An ongoing report by environmental groups suggests that the banking and financial services sector should be liable for deforestation, as they continue to provide services to clients driving massive fires that raze swathes of land and tropical forest cover in countries like Indonesia.
According to forestsandfinance.org, a website run by multiple civil society groups from around the world, nearly US$154 billion in credit lines and loans were granted between 2016 and April 2020 by banks to companies that are prone to driving deforestation and land degradation.
Among the creditors named are three Indonesian state-owned banks – Bank Mandiri, Bank Negara Indonesia (BNI) and Bank Rakyat Indonesia (BRI) – which, together, provided more than $8 billion in loans and underwriting, according to Forests and Finance.
In its report, BNI provided at ...
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