Loans and credit from the British bank HSBC have helped support the unsustainable clearing of forests for oil palm plantations in Indonesia, Greenpeace said in a report published Tuesday.
The world’s sixth-largest bank has helped marshal $16.3 billion in financing for six companies since 2012 that have illegally cleared forests, planted oil palm on once-carbon-rich peatland, and failed to secure the support of local communities for their operations – all of which run counter to HSBC’s own environmental commitments, according to Greenpeace.
— source news.mongabay.com
boycott palm oil, palm oil used products and HSBC.