10th June 2003

HSBC plc damaging the environment

Friends of the Earth (Malta) calls on all the banks operated in Malta to inform the public about the type of investments that are being made by the banks. Maltese account holders keep about Lm3bn in Maltese banks and none of them know how that money is invested.

Most account holders would be appalled, if they know that their money was helping to destroy the environment and exploit workers. Friends of the Earth in the UK has protested against HSBC Holdings plc accusing the bank of an "appalling record of arranging finance for and investing in companies that are damaging the environment and are linked with human rights abuses."

Friends of the Earth told the HSBC AGM in the UK on 30 May that "customers' money has been used to finance companies destroying rainforests in Indonesia and oil companies linked to human rights atrocities in the Sudan. The multinational has also been linked to the controversial Three Gorges Dam in China."

Health conscious people would be appalled to know that their precious savings are being used to manufacture cigarettes or alcohol. Environment groups should be shocked to know that their funds are being used to help tourism developments that they have been protesting against.

Friends of the Earth (Malta) encourages all Maltese banks to offer ethical investment possibilities and ensure that Maltese money is not used in ways that would be unacceptable to investors. Friends of the Earth (Malta) calls on all the banks to make their investment policies public and assure everyone that their funds are being used ethically.