HSBC must end its business relationships with Caterpillar, and all other companies selling weapons and military technology to Israel, used in the oppression of Palestinians and in the violation of their human rights.

I welcome HSBC’s 2018 decision to divest from Elbit Systems and the bank’s statement indicating that this decision was a reflection of the fact that it “strongly supports observance of international human rights principles as they apply to business.” However, I am concerned that HSBC is not applying this principle with regard to other investments currently held.

It has come to my attention that HSBC holds shares in Caterpillar, a company also complicit in violations of Palestinian human rights. Caterpillar sells its bulldozers to the Israeli military, at which point they are weaponised by Israeli Military Industries, recently purchased by Elbit Systems, and Israel Aerospace Industries. These bulldozers are used to demolish Palestinian homes, factories, agricultural land and civilian infrastructure, including water pipes and networks on Palestinian territory assigned by the UN. On July 22nd 2019, for example, Caterpillar equipment was used in what Amnesty International has labbeled a war crime in the demolition of Palestinian homes in Sur Baher, East Jerusalem. Caterpillar also provides equipment used to reinforce the illegal Apartheid Wall on the West Bank as well as the wall in Gaza, and for the construction of illegal settlements and settlement infrastructure on stolen Palestinian land.

War on Want’s research report ‘Deadly Investments’ revealed that HSBC held £99.5 million of shares in Caterpillar in 2017. This investment violates HSBC’s own policy on prohibited business, as outlined in the Agriculture Policy. It is also a contravention of the UN Guiding Principles on Business and Human Rights, which explicitly state that companies have a responsibility to take active steps to avoid causing or contributing to adverse human rights impact. The UN OHCHR has clarified that this applies to banks’ business relationships as well as their own activities.

Caterpillar is just one of many companies, complicit in human rights abuse that is using its relationship with HSBC as a legitimating cover for its contribution to war crimes. As you well know, people around the UK have been holding pickets at HSBC branches to protest this complicity, and these protests are growing and will continue to grow until HSBC takes a stand against human rights abuse by divesting from Caterpillar and other companies supplying weapons to Israel.