European banks and pension funds continue to finance one of the largest and most destructive palm oil giants Wilmar International, according to new research released today by Friends of the Earth Europe [1]. Well known banks including HSBC, BNP Paribas, Deutsche Bank and Rabobank offer financial assistance to Wilmar valuing over one billion euro, and European and American financial institutions own shares in the company worth €621 million [2].

Wilmar International owns oil palm plantation and refiners in Indonesia and Malaysia [3]. New research from Friends of the Earth Europe links Wilmar’s subsidiaries on Kalangala Island, Uganda to land-grabs and violations of both national laws and environmental legislation [4].

The project has led to the deforestation of around 3,600 hectares in Kalangala and displaced farmers and their families with no compensation or alternative livelihood options, robbing a large number of islanders of their food, medicine, and livelihood. Читати далі European banks fuel land-grabs in Uganda →