HSBC financing tied to deforestation

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.

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