Earlier this year, people power convinced HSBC to announce a partial ban on financing new coal burning power stations. But a partial ban isn’t enough.
HSBC wants to continue financing coal power stations in climate vulnerable countries like Bangladesh, Indonesia and Vietnam. We can’t let them lock communities’ into outdated, dirty, and dangerous coal.
Tell HSBC to stop financing all dirty energy projects everywhere.
The science is clear that any new fossil fuel project is incompatible with a safe climate. That means no funding for fossil fuel projects. No exceptions. No loopholes.
Burning coal harms both communities and ecosystems, and worsens the climate crisis. HSBC claims to support the goals of the Paris Agreement, yet it threatens our very future by funding the expansion of coal-fired power stations in Asia.
HSBC announced a partial ban on financing new coal burning projects which still allows financing coal plant projects in Bangladesh, Indonesia, and Vietnam!
We can’t let HSBC’s double standard on its coal policy continue. Bangladesh, Indonesia, and Vietnam are already experiencing increased storms, droughts, floods, and landslides due to climate change. HSBC’s policy will intensify climate change and expose these communities to dangerous air pollution.
HSBC knows that there is no future in coal. It's dangerous for our health and our climate. But yet they are willing to keep pushing dirty coal on the people of Southeast Asia.
A real sustainable finance means speeding up our transition away from coal and all fossil fuels and to renewable energy, not locking-in climate vulnerable communities to outdated, dirty, and dangerous technologies.
It would be a serious setback to the global efforts to transition the world to 100% renewable energy as well as the work to eradicate poverty in those regions if they continue with business as usual.