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A misleading campaign promoting HSBC’s green certification has been banned by the Advertising Standards Authority (ASA).
The decision comes after dozens of complaints about the bank’s posters on boulevards and bus stops ahead of the COP26 climate change conference in Glasgow last October.
Ads highlighting how the bank invested $1 trillion in climate-friendly initiatives like planting trees and helping clients reach their green goals failed to explain HSBC’s own contribution to emissions.
“Despite the initiatives highlighted in our advertising… HSBC continued to provide significant funding for investments in companies and industries that emit significant levels of carbon dioxide and other greenhouse gases. I didn’t think that would find that to be the case,” said the ASA.
“We concluded that the ad was misleading because it omitted important information.”
HSBC said: “The financial sector has a responsibility to raise public awareness and engage with customers by communicating its role in the low-carbon transition. , we will consider the best way to do this.”
Earlier this week, HSBC held a global workshop for staff on how to spot greenwashing — practices that imply green behavior when they really aren’t. .
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