HSBC to stop financing deforestation-linked palm oil firms

first_imgActivism, Banking, Conservation, Corporate Environmental Transgressors, Corporate Role In Conservation, Deforestation, Environment, Forestry, Forests, Palm Oil, Plantations, Rainforest Conservation, Rainforest Deforestation, Rainforests, Tropical Forests, Zero Deforestation Commitments Article published by mongabayauthor A recent Greenpeace report accused the bank of marshalling $16.3 billion in financing for six firms since 2012 that have illegally cleared forests, planted oil palm on carbon-rich peat soil and grabbed community lands.The investigation prompted scores of people to join a campaign to change the bank’s policies, including thousands of HSBC’s own customers.The bank’s new policy requires HSBC customers to commit to protecting natural forest and peatland by June 30, and provide independent verification of their own NDPE commitments by Dec. 31, 2018. Europe’s largest bank has published a new “no deforestation” policy in what environmental campaigners have dubbed a “first step” towards sustainable palm oil finance, which they urge other major creditors to follow if the world’s tropical rainforests are to be saved.HSBC last month revised its Agricultural Commodities Policy to include “No Deforestation, No Peat and No Exploitation” (NDPE) commitments in its financing of palm oil firms. The move by the bank, one of the largest providers of financial services to the palm oil industry, follows an investigation by environmental NGO Greenpeace, which linked it to plantation companies destroying the forests of Indonesia, the top palm oil producer. “Our rainforest is being carved up at a frightening rate and high street banks all over the world are funding this destruction,” Greenpeace Indonesia forest campaigner Annisa Rahmawati said.“Coming from the world’s sixth-largest bank, HSBC’s new policy provides impetus for the rest of the banking sector to stop financing destructive palm oil companies,” she added. In its report, Dirty Bankers, Greenpeace accused the UK-headquartered bank of marshalling $16.3 billion in financing for six companies since 2012 that have illegally cleared forests, planted oil palm trees on carbon-rich peat soil and grabbed community lands.“Its links to some of the most damaging companies in the sector leave HSBC exposed to serious reputational risk, in addition to the financial risks associated with the palm oil industry,” the report said.The investigation prompted scores of people to join a campaign to change the bank’s policies, including thousands of HSBC’s own customers.A peatland planted with oil palm burns on Indonesia’s main western island of Sumatra in 2015. The archipelago country’s vast peat swamp zones have been widely drained and dried by plantation firms, rendering the land susceptible to burning. The 2015 fires were the worst in decades; smoke from the blaze sickened half a million people. Photo by Rhett A. ButlerIn a statement announcing the changes, HSBC said its existing policy already made clear that it had “no interest in financing illegal operations.”But, it said, it was always willing to review its approach.“We first introduced a forest policy in 2004 and have reviewed it periodically since, further tightening the policy each time,” a bank spokesperson told Mongabay.“The 2016 High Carbon Stock Convergence Agreement between palm oil supply chain companies and NGOs, which defines a common methodology for application in the palm oil sector, has allowed us to strengthen our policy.”The new policy will require HSBC customers to commit to protecting natural forest and peatland by June 30, and provide independent verification of their own NDPE commitments by Dec. 31, 2018. The commitments extend to refiners and traders, as well as growers and mills, and customers are required to agree that HSBC may disclose that it provides them financial services. “In the short transition period before customers have to make a commitment to NDPE, HSBC will not agree new financing facilities to customers who have not made the appropriate commitment,” the statement said.HSBC told Mongabay this week that it hoped the changes would “act as a boost to the drive to sustainability – and ending the deforestation that neither we nor NGOs wish to see.”An oil palm plantation in Limbé, Cameroon. Photo by John C. Cannon for MongabayThe upgraded policy could prove vital for Indonesia, where the rate of deforestation has overtaken Brazil as land is cleared to produce the world’s most popular oil, found in everything from snack foods to cosmetics and detergents.Following HSBC’s announcement, Greenpeace wrote to other banks found to have funded destructive palm oil companies, urging them to “follow suit.”“Without a proper policy, monitoring and enforcement, it is inevitable that your bank will be financing deforestation,” the NGO warned in letters to banks including ANZ, Bank of America and Standard Chartered. Greenpeace says a crucial test for HSBC’s commitment to sustainability will be its response to the alleged plans of South Korean conglomerate POSCO Daewoo to destroy a vast area of rainforest in Indonesia’s easternmost Papua province.Recent satellite images of POSCO Daewoo subsidiary PT Bio Inti Agrindo show an estimated 4,000 hectares of rainforest crisscrossed by newly constructed roads, which Greenpeace says is a “key indicator” of imminent plantation development. According to Greenpeace, HSBC has been involved in providing POSCO Daewoo and some of its subsidiaries with significant loans.“Announcing a policy is one thing, but implementing it is another,”  Rahmawati told Mongabay, adding that HSBC should publicly cut ties with the company if it refuses to “halt this destruction.”When asked about its funding of POSCO Daewoo, HSBC said it was unable to comment on specific customers, even to confirm or deny their relationship, because of commitments to client confidentiality. However, the bank said it always investigates “credible evidence” of companies failing to comply with policies, and was “not aware of any current instances where customers are alleged to be operating outside our policy and where we have not taken, or are not taking, appropriate action.”Greenpeace warned that it will be “watching closely” to make sure HSBC delivers on its promises.Banner: An oil palm plantation on Indonesia’s main western island of Sumatra. Photo by Rhett A. Butler for Mongabaycenter_img Popular in the CommunitySponsoredSponsoredOrangutan found tortured and decapitated prompts Indonesia probeEMGIES17 Jan, 2018We will never know the full extent of what this poor Orangutan went through before he died, the same must be done to this evil perpetrator(s) they don’t deserve the air that they breathe this has truly upset me and I wonder for the future for these wonderful creatures. So called ‘Mankind’ has a lot to answer for we are the only ones ruining this world I prefer animals to humans any day of the week.What makes community ecotourism succeed? In Madagascar, location, location, locationScissors1dOther countries should also learn and try to incorporateWhy you should care about the current wave of mass extinctions (commentary)Processor1 DecAfter all, there is no infinite anything in the whole galaxy!Infinite stupidity, right here on earth.The wildlife trade threatens people and animals alike (commentary)Anchor3dUnfortunately I feel The Chinese have no compassion for any living animal. They are a cruel country that as we knowneatbeverything that moves and do not humanily kill these poor animals and insects. They have no health and safety on their markets and they then contract these diseases. Maybe its karma maybe they should look at the way they live and stop using animals for all there so called remedies. DisgustingConservationists welcome China’s wildlife trade banThobolo27 JanChina has consistently been the worlds worst, “ Face of Evil “ in regards our planets flora and fauna survival. In some ways, this is nature trying to fight back. This ban is great, but the rest of the world just cannot allow it to be temporary, because history has demonstrated that once this coronavirus passes, they will in all likelihood, simply revert to been the planets worst Ecco Terrorists. Let’s simply not allow this to happen! How and why they have been able to degrade this planets iconic species, rape the planets rivers, oceans and forests, with apparent impunity, is just mind boggling! Please no more.Probing rural poachers in Africa: Why do they poach?Carrot3dOne day I feel like animals will be more scarce, and I agree with one of my friends, they said that poaching will take over the world, but I also hope notUpset about Amazon fires last year? Focus on deforestation this year (commentary)Bullhorn4dLies and more leisSponsoredSponsoredCoke is again the biggest culprit behind plastic waste in the PhilippinesGrapes7 NovOnce again the article blames companies for the actions of individuals. It is individuals that buy these products, it is individuals that dispose of them improperly. If we want to change it, we have to change, not just create bad guys to blame.Brazilian response to Bolsonaro policies and Amazon fires growsCar4 SepThank you for this excellent report. I feel overwhelmed by the ecocidal intent of the Bolsonaro government in the name of ‘developing’ their ‘God-given’ resources.U.S. allocates first of $30M in grants for forest conservation in SumatraPlanet4dcarrot hella thick ;)Melting Arctic sea ice may be altering winds, weather at equator: studyleftylarry30 JanThe Arctic sea ice seems to be recovering this winter as per the last 10-12 years, good news.Malaysia has the world’s highest deforestation rate, reveals Google forest mapBone27 Sep, 2018Who you’re trying to fool with selective data revelation?You can’t hide the truth if you show historical deforestation for all countries, especially in Europe from 1800s to this day. WorldBank has a good wholesome data on this.Mass tree planting along India’s Cauvery River has scientists worriedSurendra Nekkanti23 JanHi Mongabay. Good effort trying to be objective in this article. I would like to give a constructive feedback which could help in clearing things up.1. It is mentioned that planting trees in village common lands will have negative affects socially and ecologically. There is no need to even have to agree or disagree with it, because, you also mentioned the fact that Cauvery Calling aims to plant trees only in the private lands of the farmers. So, plantation in the common lands doesn’t come into the picture.2.I don’t see that the ecologists are totally against this project, but just they they have some concerns, mainly in terms of what species of trees will be planted. And because there was no direct communication between the ecologists and Isha Foundation, it was not possible for them to address the concerns. As you seem to have spoken with an Isha spokesperson, if you could connect the concerned parties, it would be great, because I see that the ecologists are genuinely interested in making sure things are done the right way.May we all come together and make things happen.Rare Amazon bush dogs caught on camera in BoliviaCarrot1 Feba very good iniciative to be fallowed by the ranchers all overSponsoredlast_img read more

GONE TO POT! DRUG DEALER’S DOPE IS FOUND TO BE WORTHLESS

first_imgExclusive:  A dopey Donegal dope-dealer’s huge haul was worthless because he did not how to properly grow cannabis plants, it has emerged.A cannabis factoryGardai raided a premises in Kilmacrennan on Tuesday after a major surveillance operation.Drugs officers seized more than 140 cannabis plants in two different sheds which were thought to be worth more than €100,000. The officers swooped at an address in the townland of Leitir on Tuesday afternoon.The sheds contained plants as well as various growing equipment including electric lamps and other equipment.The plants, some of which were up to 15 ft tall, were thought to be worth an average of €800 each.But when the plants were examined it was realised the plants were worthless. A Garda source revealed “The vast majority of the plants were male plants and are worthless on their own.“We can’t understand why someone went to so much trouble when here was no worth in the end product.“The Garda operation was successful but the price of the haul is worth nothing at all really.”A man was questioned after being detained by Gardai.A file on the matter has been compiled and it to be sent to the Director of Public Prosecutions for consideration It is understood the suspect could still be charged with cultivation of the plants.GONE TO POT! DRUG DEALER’S DOPE IS FOUND TO BE WORTHLESS was last modified: September 12th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more