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Climate activists disrupt HSBC’s annual meeting over net-zero policies, sing parody of ABBA’s ‘Money, Money, Money’

  • Campaigners argue HSBC should stop financing fossil fuel companies entirely
  • Climate activists gathered outside meeting venue wearing top hats and drinking out of champagne flutes

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A pedestrian walks past an HSBC branch in London on Tuesday. Photo: EPA-EFE
Chad Brayin London
Shareholders and climate activists challenged HSBC over its policies to reach net-zero in its loan portfolio at a fiery annual meeting in London on Friday.
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Annual meetings can often be quite lively in Britain, with campaigners planning elaborate protests, including fancy dress costumes and props. But social distancing restrictions to control the coronavirus pandemic in the United Kingdom have restricted attendance in recent years.

Friday’s meeting was no exception, with climate activists wearing top hats and drinking out of champagne flutes outside the meeting venue. Later, about a dozen activists in the audience disrupted the meeting for almost five minutes by singing a parody of ABBA’s “Money, Money, Money”.

“We believe that we can make the most significant impact by working with our customers to support their transition to a net zero future,” Mark Tucker, the HSBC chairman, said. “We intend to set targets on a sector-by-sector basis that are consistent with net zero outcomes by 2050. We are particularly focused on supporting our carbon intensive clients to do this.”

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HSBC, one of Hong Kong’s three currency-issuing banks, has said it would provide up to US$1 trillion in transition financing and investment to clients by 2030 as it seeks to reduce financed emissions in its portfolio to net zero by 2050.
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