HSBC Bank 180-Degree Reversal, Now Supports Fossil Fuel Investment

Wow! What a difference 10 years and the election of Donald J. Trump can make. In May 2015, MDN reported that HSBC Bank (otherwise known as The Hongkong and Shanghai Banking Corporation) circulated a note to investors telling them they should divest from fossil fuel companies. HSBC said if they didn't divest from fossil energy, they “may one day be seen to be late movers, on ‘the wrong side of history'”. We told you then that fossil fuel supporters should consider divesting from HSBC (see MDN Thinks It’s Time to Divest Your Money from HSBC Bank). Just last year the State of West Virginia added HSBC to its list of banned companies that the state will no longer do business with due to the bank's anti-fossil fuel stance (see WV Adds Citigroup, HSBC, TD Bank, Northern Trust to ESG Banned List). Now? The new head of sustainability at HSBC says the time has come for banks to stop penalizing clients with a large carbon footprint. It is a total and complete reversal of its previous position.

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