On 2 May and again on 8 May, Operation Noah and other organisations joined a delegation from the Protect Verde Island Passage Network led by Bishop Gerry Alminaza, a Roman Catholic Bishop in the Philippines, to call on UK banks – specifically HSBC and Standard Charter – to stop financing the destruction of the ‘Amazon of the Oceans’.
The Verde Island Passage (VIP) is a marine corridor in the Philippines rich in biodiversity and home to over 300 coral species, underwater rock canyons and reef formations; in fact, 60% of all known shore fish species in the world live within this ten-kilometer area, making it the most biodiverse marine habitat on the planet. It has even been called the ‘Amazon of the Oceans.’
Sadly, the ‘Amazon of the Oceans’ is under attack from fossil fuel companies who are planning to expand Liquified Natural Gas (LNG) in the area. There are already five gas plants nearby, with plans to develop eight new plants and seven terminals. The impacts will be devastating: the marine life and the people in the surrounding area will be left with toxic air and water pollution, thermal water pollution, a massive increase in shipping (which brings with it further risks, such as when in February 2023 a tanker carrying 900,000 litres of industrial oil sank off the coast of the Philippines, causing a massive oil spill that will take years to clean up), and the displacement of coastal communities. As well as the devastating environmental impact, it also threatens the livelihoods of all who fish for a living, many of whom are on low incomes.
‘Our nation is squarely in the crosshairs of ecological disaster’, wrote Bishop Gerry in a letter to British Catholics, published earlier this month in The Tablet. ‘Our islands sit in “Typhoon Alley,” where storms that are made stronger by the climate crisis routinely destroy homes, businesses, and lives. At the same time, our beautiful waters and forests, which teem with life and support millions of people, are destroyed by fossil fuel companies seeking fast profits–often funded by banks here in the West. Banks provide the oxygen on which the fire of the fossil fuel industry and global heating burn.’
Particular focus has been on HSBC and Standard Charter – two banks which are providing loans and insurance to fossil fuel companies, including to San Miguel, which is leading on gas expansion in the Philippines.
Avril de Torres, representing Bishop Gerry and the Protect Verde Island Passage Network, attended the HSBC and Standard Charter AGMs in the UK, and she spoke to David Britton of Operation Noah outside the Standard Charter AGM. Watch her interview:
What Can We Do?
Christians and churches can stand in solidarity and take action. UK Banks are complicit, and we can call on our banks to stop funding the climate crisis and enabling ecological destruction. If you bank with one of the ‘big five’ UK Banks (HSBC, Barclays, Lloyds, Natwest and Santander) consider switching your account. Operation Noah is campaigning for Christians to switch to a greener bank as part of our Big Bank Switch campaign in partnership with JustMoney Movement, Laudato Si and Just Love.
