#HSBCexposed – Greenpeace has released the findings of an investigation that links banking giant HSBC with billions of dollars in finance behind the destruction of Indonesian rainforest. AFP are reporting that, in light of the Greenpeace exposé: “the British bank had broken its own guidelines which ban supporting palm oil companies involved in unsustainable practices as it was part of syndicates that had arranged $16.3 billion of loans since 2012”.
The financing of companies whose palm oil operations have been linked with deforestation in Indonesia is nothing new. In fact, HSBC is known to fund multiple dodgy palm oil companies, as highlighted in the Greenpeace report.
So what should one make of this news? How does it fit with HSBC’s track-record – a major UK bank that likes to claim that “sustainability underpins our strategic priorities”.
Ethical Comparison Research
Our view is that up to this present moment in history, the exposé by Greenpeace is consistent with HSBC’s overall record.
Our latest Ethical Comparison Research on UK Banks and Building Societies has once again ranked HSBC among the very worst for overall ethics. Among a number of concerns cited in our recent audit was terrible environmental performance.
These updated findings published in the Bank and Building Society section of The Good Shopping Guide are consistent with our past investigations. That is to say, HSBC has been one of the least ethical and worst ranking banks in The Good Shopping Guide for some time!
This means, firstly, that the Greenpeace exposé should not necessarily come as a surprise.
Secondly, it re-emphasizes the need that, if you’re currently an HSBC customer, you should immediately switch to a more ethical bank.
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