Study: Banks pump billions into deforestation-linked firms in Southeast Asia

JAKARTA – Banks have financed companies responsible for rainforest destruction in Southeast Asia to the tune of billions of dollars, a study showed Tuesday, and called on lenders to stop "fueling forest crime."

Southeast Asia is home to some of the world's most diverse rainforests, but they have come under threat in recent years due to large-scale expansion in industries such as palm oil, pulp and paper, rubber and timber.

The new study found at least $38 billion worth of commercial loans and underwriting facilities were provided to 50 companies in these sectors between 2010 and 2015, for their production or processing operations.

The figures were derived from a new research tool aimed at examining how firms linked to deforestation are financed. It was developed by the California-based Rainforest Action Network (RAN), Indonesia-based community group Tuk Indonesia and Dutch consultancy Profundo.

Read more: http://www.postguam.com/business/study-banks-pump-billions-into-deforestation-linked-firms-in-southeast/article_b3630a5c-7426-11e6-bc8a-83cddf86ed08.html