One third of ministers in the UK government, including top cabinet ministers, are linked to the UK finance and energy companies fuelling climate change, a new report from the World Development Movement reveals today.
We were outside HSBC's AGM this morning to expose to shareholders how they are helping to bankroll climate change. HSBC helped fossil fuel firms raise £74.64 billion between 2010 and 2012, the largest of any UK bank.
We have already revealed that the HSBC is funding £75 billion worth of fossil fuel projects worldwide. And it is no secret that these projects are not only the cause of the displacement of entire villages and local environmental degradation – but also of accelerating CO2 emissions that are already causing catastrophic changes to the climate. What remains a secret is the level of CO2 emissions HSBC is responsible for through its funding of companies and fossil fuel projects.
If you walk down the high-street you will find them. Even though they are mostly associated with the City of London, they are present in towns and cities across the UK. Banks speculating on food are present from town centres to government corridors – and so we must be, if we want to challenge them.
Two years of concerted campaigning by WDM results in Barclays, the UK's biggest player in food speculation and one of the top three globally, announcing that it will no longer trade in food for speculative purposes.
Following a prolonged campaign by a coalition of Scottish NGOs and local pressure groups including WDM Scotland, plans for a new coal-fired power station in Hunterston, North Ayrshire are shelved.
After concerted lobbying by WDM supporters, French oil company Total postpones plans to mine tar sands deposits in one of the poorest regions of Madagascar.
The UK government puts £10 million of its climate finance towards the UN Adaptation Fund, and agrees to give the majority of its funds to the World Bank's climate adaptation fund as grants rather than loans.