New research from global environmental non-profit CDP finds that companies linked to the Indonesian palm oil supply chain estimate forest-related risks to potentially cost a total of US$10 billion in 2020.
On the occasion of the first ever international summit of public financial institutions, civil society groups urge them to urgently address the climate crisis by stop financing fossil fuels.
Korindo owns the largest palm oil plantation holdings in Papua and has destroyed 57,000 hectares of rainforest in the province since 2001.
Report names HSBC, Bank of America, Mitsubishi Financial, Citigroup, JP Morgan Chase, Mizuho Financial, Wells Fargo, BNP Paribas SMBC Group and Barclays.
Between 2015 and 2019, 4.4 million hectares of land have burned in Indonesia. Some 789,600 ha of this area (18%) has burned repeatedly.