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Climate Injustice: How Barclays and HSBC are funding climate change

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= HSBC = Both Barclays and HSBC

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Climate Injustice: How Barclays and HSBC are funding climate change

Ghana

‘HSBC has provided US$135 million in debt financing to the Offshore Cape Three Points project in Ghana whose majority stakeholder is Italian energy company ENI. This project has affected some Indigenous communities along the seacoast, decreased food and livelihood resources for the affected local fisher people, and resulted in air pollution and seawater degradation’.

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Photo credit: BankTrack/Jbdodane via Flickr

Barclays and HSBC fund TotalEnergies, and Barclays is the largest funder of work in the Global South. TotalEnergies is leading the development of the Mozambique LNG (Liquid Natural Gas) project, which has reportedly displaced hundreds of families without adequate compensation. A coalition of 124 civil society organisations from Mozambique and around the world have urged banks and export credit agencies to withdraw their support for the project due to many concerns including ongoing insurgent attacks, human rights violations, lack of benefits for local communities, and critical impacts on local ecosystems and the global climate.

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Mozambique

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Photo credit: Pipeline and Gas Journal

Nigeria

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Barclays and HSBC fund Shell, one of their biggest clients. For decades, the oil extraction operations of Shell have been devastating communities in Nigeria’s Niger Delta. Oil spills and gas flaring have decimated fish populations, resulting in the loss of countless fishing livelihoods and a sharp rise in hunger for local people. Martha Onisuru is a fisherwoman in the area: “Even the water in our taps now has oil in it since Shell came. Water that is meant for consumption is now contaminated.” Last year the UK high court ruled that more than 13,000 farmers and fishers from the Ogale and Bille communities in the Niger delta were entitled to bring legal claims against Shell for alleged breaches to their right to a clean environment. In early January 2024 Shell Plc announced it would sell its onshore but not offshore subsidiaries.

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Photo credit: SOMO/Hilde Brontsema, Milieudefensie.

Brazil

Barclays and HSBC both fund JBS, the world’s biggest meatpacking company, and a key supplier to fast-food companies such as McDonald’s and Burger King, as well as retail giants such as Carrefour, Asda and Walmart. JBS is a huge emitter of greenhouse gas emissions, and multiple investigations have documented the company’s links to illegal deforestation, land grabbing, slave labour and money laundering in Brazil.

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Photo credit: REUTERS

Bolivia

Barclays and HSBC both fund US food giant Cargill, which has directly purchased soy from farms in Bolivia where more than 20,000 hectares of forest have been razed since 2017.In September 2023, Cargill had still been “systematically failing” to collect key data about the origins of its soy supplies in Bolivia, without which it cannot confirm purchases are deforestation-free. Cargill is also open to sourcing future soy supplies from areas that would put more than three million hectares of standing forest at risk.

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Photo credit: MDPI/Daniel Coimbra

Philippines

Both Barclays and HSBC fund Shell, one of their biggest clients. Shell is proposing to build a new Liquid Natural Gas import terminal gas facility in a vital area of the Verde Island Passage. Banktrack believe the new facility will will harm the environment and marine life on which local communities depend to survive and displace coastal communities.

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Photo credit: BankTrack/@CEEDphilippines

United Kingdom

The home of both bank's headquarters. - Explore the map to see how the companies they finance are polluting the planet and harming human rights..

Barclays HQ HSBC's HQ

Indonesia

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Barclays and HSBC both fund ExxonMobil. In 2023 ExxonMobil reached a confidential financial settlement with local villagers in Lhoksukon, Indonesia following a two decade-long legal battle. Third party guards engaged by Exxon in the 1990s and early 2000s were accused of torture, sexual assault and beatings. Exxon denies that it knew about their conduct.

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Photo credit: MRC/ExxonMobil

Gabon

Barclays and HSBC both fund the multinational agribusiness Olam International, which was investigated for significant conversion of forests in Gabon including the destruction of High Conservation Value areas for palm oil developments. A Forest Stewardship Council (FSC)-commissioned report found that Olam was responsible for encroaching on 430 hectares (equivalent to 524 international football pitches) of the Bemboudie area in Gabon, converting forest for oil palm developments, without securing prior consent of local people. Local villagers who were interviewed stated that they perceived some of the fishing sites were degraded.

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Photo credit: RainforestFoundationUK

Tanzania

Barclays and HSBC fund TotalEnergies, and Barclays is the largest funder of TotalEnergies in the Global South, providing US$2.1 billion since 2016. The French oil and gas giant is behind several controversial projects, including the East Africa Crude Oil Pipeline (EACOP) which is a proposed 1,443-kilometre pipeline that will transport oil from Hoima, Uganda to the port of Tanga in Tanzania. The pipeline opens up critical ecosystems to oil extraction.

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Photo credit: #STOPEACOP