As well as oil and gas investments, the bank facilitates the
coal mining industry through its support for companies including global mining
giants Anglo American, Xstrata and BHP Billiton.
Indonesian activist Hendrik Siregar, campaigner against
coal mining in Indonesian Borneo financed by banks including HSBC, joined the
protest
The World Development
Movement warns that coal investments are currently fuelling a 'carbon bubble' in
which banks are investing in fossil fuel reserves which cannot be burnt without
breaking international climate change commitments. The group says that a sudden
correction of the current overvaluation of fossil fuel companies could cause a
new global financial crisis.
World
Development Movement campaigner Officer Kirsty Wright said:
"HSBC claims to be reducing its
CO2 emissions, but the bank is only referring to a small proportion of its true
emissions - for instance the electricity is uses in its offices. It doesn't
consider any carbon emissions which come from bankrolling fossil fuel
firms.
"In fact, HSBC pours billions
of pounds a year into yesterday's resources - threatening both climate and
financial ruin.
"Burning coal not
only gives off more carbon emissions than any other fuel, but mining coal leads
to massive displacement and pollution across the world. The Cerrejón coal mine
in Colombia has seen the eviction of whole villages from their land and
threatened the only reliable water supply in the region. HSBC provides financial
support to the three multinationals involved in the
project".
The World Development
Movement is calling on HSBC to disinvest from coal projects and companies, as
well as taking steps towards eliminating its involvement in the oil and gas
industry. It is also calling on the UK government to regulate the banking system
away from its dependency on carbon intensive industry.
Read the World Development Movement's briefing HSBC and fossil fuel finance.