Joanne O'Neill, co-director of advocacy and influencing at ActionAid UK, said: "As HSBC announces mammoth profits, it’s time that the government took meaningful action to hold UK banks to account for their climate and human rights impacts.
"ActionAid research has shown how HSBC funneled billions into fossil fuels and industrial agriculture companies between 2021 and 2023, helping to fuel environmental destruction. And since then it has watered down its climate commitments, further shirking its responsibility to help bring about the just transition we need.
“As people in the UK and around the world swelter amid record-breaking heatwaves, intensified by global heating, banks who insist on putting profit over the planet must face real consequences. The government must urgently introduce a gender-responsive, mandatory Business, Human Rights and Environment Act that requires all businesses, including banks, to prevent human rights and environmental harms in their global value chains. It must also make banks pay their fair share for the damages they cause by levying Polluters Pay tax that fairly reflects their responsibility for financing and causing climate harm."
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Spokespeople are available on request. For more information contact the press office at uk.media@actionaid.org or on 07753 973 486