The top 5 UK banks (HSBC, Barclays, Standard Chartered, RBS and Lloyds) are complicit in fuelling climate change and destroying communities and the environment in the rainforests of Indonesian Borneo through their financing of an Indonesian coal boom, according to a new report from LMN member group WDM.
UK banks have lent more money for Indonesian coal than banks from any other country since 2009, while Standard Chartered, the UK’s second biggest bank, has lent more than any other bank in the world. 83 per cent of coal produced in Indonesia’s top coal province on the island of Borneo is mined by companies part-financed by UK banks.
Read the report at http://www.wdm.org.uk/sites/default/files/banking_while_borneo_burns.pdf.
The report was complied with the help of LMN member group Down to Earth.