Filipino Bishop in UK calling banks to stop financing fossil fuels

Campaigners outside HSBC AGM today

The Laudato Si' Movement is supporting a delegation from the Philippines at HSBC's AGM in London today (Friday 2 May) and Standard Chartered's AGM on Thursday 8 May, calling on the bank to stop financing new fossil fuels.

Bishop Gerardo Alminaza and the delegation from CEED Philippines are visiting the UK to attend AGMs of banks that fund fossil fuel infrastructure in the Philippines and across the Global South. Bishop Alminaza will raise concerns about the expansion of liquefied natural gas (LNG) and fossil gas operations in Verde Island Passage (VIP), often referred to as the "Amazon of the Oceans", which is recognized as the most biodiverse marine habitat in the world.

Laudato Si' Movement's calls for HSBC and Standard Chartered to stop financing new fossil fuels follow a landmark statement of concern issued last November by 70+ Christian organisations, including the Methodist Church in Britain and eight Catholic religious orders. The statement, which was supported by Churches Together in Britain and Ireland and co-authored by Laudato Si' Movement and JustMoney Movement, expressed concern about the fossil fuel financing activities of the UK's big high-street banks.

Bishop Alminaza, Bishop of San Carlos and Chair of the Laudato Si' Programme for the Catholic Bishops' Conference of the Philippines, said: "In the wake of the Pope's passing, we reaffirm his powerful message in Laudato Si'-that the Global North must take responsibility for the climate crisis, as countries like the Philippines continue to bear the brunt of its impacts. International banks such as HSBC and Standard Chartered must heed this call by ending their support for harmful investments that threaten local communities and biodiversity hotspots like the Verde Island Passage. It is imperative that they stop financing dirty energy giants like San Miguel Corporation in the Philippines and across Southeast Asia."

James Buchanan, Laudato Si' Movement's Climate Finance Campaign Manager, said: "Major oil and gas companies are continuing to explore for new fossil fuel reserves, despite the UN and International Energy Agency urging them to change course, and high street banks such as HSBC and Barclays are financing this fossil fuel expansion. We call on HSBC and major high street banks to stop financing fossil fuels, and encourage Christian individuals and institutions to accelerate the clean energy transition by moving their money to more ethical banks."

According to the Banking on Climate Chaos Report 2024, HSBC features among the top ten banks that have provided most financing for top fossil fuel expanders between 2016 and 2023. The bank has also been criticised for delaying key parts of its climate goals by 20 years. According to the International Energy Agency (IEA) any new fossil fuel expansion projects are incompatible with achieving a net-zero emission goal by 2050.

Sr Kate Midgley, Columban Sister and Laudato Si' Animator joining vigils outside the HSBC and Standard Chartered AGMs, said: "UK banks HSBC and Standard Chartered are financing fossil fuel projects in Verde Island Passage, the most diverse marine habitat in the world, known as the "Amazon of the Oceans". This will not only increase global heating but also destroy the ecosystems and livelihoods of people living there. As Pope Francis said in Laudate Deum: "The other creatures in this world have stopped being our companions along the way and have become instead our victims". I am here today to call on these banks to stop financing fossil fuels and think of the death and destruction they will inflict on human and other-than-human life."

Nicola Brady, General Secretary of Churches Together in Britain and Ireland (CTBI), said: "In their work for climate justice, the Churches and Christian organisations in our membership have been examining their own actions and choices, including in the area of banking and finance. We appeal to banks to become partners in the work of climate justice. Their influence and leadership is critical in the work of building a just and sustainable future for all and we are keen to support and encourage them to take the necessary steps to achieve this."

LINKS

Laudato Si' Movement: www.laudatosimovement.org

The statement of concern addressed to the CEOs of Barclays, HSBC, Santander, NatWest and Lloyds was published in November 2024 and signed by 70+ Christian organisations. It was co-authored by JustMoney Movement, Laudato Si' Movement, Make My Money Matter, Churches Together in Britain and Ireland, Christian Climate Action and Bank Better. Further information can be found here: https://laudatosimovement.org/news/catholic-religious-orders-among-70-organisations-calling-on-major-uk-banks-to-stop-financing-new-fossil-fuels/