Mines, pipelines and oil rigs: what HSBC’s ‘sustainable finance’ really pays for

In the Campos basin off the south-east coast of Brazil, two ships contracted by a major energy corporation will be used to mine vast quantities of oil in a project that could generate more than 1 billion tonnes of CO2 emissions.

In east Africa, an engineering company is preparing to start work on the construction of an environmentally devastating oil pipeline that threatens to derail vital targets set out in the Paris Agreement. And in the north of India, one of the world’s largest cement companies – which last year emitted more CO2 than Greece – has applied to clear a large swathe of forest less than a kilometre away from a wildlife sanctuary.

All these companies’ operations have not only been facilitated by HSBC – which claims it is “helping to lead the transition to a more sustainable world” – but have benefited from deals that the bank has labelled sustainable finance. HSBC has committed to contribute up to $1 trillion in sustainable financing and investment by 2030. However, the Bureau can reveal that billions of dollars being counted towards this target are in fact helping to fuel the climate crisis.

 

This article was originally posted on thebureauinvestigates.com

Ready to find out more?

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Share via
Copy link
Powered by Social Snap