Six large US banks have dumped net zero since Trumps inauguration.
Now HSBC has become the first UK bank to leave the global banking industry’s net zero target setting group.
Campaigners have warned it is a “troubling” sign over the lender’s commitment to tackling the climate crisis.
HSBC announced it was delaying key parts of its climate goals by 20 years and watering down environmental targets in a new long term bonus plan for its chief executive.
HSBC UK has 14.4 million active retail customers and 685,000 business customers. HSBC brands include first direct and Marks and Spencer’s bank.
Anyone closing their account in protest? |
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China is building 3 coal fired power stations a week.
India is building 1 a week.
It's cute that you think your protest in a country that produces less than 2% of global emissions is going to 'make a mark' though. |
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I'm currently in the process of moving to HSBC, and this news makes me glad that I'm doing so.
While we do need cut out fossil fuels and ramp up on the green stuff, Net Zero is a huge scam that will cost us a fortune and have no practical effect on emission levels. We need to stop focusing on things that won't work, and start looking at actual solutions, like Small Modular Reactors. |
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I don’t bank with them but if I did I would view it as business that’s got enough about it to make rational informed decisions on important matters rather than just blindly following the latest fad. |
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The PRA (basically the banking regulator) has made it very clear that one of the key risks that banks need to model moving forward is how they will deal with changing climate risks.
It doesn’t really matter whether you believe in human made climate change or not, it is clear something has shifted and that we have entered a period of increased climatic events. Essentially the Bank of England wants to know how individual banks will set their loan books and operations up to deal with the increased likelihood of those things happening.
The regulators don’t really care if banks are investing in saving polar beats or not - they care that the banks don’t lose depositors money if the polar bears disappear. Banks don’t fuck around with their regulators. “Dropping net zero” targets won’t change that. |
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"I'm currently in the process of moving to HSBC, and this news makes me glad that I'm doing so.
While we do need cut out fossil fuels and ramp up on the green stuff, Net Zero is a huge scam that will cost us a fortune and have no practical effect on emission levels. We need to stop focusing on things that won't work, and start looking at actual solutions, like Small Modular Reactors."
As much as people who understand climate science might close accounts, there will be the pro-fossil fuel industry/anti-climate science brigade who will be enthused by this and move their accounts there. |
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"Quite right, it's not like there's evidence of climate change and we're sat sweltering in the hottest summer ever ....no wait."
This isn't the hottest summer ever.
And Net Zero won't help to combat climate change. If anything it'll slow down the adoption of actual working solutions. |
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