Andrew Harper's recent interview with ITV's Business and Economics Editor Joel Hills, in collaboration with the Bureau of Investigative Journalism, was featured online and nationwide as part of the primary news topic on ITV News at 10 on 19 January 2024. Their work revealed that HSBC, despite climate pledges to the contrary, continues to support and finance expansionist oil and gas projects.
One of the ways the bank avoided accountability was by utilizing methods of raising capital outside its loan books, such as facilitating share sales. In February 2024, the Financial Times also reached out to Epworth for background on a development to the HSBC story. It was confirmed, through the FT article titled “HSBC Caves to Investor Pressure on Capital Markets Emissions”, that the bank will increase its transparency and include off-balance sheet emissions in its upcoming annual report. We believe this is a direct response to the concerns raised by ITV, the Bureau of Investigative Journalism, and Epworth.
HSBC, Cardinal Nichols
Epworth facilitated a high-level dialogue with Cardinal Vincent Nichols and two senior advisors for HSBC's Group Chair. Equipped with the updated Epworth policy on the banking sector, they were able to discuss the bank's position on infringements to democratic rights in Hong Kong, its response to banking in Russia following the illegal invasion of Ukraine, and its commitment to no longer provide project finance for the development of new oil and gas fields.
HSBC and the Net Zero Banking Alliance
In November 2021, the Bureau of Investigative Journalism broke a story regarding HSBC, alleging that it was working to water down action on climate change through the Net Zero Banking Alliance, to which it is a signatory. Epworth featured in this article, which was nominated for ESG Story of the Year in 2021.
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