GREENPEACE REPORT
Rainforest destruction ‘funded by HSBC’
Greenpeace International slammed HSBC for allegedly funding palm oil companies in Indonesia that it maintains have destroyed tropical rainforests
Jakarta — Environmental group Greenpeace International on Tuesday slammed HSBC Holdings for allegedly funding palm oil companies in Indonesia that it maintains have destroyed tropical rainforests. HSBC and other banks had lent to palm oil companies that were "responsible for unacceptable activities", Greenpeace said in a report, highlighting loans worth hundreds of millions of dollars given out by the London-based bank since 2012 to six companies allegedly responsible for deforestation in Indonesia. The report, which also alleges violations of labour laws and operating licences, follows a trend of increasing pressure being brought to bear by green groups on corporations in Europe to clean up their supply chains in countries such as Indonesia and Malaysia. "By providing financing without proper diligence on sustainability, banks enable the palm oil sector’s destructive practices to continue," Greenpeace said. "HSBC’s policies prohibit the financing of operations that are illegal, dam...
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