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HSBC

Climate warning

HSBC granted a "secret" loan of $340 million to RWE to enable it to expand its open-pit coal mine in Germany

The Swiss bank HSBC is said to have granted a "secret" loan of $340 million to the German energy giant RWE to enable it to expand its open-pit coal mine in Garzweiler, Germany.
Three months ago, the bank pledged to stop financing new projects involving coal, the largest emitter of greenhouse gases.
We don't have time for banks to destroy our future... we want and need actions, not empty pledges.
The disclosure of the loan will mark a further blow to the bank, which has raised at least $2.4bn in so-called “sustainable finance” for companies worsening the climate crisis and recently had a series of adverts banned by UK regulators for greenwashing.
Read this great article by The Bureau of Investigate Journalism:
https://www.thebureauinvestigates.com/stories/2023-01-11/hsbcs-loan-to-a-german-dirty-coal-giant


Bernd Lauter / Getty
Bernd Lauter / Getty



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  • Tabitha Kimani

    73 w

    That's high degree of irresponsibility. Either way transition of forward ever backward never.

    • We Don't Have Time

      73 w

      Dear Marine Stephan Thank you for getting your climate warning to level 2! We have reached out to HSBC and asked for a response. I will keep you updated on any progress! /Adam We Don't Have Time

      • Carey Lynn Milton

        73 w

        I am conflicted with this, coal is a staple resource in many industries but the health effects to humans are so detrimental and utterly atrocious is it worth it. Mesothelioma and other cancers not just to the workers but spread to family and friends even with masks and suits human life is way more important. My questions: What will be the collective gain on resources for the public as a whole, ( what will your profit margin be?) I want truth in mark ups, and what is Actual demand not estimated demand ( usually hyper inflated for effect) What are the workers offered as pay and benefits, with all the lawsuits with victims of the coal mines adverse affects what sort of fund has the company created now for the victims of the future? Are all workers fully aware of the carcinogens they are exposing their families and themselves to? How big is there pensions for this death march for black rocks of death. Seriously the number of people who have suffered makes this close to blood diamonds. We have figure out many ways to NOT use coal, the emissions alone are so bad we basically stopped running trains until they figured out a solution. But EMP and no electricity this could happen from man's doing or solar flares. So my dooms day pioneering says storing for emergency use would it be better to pay them to locate sites and mark them then engineer a machine that is fully automated without electricity or a generator. Hard work YES but worth it.....the ability to do mining like the old days but with better technology and more creative innovative thinkers ...this is where Elon Musk comes in....make money just locating future reserves for emergency operation to keep the world and global economy booming! Not a monopoly on bad times just a smart move to tycoon and become a superhero by way of Coal mining.

        2
        • Muhammad Fahd Khan

          73 w

          Dirty secret about dirty fuel

          • zelda ninga

            73 w

            This is so frustrating

            1
            • Elizabeth Gathigia

              73 w

              Sad, sad news!

              • Richard Razo

                73 w

                Cliff notes version. Consumers should switch most, if not all, of their savings and checkings to B. Corp rated banks. Watch "Your Money Is Cheating on You" https://youtu.be/NJ7W6HFHPYs

                1
                • Richard Razo

                  73 w

                  Of course they did. YouTuber Climate Town had an episode last year showing big banks 🤥 lying about their eco pledges. They will make profits over long term eco stuff. Up to us to switch banks and not have our savings and checking accounts fund dirty e. Look for B Corp rated bank. Maybe keep a little in the big bank still as a back up. But I also make more interest after moving most of my money away from the big banks. Fund ESG and your local community.

                  • Kamau WA Githinji

                    73 w

                    sad News

                    • Marco Rodzynek

                      73 w

                      Thanks for the post. Transparency is key

                      1
                      • Sarah Chabane

                        73 w

                        Shameful

                        1
                        • Kevin Waweru

                          73 w

                          It's bewildering for the HSBC to purport support for a greener earth while secretly funding coal mining.

                          • Peter Kamau

                            73 w

                            HSBC is on a greenwashing business and that's a very sad reality.I thought they pulled out of the dirty oil business until now I'm met with such devastating news.

                            5
                            • Gorffly mokua

                              73 w

                              This is absurd! They cant be funding coal mining companies in the dark but during the day they say something else!!

                              6
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