HSBC
#2 in the UK for fossil fuel financing.
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As the UK's largest bank, HSBC has poured at least $192 billion into coal, oil, and gas since the Paris Agreement. For every pound it directed to fossil fuels between 2021-2024, just 46p went to renewables and grids.
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HSBC long cultivated a climate-conscious image, but its actions tell a different story. In February 2025, it delayed its operational net zero target by 20 years, from 2030 to 2050. In July 2025, it became the first UK bank to leave the Net-Zero Banking Alliance. Its 2024 fossil fuel financing rose 35% on the previous year.
In December 2022, HSBC committed to stop financing new oil and gas fields, a genuinely significant policy at the time. But the Bureau of Investigative Journalism revealed in 2025 that HSBC repeatedly bulldozed its own coal financing restrictions, including a 2023 deal for mining giant Glencore and a 2024 deal for an Indian steel company expanding coal use.
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