HSBC funding destruction of vast areas of Indonesian rainforest, new report claims

deforestation

A major British bank is financing the destruction of vast areas of rainforest in Indonesia, a new report claims.

HSBC has allegedly helped provide billions of pounds in funding for companies that destroy natural forests to make way for palm oil plantations – despite the bank promising to not finance deforestation.

The London-based bank is part of a group that provided over $16 billion (£13.2 billion) in loans and a further $2 billion (£1.7 billion) in corporate bonds to palm oil producers, according to Greenpeace International.

Greenpeace alleges the companies have been involved in destroying vital rainforest without permission. Some producers are also accused of exploiting workers and using child labour.

HSBC’s sustainability policy says it does not “knowingly” finance deforestation. 

Learn more here: http://www.independent.co.uk/news/world/asia/hsbc-rainforest-deforestation-indonesia-funding-claims-report-a7529761.html

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