Filipino activists have asked British financial institutions to stop supporting projects that will increase the Philippines' reliance on fossil fuels. This is in response to a massive oil leak that endangered a region rich in marine life.
The oil spill this year severely damaged the Verde Island Passage, a global marine biodiversity hotspot known for its whale sharks, corals, turtles, and rich fisheries. This prompted Filipino environmentalists to travel to the UK to meet with representatives from Barclays, Standard Chartered, and HSBC to halt the expansion of liquefied natural gas (LNG) power plants and terminals in the area.
The Princess Empress oil ship sunk in February, releasing 800,000 liters of heavy industrial oil into the water from its location off the east coast of Mindoro island. Hundreds of Mindoro fishing villages were wiped out by the 75-mile slick, and many of the island's residents needed medical attention as a result.
Negative Impact on Marine Life
Shell and the San Miguel Corporation, a Philippine conglomerate best known for its beer, have invested in new power plants and LNG terminals in the passage, which links the South China Sea with busy shipping routes through the archipelago.
Meanwhile, The Guardian reported that Filipino activists have petitioned HSBC, Barclays, and Standard Chartered to limit LNG project financing on the grounds that these projects will negatively impact marine life in the region.
"In the Philippines, Standard Chartered is supporting San Miguel Corporation's gas plant, which is devastating the Verde Island Passage and wreaking ecological chaos," said Fr. Edwin "Edu" Gariguez, an environmentalist priest. He added that local communities and fishermen are concerned that these projects will jeopardize the passage's wealth and their way of life.
Banks and other financial institutions, despite making net-zero pledges, are still heavily investing in fossil fuels, according to recent data.
The 2023 Banking on Climate Change report, compiled by environmental NGOs using data analysis of financial transactions, found that Standard Chartered was San Miguel Corporation's major lender over the preceding five years. Financial support for Shell came from HSBC and Barclays.
Petition to End Fossil Fuel Financing
At Standard Chartered's annual general meeting on Wednesday, May 3, environmental attorney Avril De Torres warned that the region would suffer further damage from the increased use of fossil fuels.
"We should expect an onslaught of LNG tankers in this area. The government has been grossly inept at containing the oil spill. It still hasn't been siphoned out. It's pretty easy to connect the dots," she stated, as reported by The Guardian.
An environmental nightmare is indeed playing out before our eyes. De Torres pointed out that many locals have lost their jobs overnight because they are no longer allowed to pursue their traditional means of basic needs, which is fishing at sea.
Communities that cleaned beaches themselves without proper protection reported feeling ill afterward. According to the most recent data presented by De Torres, about 20,000 households, or 190,000 individuals, have been impacted. She emphasized that not a single corporation has been held accountable.
