YPF SA & ExxonMobil

HSBC is an investor in YPF and ExxonMobil. Both companies are involved in drilling enormous shale oil and gas reserves in Argentina and expanding the enabling infrastructure so they can increase production even more. Argentina’s shale gas reserves alone account for 11% of the world’s remaining 1.5°C carbon budget. A UN human rights body recommended against fracking Vaca Muerta in order to align with the Paris Agreement and preserve the economic and social rights of future generations. Moreover, development of Vaca Muerta currently threatens the rights of the Mapuche Indigenous community, who have opposed the fracking activities imposed on their land.