Extinction Rebellion campaigners will rally outside HSBC's UK HQ in Birmingham this Friday, November 24. The environmental group said the 'peaceful' demo in Centenary Square will aim to 'confront the bank's ongoing investments in fossil fuels'.

Starting at 7.30am, protesters will 'conduct a solemn vigil' to 'respond to the detrimental investment practices' of the major bank, the group said. It added activists will look to 'foster critical conversations' with HSBC staff and the general public to 'intensify the call for divestment'.

Members of the public were urged to join the demo. It comes after nine climate activists were cleared by a jury last week of causing £500,000 worth of criminal damage at HSBC's office in Canary Wharf.

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Extinction Rebellion campaigners admitted using hammers and chisels to break windows at the office in April 2021, but denied it was criminal conduct. Last year, HSBC announced it would stop financing new oil and gas fields to drive down global greenhouse gas emissions.

The bank says it's committed to net zero carbon emissions in its own operations and supply chain by 2030. On this week's rally, a spokesperson for Extinction Rebellion said: "Despite HSBC's public pledge to cease funding for new oil and gas fields, the bank continues to use covert practices to support climate-harming activities and companies.

"We urgently call upon HSBC to become a leader in sustainable financing, directing investments towards initiatives that matter to everyone. This includes prioritising the shift to more affordable renewable energy solutions accessible to all, as opposed to relying on costly fossil fuels.

"Following sustained pressure from activists and shareholders, HSBC made a commitment in December 2022 to ‘end direct financing and advisory ties to new oil and gas fields and metallurgical coal projects’ . However, HSBC's divestment strategy falls short as it merely puts a stop to asset financing. The bank still derives large profits from its involvement in the oil, gas, and coal industries by supporting the sale of fossil fuel bonds.

Extinction Rebellion demonstrated outside the HSBC AGM in Birmingham earlier this year

"Moreover, HSBC's commitment only addresses new projects, which means there is still a substantial loophole in the financing it provides to fossil fuel companies with major expansion plans. Notably, HSBC has also chosen not to withdraw from existing investments.

"HSBC therefore still provides funding and financial services to major fossil fuel projects, for example backing ExxonMobil and Saudi Aramco. The bank's covert practices supporting major polluters undermine global efforts to achieve net zero and limit global warming to 1.5 degrees. These actions not only contradict the bank's commitment to sustainability but also contribute to escalating natural disasters, food insecurity, and disease."

BirminghamLive has contacted HSBC for comment on the rally.