Japanese bank flouts peatlands pledge by funding notorious Indonesian palm oil firm: study

Quick Summary:

Funding for palm oil plantation expansion provided by MUFG's Indonesian subsidiary led to haze pollution from converted peatlands in South Sumatra, in breach of the bank's sustainability policy, analysis by Rainforest Action Network finds.

NDPE policies are still relatively rare in the Asian financial services sector, with MUFG, Malaysian financier CIMB and Singapore’s DBS among those to have adopted a policy.

The conversion was funded by Mitsubishi UFJ Financial Group (MUFG), through Indonesian subsidiary Danomon, according to data from Forests & Finance, a platform that uses financial databases to track financing of commodities.

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Article Details

Author / Journalist: Robin Hicks

Category: EconomyBusiness

Markets: SingaporeIndonesiaJapanMalaysia

Topics: Natural resources Deforestation Climate Agribusiness Haze

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-25 @ 11:51:00 (6 days ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 871 words

Reading Time: 5 minutes read

Sentences: 33 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 28309953

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