Banks need to ditch new fossil fuels
European banks such as HSBC, Barclays and Credit Suisse have pledged to tackle climate change. But our recent research shows they’re still pumping money into companies expanding oil and gas. Instead, we need them to finance the transition to net zero.
The climate crisis affects all of us. But communities close to areas that are being exploited for fossil fuels are on the frontline.
We worked with indigenous activists from the United States and Mexico who are campaigning against gas fracking projects in their communities. These proposed projects are funded by Barclays, HSBC and Credit Suisse, as well as other European banks.
Watch this video to learn about their experiences.
Join us in asking banks to act now
Together, we can ensure banks stop funding fossil fuel expansion and protect people and planet. European banks have made some progress, like committing to net zero, but they need to go much further to make those plans a reality.
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Bekah Hinojosa and Christopher Basaldu, from Texas in the US, and Oliveria Montes Lazcanois, from Huachinango Puebla in Mexico, met with senior representatives from the banks. They toldl them about harmful effects of fracking on their communities, and asked them to stop financing the projects. The banks have policies that require them to consult and respect the rights of communities before approving funding for new projects.
Bekah, Christopher and Oliveria described how industrial air pollution can lead to health problems, and how water contamination threatens the livelihoods of people who depend on fishing and shrimping. They warned that sacred indigenous sites and homes could be destroyed to make way for gas pipelines. Read more about the challenges they face here.
They also met politicians in Westminster to challenge the UK’s double standards - we have a moratorium on fracking. Yet UK companies are allowed to support fracking in other countries.
They connected with fellow activists in the UK, travelling to Preston to meet with anti-fracking campaigners. And they challenged decision makers at French and Swiss banks that are financing fracking. Learn more about Bekah, Christopher and Oliveria and their experiences here.
Are you an investor and want to find out more?
Find out more about our campaign to raise banking standards and what you can do.
