ActionAid UK has accused HSBC of “choosing profit over people and planet” – saying it is pulling the “majority” of its accounts from the banking giant over the funding of climate-damaging projects.
New research carried out by the charity and consultancy Profundo, which has been shared exclusively The Independent, alleges that HSBC’s financing of fossil fuels and industrial agriculture between 2021 and 2023 is linked to an estimated £128bn in climate-related damage: a figure nearly three-times the £43.4bn the bank made in net profit over the same period.
