Action by HSBC, which triggered an investigation into a palm oil sector subsidiary of Noble Group, one of its own clients, has resulted in thousands of hectares of primary rainforest in the heart of Papua getting a second chance after evidence showed Noble Plantations was preparing to clear 18,000 hectares of forest
International banking giant HSBC’s provision of financial services for Noble Group’s $1 billion refinancing violates its own agricultural commodities and forestry policies and must be withdrawn – Noble owns two controversial oil palm companies that are clearing some of the last significant forests in Papua, Indonesia
A new report released today by EIA reveals that despite adopting polices to keep it from financing deforestation, UK bank HSBC is nevertheless a leading financier of the palm oil industry – and provides loans worth hundreds of millions of dollars to some of its worst elements