FPP and Fern release new report Cutting Corners - World Bank's forest and carbon fund fails forests and peoples
A new report by the Forest Peoples Programme launched today demands greater accountability from HSBC, the biggest bank funding the palm oil sector in South East Asia. The fast-expanding palm oil sector is known to be a major driver of deforestation and the take-over of indigenous peoples' lands without their consent. Conflicts between indigenous peoples and palm oil companies are widespread in Malaysia and Indonesia.
As demand soars for new sources of food, energy and wood fibre, without strong land rights, vulnerable forest communities face greater poverty, violent conflict, and few benefits from carbon sales according to studies delivered at an event in the House of Commons hosted by Martin Horwood, MP for Cheltenham.