HSBC Accused of Hypocrisy for Coal Finance Ban That Excludes Countries Most Vulnerable to Climate Change

Source: Desmog UK


Read time: 4 mins

HSBC has been accused of “greenwashing” after announcing a new energy policy that fails to rule out financing new coal power plants in three developing countries.

The bank agreed a new policy at its AGM in April, which prohibited providing new financial services to coal power plants, except in Bangladesh, Vietnam, and Indonesia.

Campaigners from Christian Aid have released a new report that criticises the decision to exclude those three countries. HSBC says it takes its responsibility to helping countries meet the Paris Agreement climate goals, seriously. However, campaigners say the new energy policy shows the bank is not serious about fulfilling its aim to be a sustainable leader in the sector.