Activists from Extinction Rebellion staged a protest outside HSBC in Falmouth on Monday, with around 20 local activists holding banners and placards.

The group claims the bank finances companies that are responsible for destruction of the Amazon Rainforest.

Alasdair Garnett, an Extinction Rebellion activist who helped organise the action, claimed: “HSBC claim to be financing sustainable projects but they are actually responsible for funding companies responsible for the destruction and burning of thousands of square kilometres of rainforest in Brazil, Ecuador and Peru.”

The group alleges that, although HSBC talk about environmental and corporate responsibility and "pay lip service" to climate initiatives like the Paris Agreement, they continue to finance the destruction of the Amazon and the violation of indigenous territorial rights.

Chris Bird from XR Cornwall said: “HSBC is currently responsible for over $1.2 billion of funding for Amazon crude oil extraction through companies such as GeoPark and Andes Petroleum.

"Our protest is against HSBC’s role in destroying the Amazon Rainforest and the big contribution that makes to carbon emissions and climate change.

"But we are also here in solidarity with the indigenous communities who are being destroyed by the actions of companies financed by HSBC.”

A spokesperson for the bank said: "HSBC understands the crucial role banks have in supporting a transition to net zero, and we are committed to playing our part.

"We seek to ensure that the financial services we provide to our customers to support economic development do not result in an unacceptable impact on people or the environment.”

It follows a demonstration by the group in Falmouth back in February at a number of banks, including HSBC, protesting over investment in fossil fuels.

At the time a spokesperson for HSBC said: “Regarding the question around investing in fossil fuels, HSBC is committed to help our customers make the transition to a low-carbon economy in a responsible and sustainable way.

"HSBC has stopped financing new coal-fired power in all countries around the world apart from Bangladesh, Indonesia and Vietnam, where a targeted and time-limited exception applies until 2023, in order to appropriately balance local humanitarian needs with the need to transition to a low-carbon economy, but only if independent analysis confirms that there is no reasonable alternative to coal and any new plant complies with the highest efficiency standards.

"Since then we have not agreed any project financing for any new coal-fired power plants anywhere.

"If you would like to find out more about our approach to climate change, we have published our Environmental, Social and Governance report."