HSBC’s ‘green’ ad condemns greenwashing in UK

The UK advertising regulator has banned several of HSBC’s ads, saying they distorted information about the bank’s business to make them appear “green”. The pieces were released during the UN Climate Conference (COP26) in Glasgow at the end of 2021. On the outside and bus stops.

In the ads, HSBC said it had invested $1 trillion in climate projects. offset emissions to its customers. Environmental and consumer rights groups disputed the data, pointing out that the bank did not take into account the financing and services provided to fossil fuel companies.

“Despite initiatives highlighted in advertising, (…) HSBC continues to fund investments in companies and industries that emit significant amounts of carbon dioxide and other greenhouse gases,” the UK Advertising Standards Authority (ASA) said. “We don’t believe consumers know this. [Por isso] We concluded that the advertisements omitted relevant and misleading information. BBC, Financial Times, Guardian, Independent And Wall Street Journal He gave more information.

The decision by British regulators is another blow to HSBC’s “green credentials”. In July, Bank Deleted Executive Stuart Kirk, the firm’s head of responsible investing, has publicly dismissed warnings about the severity of the climate crisis. At the time, HSBC CEO Noel Quinn condemned Kirk’s speech, insisting it did not represent the bank’s views on the climate issue and ESG investments.

During: In even more misleading publicity, Shell lost its appeal against a decision by the Dutch regulatory body that it found misleading in its marketing campaign regarding the marketing of carbon credits to its consumers. These ads offered consumers the option to pay more for fuel, and with that extra money reduce emissions offset In forestry projects. “There is no evidence, or insufficient evidence, that the forestry projects that Shell invests in are actually capable of sequestering CO._Two Replaced by carbon credits to fully offset CO emissions_Two Fossil fuel has been sold,” the regulator said. The message comes from Bloomberg.

ClimateInfo, October 26, 2022.

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