Friends of the Earth has claimed that two high street banks are funding a palm oil company involved in land grabbing activities in Uganda, violating environmental regulations and affecting the local community’s lives.
According to campaign group’s research, Barclays and HSBC, together with investment firm Schroders, are helping fund a large palm oil plantation owner and refiner named Wilmar International.
A subsidiary of the company owns plantations in Uganda and has been found to have violated land laws, Friends of the Earth says.
HSBC is accused of lending £777m to Wilmar since 2009, while Barclays and other two European banks, BNP Paribas and Deutsche Bank, are also involved. Schroders, meanwhile, holds £14m worth of shares in the company.
Friends of the Earth adds that communities in Uganda have been displaced from their land without receiving compensation or assistance. Large parts of the forest have been cleared for palm plantations, affecting the environment and the lives of local people, who are also experiencing food insecurity as crops have been replaced by palm plants.
Campaigners have called on investors to put pressure on Wilmar or divest from the firm.
Friends of the Earth Uganda campaigner David Kureeba said, “Investors must push Wilmar to clean up its act or put their money elsewhere. Wilmar and its subsidiaries, backed by European money, are forcing communities from their land in Uganda.”
Meanwhile, international food campaigner Kirtana Chandrasekaran said, “The financial sector must take responsibility for its activities and ensure the companies they invest in respect human rights and abide by local environmental regulations.”
Chandrasekaran spoke to Blue & Green Tomorrow recently about encouraging pension funds to divest from land grabbing activities, which, according to a report by the Munden Project and the Rights and Resources Initiative, carry substantial risks for investors.
Like our Facebook Page
Key Things to Remember When Building a Sustainable Home
4 Tips to Achieve Eco-friendly Business Operations
Are Vegan Shoes A Sustainable Option?
How to Be More Eco-Conscious In Your Everyday Life
Tips To Become More Sustainable At Home
Modern Log Cabins: Sustainability and Aesthetics
The Basics of Starting a Eco-Friendly DIY Project
Importance of Shore Hardness for Sustainable Hobbyists
Green Healthcare Practice Patient Data Compliance Guidelines
Guidance on Trading Bitcoin as an Eco-Friendly Investor
Why Making Your Business Sustainable Is More Important Than Ever
The Most Popular Environment-Friendly Flooring Options
Investing in the Ethical and Eco-friendly Has Never Been Easier
A Guide Transitioning to Safer and Environmentally-Friendly Chemicals
Role of HR in Sustainable Businesses
The Environmental Impact of Bitcoin Replacing Fiat Currencies
Tips To Make Air Conditioning Eco-Friendly
9 Zero Waste Gift Ideas For An Eco-Friendly 2021 Holiday
5 Reasons For Your Business To Go Green (Beyond Helping The Planet)
Tips After Buying an Electric Scooter to Lower Your Carbon Footprint
- Features10 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy10 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features9 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest12 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years