Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
BankTrack is the international tracking, campaigning and support organisation focused on banks and the activities they finance.
We aim to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices.
Alex Scrivener, World Development Movement
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC operates from around 6,100 offices in 72 countries and territories. HSBC provides financial services including: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.
8 Canada Square
E14 5HQ London
Stuart Gulliver |
|Annual report||Annual Report and Accounts 2016|
listed on Bermuda Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange & NYSE Euronext
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
HSBC's sustainability risk policies can be found here.
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. HSBC adopted the Equator Principles in 2003.
HSBC reports annually on their implementation of the Equator Principles. The 2016 report can be found here.
HSBC further reports on its portfolio of projects financed under the Equator Principles on the Equator Principles website, here.
HSBC is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed HSBC on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. HSBC is assessed as a Laggard, with a total score of 3/12.
HSBC is reporting on the implementation here.
Following several letters and alerts, HSBC was challenged by BankTrack member Market Forces at its 2014 AGM on the financing of the proposed expansion of the Abbot Point coal export terminal in the Great Barrier Reef World Heritage Area. The response was that, given the concerns of the World Heritage Committee over Abbot Point, HSBC would be "extraordinarily unlikely to go anywhere near it".
In 2014, JP Morgan, Cit, Barclays and Royal Bank of Scotland all responded to a worldwide pressure campaign of NGOs, including Banktrack, urgewald, Greenpeace and Market Forces, by announcing that they would not help finance the expansion of the Abbot Point coal terminal in Australia. While ANZ and others remain tied to the deal for now, these banks did the right thing in foregoing this destructive deal that threatens the Great Barrier Reef.