HSBC invested $1,107.41Mn in forest risk commodities in the Amazon between 2018 and 2020
Globally, the yearly deforestation rate stands at 10 Mn hectares (Ha)1. Deforestation causes soil erosion, flooding, increased GHG, and displacement of indigenous people2. The majority of deforestation (2/3rd) is caused to produce commodities like beef, timber, palm oil, soy, etc.3;p3. Every year 7 Bn tonnes of CO2 could be removed from the atmosphere by tackling deforestation4.
HSBC invested $2.97 bn in companies associated with supplying weapons to high-risk countries
The spread of over 1 billion (bn) small arms globally is responsible for fueling conflict deaths, with 200,000 mortalities every year between 2010 and 20151. As of March 2021, there were 13,100 nuclear weapons globally, of which nearly 9,590 were in military stockpiles2. Imprudent arms trade often cause severe violation of human rights & humanitarian law3.
HSBC allowed suspicious transactions of up to USD1.5 billion, promoting criminal operations
Annually, the estimated amount of money laundered is in the range of USD800bn to USD2tn, which represents 2-5% of global GDP1;p3. Money laundering promotes crime, allowing drug traffickers, smugglers, and other criminals to expand their operations2;p8. The major channel fraudsters and criminals use in money laundering is through banks and financial institutions1;p3.
HSBC's financial education reached over 30,000 people in 2019
A suitable practice to help global economic growth, sustainable development and in particular upgrade financial inclusion and well-being outcome is by investing in financial literacy programmes1;p3. 15-year-old students with high proficiency in financial literacy are more likely than those with low proficiency to be oriented towards saving, to expect to complete a university education and to work in a high-skilled occupation, data show by a recent PISA 2015 study. Moreover, half of the adults in G20 countries achieved the minimum target score of at least six out of nine financial behaviors required to improve financial well-being1;p8.
In 2018, HSBC faced data breach spanning over 10 days exposing customer's details to hackers
In 2020, globally, on average, a data breach costs $3.86 million9. In the first half of 2019, 4.1 billion records were exposed due to data breaches. In 2019, cyber-crime cost businesses more than $2 trillion, and this cost is expected to reach $6 trillion by 20211. In 2018, banking industry experienced the most cyber-attacks, accounted for $18.3 million2.