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HBSC financing deforestation for palm oil in Borneo

2013-11-12 00:25:00| Climate Ark Climate Change & Global Warming Newsfeed

Mongabay: HSBC, the world's third largest bank, continues to lend to companies linked to deforestation despite a policy explicitly prohibiting such practices, alleges a new report from the London-based Environmental Investigation Agency (EIA). The report, published last week, looks at two Indonesian palm oil companies that recently received finance from HSBC: Bumitama Agri and Triputra Agro Persada. In the case of Bumitama Agri, EIA found that the plantation giant cleared more than 3,200 hectares (8,000...

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