Major Banks Complicit in Financing Indonesia’s Illegal Fire and Haze Crisis: Report
Report released on the five year anniversary of Indonesia’s Sustainable Finance roadmap examines the successes and failures of this initiative
Jakarta- Research in a new report published jointly today by Rainforest Action Network (RAN), TuK Indonesia, Riau Forest Rescue Network (Jikalahari), Friends of The Earth Indonesia (WALHI) and Netherlands-based Profundo, underlines the central role the financial sector plays in perpetuating Indonesia’s fire and haze crisis. While the Indonesian government is struggling to prevent burning through enforcement and civil/criminal sanctions, the report highlights the huge leverage the financial sector could use to transform company behavior.
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New analysis shows that the plantation divisions of the 17 fire-risk companies named by the Indonesian government as implicated in the 2019 fires received USD 19 billion in loans and underwriting since 2015 – the year of the last major haze crisis – from banks in China, Indonesia, Malaysia, Taiwan, Singapore and Japan. Several of these errant companies are repeat offenders, having had fires in their concessions across multiple years.