A DFREE CITIES C ONFERENCE 2020 Henrieke Butijn, Climate Campaigner - PowerPoint PPT Presentation

BANKS AND CLIMATE CHAOS A DFREE CITIES C ONFERENCE 2020 Henrieke Butijn, Climate Campaigner at BankTrack henrieke@banktrack.org

I NTRODUCING B ANK T RACK • Civil society watchdog on private sector (commercial) banks • Founded in 2003 • Find us at BankTrack.org! Our mission is to stop banks from financing harmful business activities; to promote a banking sector that respects human rights and contributes to just societies and a healthy planet; and, to support fellow civil society organisations in their engagement with banks 2

A CTIVITIES 3

T HE CLIMATE CRISIS • The Climate Crisis is here • The only solution: limiting global warming to 1.5 °C • How? Global emissions need to be more than halved in 2030 compared to 2010 levels, and reduced to effectively zero in 2050 • Most CO2 emissions comes from burning of fossil fuels . • Limiting global warming to 1.5°C (and phasing out fossil fuels) is a matter of justice and the protection of human rights. 4

T HE R OLE OF B ANKS • Banks finance the fossil fuel industry, through: - Project finance - Corporate loans - Underwriting of bonds and shares - Asset management • Banks finance fossil fuel sectors A LOT 5

HSBC: A SUSTAINABLE BANK ? 6

POLL How much has HSBC funneled into the fossil fuel industry from 2016-2019? • USD 1 billion • Between USD 1 billion and USD 15 billion • Over USD 15 billion 7

HSBC FOSSIL FINANCING • Financing fossil fuels USD 86.5 billion in 2016-2019. USD 33.4 billion to fossil fuel expansion • 2 nd biggest fossil fuel bank in Europe 8

POLL Which extreme/unconventional fossil fuel sector received finance from HSBC between 2016 and 2019? • Arctic oil and gas • Coal mining • Tar sands 9

U NCONVENTIONAL FOSSIL FUEL FINANCING • No. 9 tar sands financiers: USD 2.6 bn since Paris • No. 10 financier of Arctic oil & gas : USD 900 m since Paris • No. 5 financier Offshore oil and gas : USD 13.7 bn since paris • No. 15 financier Coal power : USD 3 bn since Paris 10

F OSSIL FUEL POLICY Pledged to reduce financed emissions from portfolio of customers to net zero by 2050 ฀ BUT ฀ 11

H UMAN RIGHTS POLICY Human rights policy does not extend to all its financial services • No evidence of a process of meaningful consultation with potentially • affected groups No evidence of a process for assessing the bank’s relationship to an • impact No grievance mechanism, no commitment to remediate human rights • impacts identified by the bank 12

C OMMUNITIES FIGHT BACK Payra Port Vaca Muerta Keystone XL 13

Q UESTIONS ? 14