Norges Bank divests from Daewoo International over palm oil deforestation Norges Bank, the central bank of Norway, announced this week its decision to divest funds from Daewoo International Corporation (047050:KS), Korea’s largest trading company, and its parent company POSCO (005490:KS), as well as Genting Berhad (GENT:MK) and IJM Corporation Berhad (IJM:MK) for the companies’ role in rainforest …
First Resources is first major palm oil grower to adopt zero-deforestation policy Singapore-based palm oil company First Resources (FR:SP) committed earlier this month to end deforestation, peatland development, and human rights abuses it its supply chain, becoming one of the first palm oil company operating primarily at the grower level to join the wave of …
Six of the ten largest palm oil producers traded on the Indonesian Stock Exchange (IDX) face high financial risk exposure from major traders committing to eliminate forest and peatland destruction and human rights abuses from their supply chain, according to a new analysis released today by Chain Reaction Research. The report assesses the financial risk …
Bunge cuts off supplier planning to clear peatlands On Tuesday, agribusiness giant Bunge (BG:US) responded to reports that Malaysian palm oil company BLD Plantation Bhd plans to clear 14,000 hectares of peatlands in Sarawak. BLD is a supplier to the palm oil refinery Kirana, which sells its products to Bunge. Just days after a formal …
Astra puts moratorium on deforestation, working toward full policy Indonesian palm oil producer Astra Agro Lestari (AALI:IJ) announced today an immediate moratorium on forest clearance. Astra released a public statement saying that it “has today introduced an immediate moratorium whereby it will stop all land conversion” and “will ensure that there will be no clearance …
Jardine Matheson under fire for deforestation connection, portending increased focus on growers An alliance of campaign organizations launched a major new global initiative last week targeting the Jardine Matheson Group (JM:SP) for the company’s connection to deforestation, and its role in blocking Indonesian government reform. A new investigative report commissioned by Rainforest Foundation Norway and conducted in …
Triputra Agro Persada (Triputra/TAP) is a privately owned Indonesian palm oil and rubber plantation company. The company has a land bank of approximately 300,000 hectares, of which around 164,000 ha is currently planted with palm oil. The company is one of the fastest growing palm oil companies in Indonesia, planting an estimated 100,000 ha from …
Santander Bank cuts ties with APRIL over deforestation Santander Bank (SAN:SM) announced last week that it will no longer provide financing to the Singapore-based Asia Pacific Resources International Limited (ARHAF:US) in response to evidence that the pulp and paper company has continued to clear forests, in spite of a sustainability pledge made last year. In …
Kuala Lumpur Kepong (KLK) is a large Malaysian palm oil company. It manages more than 200,000 hectares of palm oil plantations in Indonesia, Malaysia and Liberia, and is active in the manufacturing of oleochemicals in Malaysia, China and Europe. The company is active across the total palm oil value chain, but the revenue from its …
IOI Corporation CEO Confirms Forest And Human Rights Policy On Monday, IOI Corporation (IOI:MK) CEO Dato’ Lee Yeow Chor publicly confirmed that its commitment to source palm oil free of deforestation and human rights abuses applies to both their trading subsidiary IOI Loders Croklaan, as well as their other operations, including directly owned plantations.