HSBC has extended a revolving credit facility to an energy company that is tearing down a German village to expand a large coal mine, despite its promise to “phase down” fossil fuel financing.
An entire village in West Germany is set to be demolished by energy giant RWE in order to make way for the expanded lignite coal mine, sparking outcry from climate protestors who have sought to barricade the settlement of Lützerath in order to stop the development this week. A report on Thursday by The Times, based on work by The Bureau of Investigative Journalism, said the banking giant provided $340m in funding as part of the RCF to RWE. According to the article, senior executives at the bank advised against the borrower disclosing the loan. An anonymous HSBC banker told TBIJ that i...
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