BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
2023-02-24 13:46:14
Pego power station conversion plans halted
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Partner news ›
Partner News

Financiers of pulp and paper industry projects will cause environmental and social harm, says new report

2017-08-01
By: Mandy Haggith – Environmental Paper Network
Contact:

Mandy Haggith, hag@environmentalpaper.eu, +44 7734235704

Photo: Environmental Paper Network
2017-08-01
By: Mandy Haggith – Environmental Paper Network
Contact:

Mandy Haggith, hag@environmentalpaper.eu, +44 7734235704

The Environmental Paper Network* (EPN) has published In the Red, an assessment of bank policies for financing pulp and paper companies. This assessment reveals that the banks most deeply involved in the pulp and paper sector do not have policies that are fit for purpose to avoid financing projects and companies that cause environmental and social harm.

The assessment studied how ready the financial sector is to manage the environmental and social risks of financial involvement with the pulp and paper industry. It is a benchmark assessment carried out by a team of researchers from several countries, which evaluates the pulp and paper policies of 42 private banks against the requirements set out in 2016 in Green Paper, Red Lines.

The Red Lines are environmental and social criteria, which articulate minimum requirements that pulp and paper companies must meet before investment in them is considered. Unless pulp and paper mills and their financiers fulfil these requirements, they are highly likely to cause unacceptable social and environmental harm and become the target of campaigns by civil society organisations.  Member organisations of EPN therefore expect financiers to stay clear if their client pulp and paper companies are unable to meet the minimum requirements.

Mandy Haggith, co-ordinator of the Environmental Paper Network’s pulp finance working group, said: “The results of our assessment reveal that bank policies are extremely disappointing. Unfortunately none of the banks we assessed manages to thoroughly protect itself from clients breaching the Red Lines. Indeed for most of the Red Lines, the vast bulk of banks are at best only partly protected. We can only conclude that the banking sector does not have policies that are fit for purpose to avoid irresponsible investment in damaging pulp and paper projects and companies. We urge all banks to review their policies for involvement in this sector.”

* EPN is a global network of more than 140 non-governmental organisations, focussing on pulp and paper sustainability issues, all of which endorse the Global Paper Vision. 

Download "In the Red: An Assessment of Bank Policies for Financing Pulp and Paper" here .

Banks

ABN AMRO

Netherlands
Active

Agricultural Bank of China

China
Active

Banco Bradesco

Brazil
Active

Banco do Brasil

Brazil
Active

Banco Santander

Spain
Active

Bank of America

United States
Active

Bank of China

China
Active

Barclays

United Kingdom
Active

BNP Paribas

France
Active

BTG Pactual

Brazil
Active

Caixa Econômica Federal

Brazil
Active

Cathay United Bank

Taiwan, Republic of China
Active

China CITIC Bank

China
Active

China Construction Bank

China
Active

China Development Bank

China
Active

China Merchants Bank

China
Active

Citi

United States
Active

Commerzbank

Germany
Active

Credit Suisse

Switzerland
Active

Deutsche Bank

Germany
Active

Goldman Sachs

United States
Active

HSBC

United Kingdom
Active

Industrial and Commercial Bank of China (ICBC)

China
Active

Itaú-Unibanco

Brazil
Active

JPMorgan Chase

United States
Active

Mitsubishi UFJ Financial Group (MUFG)

Japan
Active

Mizuho Financial Group

Japan
Active

Morgan Stanley

United States
Active

NatWest Group

United Kingdom
Active

Ping An Bank

China
Active

Rabobank

Netherlands
Active

Scotiabank

Canada
Active

Sumitomo Mitsui Financial Group

Japan
Active

Wells Fargo

United States
Active

BNDES

Brazil
On record

Wing Lung Bank

Hong Kong
On record
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted