New report links Swedish banks to deforestation in Borneo

Photo: Rainforest Action Network, Flickr (CC BY-NC 2.0)

New report links Swedish banks to deforestation in Borneo

New report from Swedwatch and Fair Finance Guide shows that seven of Sweden's largest banks invest billions in companies linked to deforestation and violations of indigenous people in Borneo.

Over the last decades in Borneo, huge areas have been deforested and converted into other land uses, including palm oil plantations and mines. Across Borneo people have lost their land and forest and seen their communities disintegrate. The new review shows that Swedish banks' invest billions in companies linked to activities resulting in rain forest degradation and deforestation, as well as violations of the rights of indigenous peoples in Borneo.

The report Silent Approval shows links to seven banks in Sweden: Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB, Skandia and Swedbank. According to the report all seven banks are investing in several of these audited companies, but none of them have acted sufficiently to take responsibility for their environmental and social impacts. Some of the companies were even found in the banks' ethical funds.

Read the full report here.

See a seminar from the launch of the report here (In Swedish).

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