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
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.
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