By watering down its climate commitments ahead of COP30, the bank is abandoning its responsibility to people and the planet in favour of chasing profits, warns ActionAid UK
Hannah Bond, Co-CEO of ActionAid UK, reacts to HSBC’s new climate targets:
“It’s high time corporations like HSBC were held accountable for their role in the climate crisis. By weakening its commitments ahead of COP30, HSBC is sending a dangerous signal that it’s acceptable to walk away from promises to protect the planet. An ActionAid report shows between 2021 and 2023 HSBC pumped £153 billion into high-emission industries, enabling 357 million tonnes of CO₂e emissions - almost matching the UK’s entire emissions for 2024. Instead of strengthening its targets at a time when they are most needed, the bank is abandoning its responsibility to people and the planet in favour of chasing profits. ActionAid polling shows that over a third of Britons believe banks should not lend to companies contributing to climate change — a clear message that HSBC is ignoring in its pursuit of short-term gain.
"It’s time for the government to introduce laws that hold banks accountable for their climate and human rights impacts. The more they shirk responsibility for the crisis they’ve caused, the more governments and their citizens will be left to pick up the bill.”
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Spokespeople are available. Contact the press office at uk.media@actionaid.org or on 07753 973 486.
About ActionAid
https://www.actionaid.org.uk/
ActionAid is an international charity that works with women and girls living in poverty. Our dedicated local staff are changing the world with women and girls. We are ending violence and fighting poverty so that all women, everywhere, can create the future they want.