Two posters advertising HSBC's green initiatives have been banned because they failed to disclose the bank's own contribution to carbon dioxide and greenhouse gas emissions. The posters, which were seen on bus stops in Bristol and London in October 2021, attracted 45 complaints to the Advertising Standards Authority (ASA).
The posters featured images of waves crashing on a shore and tree growth rings with the slogan: “Climate change doesn’t do borders.” They went on to state that HSBC was aiming to provide up to one trillion US dollars (£880 billion) in financing and investment globally to help its clients transition to net zero, and helping to plant two million trees in the UK to lock in 1.25 million tonnes of carbon over their lifetime.
HSBC UK said the financing of greenhouse gas-emitting industries was required during the transition to net zero, and so their continued financing of those industries was not in conflict with the aims of a transition to net zero. As a business, HSBC said it aimed for a 34% reduction in absolute oil and gas financed emissions and a 75% reduction in financed emissions intensity for the power and utilities sector by 2030.
