Johan Frijns

Nov 092015
 

By Johan Frijns, BankTrack Director, 9 November 2015

With just 21 days left until the start of the Paris Climate Summit (COP21), there is still time for banks to make a strong commitment to do their part in stopping climate change; by publicly pledging before ‘Paris’ to stop financing the coal industry.

Banks that make this ‘Paris Pledge’ to abandon coal will help ensure that ‘Paris’ will indeed be the watershed event we need it to be in the global fight to combat climate change. After all, while the negotiations in Paris will focus solely on reaching emission reduction targets, the tailpipe approach, the real challenge is at the wellhead; how do we keep at least 80 percent of all currently known fossil fuel reserves in the ground, starting with coal?

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Forests and Finance: New Cash for Conflict Palm Oil

 Rainforest Action Network  Comments Off on Forests and Finance: New Cash for Conflict Palm Oil
Dec 032014
 

RAN briefing finds pending $900 million deal threatens forests, peatlands and communities across Indonesia.

Indonesian palm oil firmpalm oil BW Plantation (BWPT) approved last week a USD $900 million share rights offering in a bid to finance its merger with Green Eagle Holdings (GEH). New stock not purchased by existing shareholders will be traded on the Jakarta Stock Exchange (IDX) from Monday December 8.

RAN released a briefing note, available here, on the controversial deal today, alerting investors to poorly disclosed Conflict Palm Oil risks.

The deal expands BWPT’s holdings from just under 100,000 ha to over 400,000 ha, propelling it into the rank of Indonesia’s third largest palm oil company listed on the IDX. However, 75% of the new land bank – with holdings in Papua, Sulewesi, West, East and South Kalimantan and Sumatra – is unplanted and includes large tracts of rainforests, Indigenous and local community lands, and areas of carbon-rich peatlands. Continue reading »