HSBC has said that it will no longer fund palm oil companies involved in deforestation or peatland clearance. The bank is also taking a stand against the use of genetically modified organisms (GMOs) and other forms of industrial agriculture on its Indonesian subsidiary. These new commitments are urgently needed. Over 200,000 people signed a petition calling on HSBC to take action on deforestation. The bank also faced questions about its palm oil links at this year’s World Economic Forum in Davos. Forest fires in Indonesia in 2015, connected to palm oil production, have been linked to over 100,000 premature deaths in Southeast Asia. Deforestation also affects wildlife, particularly the critically endangered orangutan.
HSBC has said that it will no longer fund palm oil companies involved in deforestation or peatland clearance. The bank is also taking a stand against the use of genetically modified organisms (GMOs) and other forms of industrial agriculture on its Indonesian subsidiary. Over 200,000 people signed a petition calling on HSBC to take action on deforestation. The bank also faced questions about its palm oil links at this year’s World Economic Forum in Davos. Forest fires in Indonesia in 2015, connected to palm oil production, have been linked to over 100,000 premature deaths in Southeast Asia. Deforestation also affects wildlife, particularly the critically endangered orangutan.