Post by bonnasuttadhar225588 on Feb 15, 2024 6:00:10 GMT -5
The Advertising Standards Authority (ASA) has ruled that HSBC did greenwash . Two advertisements placed by the banking institution – one of the largest financial services groups in the world – in the United Kingdom, have been accused of inducing clients to think that their financial activities have a net positive impact on the environment despite of not being entirely true, according to The Guardian . The ASA ruling followed dozens of complaints about posters appearing on high streets and bus stops in the run-up to the COP26 climate change conference, held in Glasgow, in October 2021. HSBC did greenwash When we talk about greenwashing we are referring to the actions that companies take to promote or advertise themselves as environmentally friendly, or make exaggerated claims of their ecological credentials, falsifying their environmental management . Unfortunately, it is a growing phenomenon in the business landscape, perhaps in part because environmental sustainability has become one of the most ambitious objectives and demanded by different interested parties such as clients, investors and shareholders, since it is thought of as a response to the growing social awareness and the climate crisis that the planet is going through. Another cause could be that sustainability is not a unified concept, since the reports have evolved in a fragmented way, leaving companies with a broad framework for action that creates confusion about what is and what is not sustainability, according to Santander .
Greenwashing_ In HSBC's particular Cyprus Email List situation, the watchdog found that the bank's advertisements highlighted $1 trillion investments in climate-friendly initiatives, such as planting trees, helping customers meet climate goals and limiting global warming. However, it did not recognize that at the same time it also contributed to the generation of greenhouse gas (GHG) emissions. HSBC financed polluting emissions According to the ASA, the financial institution highlighted in its advertising – located on bus stops in Bristol and London – measures to address climate change, through the financing of two million trees in the United Kingdom, in association with National Trust, and mentioned its plan to allocate billions of dollars to low-carbon activities this decade. The above, despite the fact that it continued to significantly support investments in businesses and industries that emitted notable levels of carbon dioxide and other greenhouse gases.
Therefore, ASA came to the conclusion that HSBC did greenwash , by issuing information that misled consumers. In fact, according to HSBC's latest annual report, its financed emissions (clients and projects to which it provided loans and services) were linked to the release of 65.3 million tonnes of carbon dioxide a year. But that figure only represents its oil and gas customers — two of the most harmful polluters — so it's likely much higher if other carbon-intensive industries are included, such as utilities, construction, transportation and coal mining, highlighted the ASA. Activists celebrate the decision After the body ruled that HSBC did greenwash , it said the bank next had to ensure that any environmental claims used in the future were appropriately qualified and "did not omit material information about their contribution to carbon dioxide emissions." and greenhouse gases. Adfree Cities – a UK-wide network of groups concerned about the impacts of corporate advertising on health, wellbeing and the environment – welcomed the ASA ruling: “This comes at a significant time in the fight to prevent banks from greenwashing .