The Board of the Green Climate Fund must reject the applications for accreditation of both HSBC and Crédit Agricole. Their accreditation would pose serious reputational and moral risk to the GCF via the banks’
- Well-documented involvement in recent money laundering and other fiduciary mismanagement scandals;
- Large exposure to the coal industry and other climate polluting sectors; and
- Poor-quality policies and weak compliance arrangements meant to manage the social, gender, and environmental impacts of their lending, and consequent harm on-the-ground.
The accreditation of HSBC and Crédit Agricole would run counter to the GCF’s intent to be a game-changing institution with country ownership at its core. In turn, the GCF Board’s rejection of their applications would be a strong mark in favor of maintaining the integrity of the Fund.