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for Noble Group’s $1 billion refinancing violates its own agricultural commodities and forestry policies and must be withdrawn – Noble owns two controversial oil palm companies that are clearing some of the last significant forests in Papua, Indonesia
Roundtable on Sustainable Palm Oil (RSPO) members today responded to a report exposing critical flaws in the industry body’s certification of ‘sustainable’ palm oil by supporting a resolution to improve the quality, oversight and credibility of assessments by third-party auditors
Our new report, Who Watches the Watchmen?, has revealed flaws in the system by which the Rountable on Sustainable Palm Oil (RSPO) guarantees palm oil is free from links with primary forest destruction. Auditing firms relied on by RSPO regularly fail to identify and mitigate unsustainable practices by oil palm firms.
An area of Indonesian rainforest three times the size of Manhattan and home to endangered species such as orangutans and clouded leopards is under threat from a palm oil company run by one of the country’s most notorious former illegal logging kingpins
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