As the climate crisis continues to escalate and the pressure is mounting on the financial industry to divest, Euromoney recently awarded the title of 'Best Bank in the World' to JPMorgan Chase, and the 'World's Best Bank for Sustainable Finance 2020' to HSBC. Over 20 organisations from across the world issued a letter to Euromoney calling on the magazine to acknowledge their oversight and set the bar higher. Read the letter to Euromoney here.
Johan Frijns, Director BankTrack, part of the Fund Our Future network says: ''It’s shameful that Euromoney has decided to award World's Best Bank to JPMorgan Chase and World’s Best Bank for Sustainable Finance to HSBC. JPMorgan Chase and HSBC are among the top bankers of climate chaos, and that is the only top spot they currently deserve. Bankrolling fossil fuels should not receive positive acknowledgement, but massive pressure to do better.''
Becky Jarvis, Fund Our Future network coordinator says: ''You couldn’t make this up. It would be funny if it didn’t speak to a darker, more sinister problem within banks like HSBC - that is their ability to greenwash their way to climate stardom, for example by hosting events at next week’s Climate Week, all the while profiting off the back of climate destruction.''