May 22nd, 2013
HSBC: Stop destroying Rainforests
By Rebecca Falcon
Revealed: HSBC are cashing in on the destruction of lush rainforests in Borneo. The UK’s biggest bank has made £100 million of dirty money – bankrolling logging companies clearing rainforests and abusing local communities.
But we have a crucial chance to stop this. HSBC hold their AGM this Thursday, and they’ll want their precious UK shareholders to think business is going great. It’s our time to create a massive public backlash.
If we build a huge petition, the destruction of rainforests will be forced onto the agenda at their AGM – and we’ll have every chance of making HSBC drop their nasty clients in Borneo.
You can sign the petition to save the rainforest here.
HSBC’s clients are bleeding Borneo dry – a mere 5% of Sarawak’s forests are left untouched. But the area exports more tropical logs than Africa and Latin America combined! The rainforest is also home to endangered species like Orangutans – unique to Borneo and it’s neighboring island Sumatra.
But HSBC don’t seem to care about the damage they’re bankrolling. Global Witness found out none of their clients in Borneo holds a single Forest Stewardship Council (FSC) certificate – a 100% compliance failure of their own responsible lending rules.
By making a killing supporting clients accused of bribery, HSBC are also at serious risk of violating international money laundering laws. So this isn’t just terrible for the rainforests – it’s risky business too.
HSBC don’t want their UK customers to know about this, and noone will say a word at the bank’s AGM if we don’t make it impossible for them to ignore the issue.
When 38 Degrees members stand up together against devious companies we can win. Just this week, thousands of us have switched away from tax dodgers Npower to more ethical energy suppliers – causing Npower and other big UK companies to explain in public how they do business.
HSBC’s bosses will do anything to protect their reputation. But we don’t have long – together let’s make the petition huge and demand HSBC stop destroying the rainforest. We can send HSBC a clear message that it’s time for our banks to start keeping their promises and investing ethically.