A group of protestors braved the rain on Friday to protest outside two of the island’s biggest banks.

Protests were staged outside HSBC on Prospect Hill and Barclays on Victoria Street criticising the banks’s investment in fossil fuel companies and projects.

Their protest was in support of the campaign ’The Time is NOW, for divestment’, which earlier this year saw people march to Tynwald calling for divestment from fossil fuels.

A spokesman for the protestors told the Examiner: ’Divestment from the funding of fossil fuels was one of the three demands of The Time is NOW march that took place in June and is one of the five demands of the Isle of Man Student Climate Network.

’In the UK, there are two prominent campaigns about the billions of dollars that both Barclays and HSBC continue to invest in fossil fuel companies and projects.

’Today’s event is in support of those that have taken place outside branches of these banks across the UK in recent months. During this global week of action for the climate and ecological emergency, we felt it was important to point out that it’s not just government and individuals that have to start making big changes; but also that institutions like these two global banks cannot continue to fund fossil fuels anymore.

’Between them, these two banks have given over $182 billion in the last three years to fossil fuel industries - people are literally trying to get rich off the destruction of our planet.’

According to Christian Aid, HSBC has invested in new coal projects in Bangladesh, Vietnam and Indonesia.

It said that the ’three countries [are] extremely vulnerable to the impacts of climate change and with massive potential for renewable energy’.

However, HSBC has committed to investing $100 billion in green energy by 2025.

People and Planet, one of the largest eco student networks in the UK has also said that Barclays has invested ’more than $85bn into oil, coal and gas projects’.

The spokesman for the protests added: ’Both of these banks have a unique opportunity to be part of the solution and help secure a brighter future for us all - particularly the world’s most marginalised communities who are already bearing the brunt of more severe and erratic weather and rising sea levels.

’They could be using their huge global financial resources to create the cleaner, safer world we all need and should be investing these billions of dollars in renewable energies for a just transition to a fair economy.’

’There a number of other financial institutions here on the island whose investment portfolios include some of the most destructive companies and infrastructure programmes in the world.

’Some of them have recently become Unesco Biosphere partners.

’Whilst we applaud their efforts to support the protection and uniqueness of our own biosphere, we are concerned that a significant proportion of their profits may be derived from the destruction of some of the most fragile biospheres elsewhere in the world.’