Jan 17, 2017

HSBC challenged over financing for palm oil groups

HSBC has been criticised for supporting environmental destruction by providing financing to palm oil companies alleged to have been behind deforestation in key production regions. In a report published on Tuesday, Greenpeace, the environmental group, said the UK-based bank, the biggest in Europe by market capitalisation, had extended financial support to companies "Associated with the most unsustainable aspects of palm oil development". Greenpeace highlighted HSBC's relationship with palm oil companies, saying it was providing services to companies that allegedly breached its deforestation policy. Brendan McNamara, head of global NGO engagement at HSBC, questioned some of the data in the report: "HSBC does not knowingly provide financial services which directly support palm oil companies which do not comply with our policy." HSBC does not knowingly provide financial services which directly support palm oil companies which do not comply with our policy.

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