HSBC , Europe ’s largest bank, has allegedly lent money to palm oil companies linked to deforestation in Malaysia , 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 every year . The companies are also alleged to have violated labour laws and operating licences. the Roundtable on Sustainable Palm Oil has called on the Roundtable on Sustainable Palm Oil to increase due diligence in relation to its supply chains without relying simply on standards established by the Roundtable on Sustainable Palm Oil , which has faced growing criticism for poor practice.
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. Greenpeace has called on HSBC to increase due diligence in relation to its supply chains without relying simply on standards established by the Roundtable on Sustainable Palm Oil, which has faced growing criticism for poor practice.