HSBC is wrong, Asian communities don't want coal - Bank on our future

HSBC is wrong, Asian communities don’t want coal

Logos of Asian organisations which have signed the letter to HSBC

Dear HSBC investors,

HSBC is wrong and doesn’t speak for us. Our communities in South and Southeast Asia do not need more coal.

 

There is no excuse for locking entire populations into reliance on the dirtiest fossil fuel available on the market, especially when keeping coal aflame amid a climate crisis harms the very chance of survival for these same populations.


HSBC’s statement that “divestment is not the best option for the environment or for the people… ” is an excuse to fund yet more coal, plain and simple. It is an excuse that is not acceptable for our communities that need clean air to breathe, and clean water to drink. We do not want the land where we live and cultivate food to be contaminated with toxic coal ash. We do not want expensive electricity from coal to drain our pockets for decades more. We do not need excuses from HSBC. We need investment in renewable energy and a future for our children. 

 

It’s already cheaper to build renewable energy projects in South and Southeast Asia. There is already an overcapacity of power in many of our countries, including Bangladesh and Pakistan, and an abundant yet barely tapped renewable potential for others, like the Philippines and Indonesia. Further coal developments, led by companies financed by HSBC, are not economical; neither are they wanted nor needed. Coal is not good for your books or reputation. It is not good for our countries. 

 

Please vote for the shareholder resolution on climate change filed by major investors and tell HSBC to commit to a true coal financing phase-out.


Yours sincerely

 

CEED (Center for Energy, Ecology, and Development), Philippines 

YACAP (Youth Advocates for Climate Action Philippines), Philippines

WALHI/Friend of the Earth Indonesia, Indonesia 

Trend Asia, Indonesia

JATAM (Mining Advocacy Network), Indonesia

Auriga Nusantara, Indonesia

CLEAN (Coastal Livelihood and Environmental Action Network)

BWGED (Bangladesh Working Group on External Debt)

Living Laudato Si’ Philippines

Fellowship for the Care of Creation Association, Inc. (FCCAI) Philippines

Bangladesh Model Youth Parliament (Protiki Jubo Sangsad) 

YouthNet for Climate  Justice 

Coastal Youth Action Hub 

Klima Action Malaysia – KAMY

Center for Education Promotion and Empowerment of Women (CEPEW Vietnam)

International Accountability Project, International

Indus Consortium Pakistan

The Network for Consumer Protection, Pakistan

Channan Development Association, Pakistan

Centre for Peace and Development Initiative, Pakistan

Philippine Alliance of Human Rights Advocates (PAHRA)

Health Care Without Harm SEA

Partnership Mission for People’s Initiatives (PMPI)

Task Force Detainees of the Philippines (TFDP)


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