I am writing to you because your bank is a revenue source for the Dakota Access Pipeline. You must know this project is enormously unpopular, and has the added taint of being strongly opposed by native americans who depend on the river you plan to bisect. The tactics employed to curb protesters are only likely to increase in severity. History does not look kindly on those who harm Native Americans. Your institution will partake of the shame of what happens, not only to the protesters, who are enormously popular on social media, but forever after, with every new leak, every new environmental travesty that will occur with this pipeline.
I urge you to reconsider your financial support for this project. I urge you to use your influence to guide the project along more environmentally sound avenues. Above all, I urge you to consider that oil does not need to be made cheaper. It is already cheap. For the earth, for investors, for everyone, a more expensive oil price is much to be desired.
Thank you for your time,
AKR
ENCOURAGING RESPONSE FROM RBS:
Thank you for your enquiry regarding the Dakota Access Pipeline. We can confirm that RBS relationship with Dakota Access Pipeline companies ended in 2015. RBS has been named in several recent reports about the financing of the Dakota Access Pipeline in the United States. We can confirm that we no longer have involvement with companies developing the pipeline.
In the past, RBS did provide general finance to Energy Transfer Partners LP and Energy Transfer Equity LP, (the parent company of Dakota Access LLC), but we exited these relationships in September 2015 and November 2015 respectively. We no longer have a significant presence in North America as a result of our strategy to become a smaller, simpler bank focused on the UK, the Republic of Ireland and Western Europe.
As a result of these changes, our overall lending to energy sectors – including coal, oil and gas – has declined by 75% since 2010. Despite this, we remain a leader in sustainable energy finance and we’ve been the biggest UK lender to UK renewable energy projects since 2011. Our lending to renewable energy and energy efficiency projects continues to grow and we are committed to helping our customers lead the transition to a low carbon economy.
Further information about our approach to social and environmental issues, including lending policies and details of our energy sector financing can be found at http://www.rbs.com/
Regards
Aslam Abid | RBS CEO Office | London
DEPRESSING RESPONSE FROM HSBC:
Dear Sir / Madam
Thank you for taking the time to email Mr Gulliver, our Group Chief Executive.
HSBC is firmly committed to providing financial services that support economic development while ensuring that there is not an unacceptable impact on people or the environment. Mr Gulliver, and our senior management have actively made this a priority for HSBC. Mr Gulliver was the only Chief Executive Officer of a leading global financial services company to attend COP21 in Paris in December 2015. Our Climate Change Research team were present and active across a range of discussions involved in helping to formulate plans to tackle the transition from fossil fuels to a low carbon future. The ratification last week of the proposals which aim to limit global warming to less than 2 degrees is a very positive step in the right direction and HSBC is leading in the funding of projects both in the UK and internationally that will contribute to this. In the UK we have made the commitment to focus more resource on supporting sustainable business with the introduction of a dedicated senior banking team to target and support sustainable businesses and a program of training across all our relationship teams. Our commitment to supporting the transition to a low carbon economy includes funding energy efficiency projects such as the installation of smart meters, funding renewable energy across a range of sources including solar, onshore wind and offshore wind and critically, supporting the local businesses that provide the people and services to deliver these projects. Supporting local jobs and local business is key to HSBC. Our funding for these projects is growing quickly and we aim to be the UK leader and bank of choice for sustainable businesses. I note your comments with regard to the Dakota Access pipeline. I can assure you that HSBC reviews all relationships in detail to determine if there is an unacceptable impact on people and the environment from that company’s operations and where we feel that risk is unacceptable we exit relationships. Our policies are determined after extensive research and advice from experts and guidance taken from the highest standards set by Governments globally. I cannot comment on any specific customer relationship, but want to let you know that this is a continuous and evolving set of standards that we have for our customers and HSBC aims to only support businesses that demonstrate that they meet our standards. As businesses and society develop and demand new sources of energy and changing standards the balance has to be maintained between ensuring that the energy needs of the population continue to be met at the same time as significant progress is made to reduce greenhouse gases. Moving to increased use of gas and reducing the burning of coal is one step on this transition. The extraction of all fossil fuels has to be done with the minimum impact on the environment, but there will be a need for fossil fuels for a transitional period until renewable sources can meet the demands of the population. HSBC does not just set standards for our customers, but hold ourselves to those standards. HSBC has been committed to reducing its environmental impact and reducing greenhouse gasses since 2001 and our Sustainable Development Goals extend our ambition well into the future. In the UK we are investing in two renewable power projects, solar and wind, and by the end of 2016 over 66% of our UK power needs will come from renewable sources. We have committed £25m in funding to science projects to develop a range of solutions to help transition to a more sustainable economy and in 2016 HSBC was accredited to work with the United Nations’ Green Climate Fund helping developing nations to develop sustainably. I hope this demonstrates our commitment to playing a leading role supporting and developing solutions to help us all move toward a more sustainable future. In the short term, there will be a balance to be struck between meeting the immediate needs of our communities and population and moving to a sustainable society, but I want to let you know that we take this commitment seriously and are taking action to deliver against our ambitions.
Yours sincerely,
Peter Taylor
Executive Complaints Manager
Thank you for taking the time to email Mr Gulliver, our Group Chief Executive.
HSBC is firmly committed to providing financial services that support economic development while ensuring that there is not an unacceptable impact on people or the environment. Mr Gulliver, and our senior management have actively made this a priority for HSBC. Mr Gulliver was the only Chief Executive Officer of a leading global financial services company to attend COP21 in Paris in December 2015. Our Climate Change Research team were present and active across a range of discussions involved in helping to formulate plans to tackle the transition from fossil fuels to a low carbon future. The ratification last week of the proposals which aim to limit global warming to less than 2 degrees is a very positive step in the right direction and HSBC is leading in the funding of projects both in the UK and internationally that will contribute to this. In the UK we have made the commitment to focus more resource on supporting sustainable business with the introduction of a dedicated senior banking team to target and support sustainable businesses and a program of training across all our relationship teams. Our commitment to supporting the transition to a low carbon economy includes funding energy efficiency projects such as the installation of smart meters, funding renewable energy across a range of sources including solar, onshore wind and offshore wind and critically, supporting the local businesses that provide the people and services to deliver these projects. Supporting local jobs and local business is key to HSBC. Our funding for these projects is growing quickly and we aim to be the UK leader and bank of choice for sustainable businesses. I note your comments with regard to the Dakota Access pipeline. I can assure you that HSBC reviews all relationships in detail to determine if there is an unacceptable impact on people and the environment from that company’s operations and where we feel that risk is unacceptable we exit relationships. Our policies are determined after extensive research and advice from experts and guidance taken from the highest standards set by Governments globally. I cannot comment on any specific customer relationship, but want to let you know that this is a continuous and evolving set of standards that we have for our customers and HSBC aims to only support businesses that demonstrate that they meet our standards. As businesses and society develop and demand new sources of energy and changing standards the balance has to be maintained between ensuring that the energy needs of the population continue to be met at the same time as significant progress is made to reduce greenhouse gases. Moving to increased use of gas and reducing the burning of coal is one step on this transition. The extraction of all fossil fuels has to be done with the minimum impact on the environment, but there will be a need for fossil fuels for a transitional period until renewable sources can meet the demands of the population. HSBC does not just set standards for our customers, but hold ourselves to those standards. HSBC has been committed to reducing its environmental impact and reducing greenhouse gasses since 2001 and our Sustainable Development Goals extend our ambition well into the future. In the UK we are investing in two renewable power projects, solar and wind, and by the end of 2016 over 66% of our UK power needs will come from renewable sources. We have committed £25m in funding to science projects to develop a range of solutions to help transition to a more sustainable economy and in 2016 HSBC was accredited to work with the United Nations’ Green Climate Fund helping developing nations to develop sustainably. I hope this demonstrates our commitment to playing a leading role supporting and developing solutions to help us all move toward a more sustainable future. In the short term, there will be a balance to be struck between meeting the immediate needs of our communities and population and moving to a sustainable society, but I want to let you know that we take this commitment seriously and are taking action to deliver against our ambitions.
Yours sincerely,
Peter Taylor
Executive Complaints Manager
MY RESPONSE TO HSBC:
Dear Sir/Madam,
Thank you for your response, but your mention of commitment to the environment and lessening impact on land and people simply does not match your actions regarding the DAPL. This thoughtful note of yours amounts to lip service while your company obviously pursues the almighty dollar, kowtowing to a dying industry, and building a vastly expensive infrastructure that will necessitate a long term commitment to fossil fuels in order to realize any profits from it. In this context, your response is quite Orwellian.
Have a nice day,
AKR
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