Banking giants Barclays and HSBC have been accused

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  • 24 Apr 2020
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Barclays and HSBC Blasted Over £158bn Fossil Fuel Financing

Banking giants Barclays and HSBC have been accused of financing a combined £158 billion into the fossil fuel sector since the signing of the Paris Agreement in 2015, despite both organisations pledging to ramp up sustainable investment portfolios. A new report from NGO 350.org and partners, names the two UK organisations as the top two fossil fuel financiers in Europe. According to the report, Barclays has funnelled £91 billion between 2015 and 2019 into fossil fuel firms and projects, while HSBC has contributed £67 billion over the same period. NGOs are now calling on the banks to fully align themselves with a net-zero economy in a way that contributes towards a green recovery from the impacts of the coronavirus. Both banks have made notable sustainability commitments in recent years, but funding is still largely assigned to the fossil fuel sector. Last month, Barclays pledged to become a net-zero business by 2050, under new a new climate policy which covers both direct operations and finance allocated externally.

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