Extinction Rebellion campaigners staged a protest against Barclays and HSBC in Dolgellau last Thursday, appealing to the two banks to stop funding the “dirty” fossil fuel industry.

The protesters said that, despite the two banks reducing their funding of fossil fuels, there is still “some way to go”.

Eight members of Extinction Rebellion, three from the Machynlleth group and five from Barmouth, held an afternoon’s protest in Dolgellau on Thursday, 14 November from 12pm to 3pm. The group split into two and stood outside Barclays and HSBC banks to expose the heavy investment made by these banks in the fossil fuel industry.

Bernard Barnes, a member of Extinction Rebellion protesting in Dolgellau, said: “In view of the climate emergency, caused by the excessive use of fossil fuels, we can no longer go on exploiting and investing in that dirty industry.”

Protesters erected a banner that read ‘Divest from Fossil Fuels’ in Welsh and protesters also provided leaflets explaining the two banks’ roles as leading investors in fossil fuels in Britain.

They also highlighted that, on a list compiled by Rainforest Action Network, Barclays ranked in the top 10 leading global banks in terms of financing the fossil fuel industry. HSBC is ranked 13th.

A spokesperson for Barclays said: “We facilitated £27.3bn in social and environmental financing last year, and we are determined to do all we can to support the transition to a low carbon economy, while also ensuring that global energy needs continue to be met.”

A spokesperson for HSBC has also defended their position saying: “HSBC is committed to help our customers make the transition to a low-carbon economy in a responsible and sustainable way.

“HSBC has stopped financing new coal-fired power in all countries around the world apart from Bangladesh, Indonesia and Vietnam, where a targeted and time-limited exception applies until 2023, in order to appropriately balance local humanitarian news with the need to transition to a low-carbon economy, but only if independent analysis confirms that there is no reasonable alternative to coal and any new plant complies with the highest efficiency standards.”

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