EUROPE’S LARGEST BANK WILL NO LONGER FUND DEFORESTATION

03/06/2017

HSBC, the world’s sixth-largest bank and one of the biggest financers of the palm oil industry, recently revised its Agricultural Commodities Policy to include a “No Deforestation, No Peat and No Exploitation” (NDPE) policy for its financing of palm oil projects. The change comes in response to a Greenpeace investigation, which linked HSBC to Indonesian palm oil plantations that engage in deforestation, and subsequent campaign, which included thousands of HSBC customers urging the bank to changes its policies. The bank first introduced a forest policy back in 2004 and has continued to make its policies more stringent over the years. The new policy builds on the 2016 High Carbon Stock Convergence Agreement, a set of “no deforestation” rules and methodologies for oil palm plantations, and requires HSBC-financed projects to make commitments to protecting natural forests and peatlands and to provide third-party verification of their own NDPE commitments. For the full story, see https://news.mongabay.com/2017/03/hsbc-to-stop-financing-deforestation-…;