Saturday, 9 November 2013

HSBC loans drive deforestation and push orangutans and endangered species to the brink

November 2013: Bank account holders with HSBC have been hit with the relevations that the bank has bankrolled unlawful clearing of rainforest, putting orangutans and other endangered wildlife at risk.

Research conducted by the Environmental Investigation Agency has found that Bumitama Agri Ltd, a company the bank has provided significant loans and other financial services to, forged ahead with rainforest clearance even though it didn’t have the required HCV (High Conservation Value) assessment.

“HSBC’s 60 million customers around the world would be surprised and appalled to learn that such a high-profile and trusted brand is profiting from large-scale deforestation even as it projects a wholesome public image of sustainability,” said EIA Forests Campaigner Jago Wadley. 

The bank relies on Roundtable on Sustainable Palm Oil (RSPO) certification system, to ensure companies they invest in are environmentally and sustainably sound but this is not good enough says the EIA.

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