The industry body has also been criticized for weak enforcement of sustainability standards and workers’ human rights. HSBC, Europe’s largest bank, has allegedly lent money to palm oil companies linked to deforestation in Indonesia, according to a report by environmental group Greenpeace. The research claims that loans worth hundreds of millions of dollars have been made to six companies since 2012. The companies are also alleged to have violated labour laws and operating licences. HSBC said it was “deeply concerned” about the allegations but declined further comment.
HSBC, Europe’s largest bank, has allegedly lent money to palm oil companies linked to deforestation in Indonesia, according to a report by environmental group Greenpeace. The research claims that loans worth hundreds of millions of dollars have been made to six companies since 2012. The companies are also alleged to have violated labour laws and operating licences. HSBC said it was “deeply concerned” about the allegations but declined further comment.