Rethinking Bretton Woods | Mon, Aug 8, 2016
Palm oil’s rise in the last two decades has relied to a great degree on externalizing the real costs of production. Millions of hectares of rainforests and peatlands have been destroyed for plantations in Southeast Asia, Latin America, and sub-Saharan Africa. Multitudes of indigenous peoples, smallholder farmers and others had their customary lands and livelihoods subsumed into the palm oil plantation sector.
Who finances such exploitation and what can be done to stop it? A blog appeared on RightingFinance.org, highlights findings from a Friends of Earth's report that financing for palm oil production comes from a wide spectrum of global commercial banks and a broad swatch of equity investors from Asia, Europe, and the U.S., and the report's recommended approach based on four pillars of responsibility for investors. (Photo credit: Jason Taylor/FoE International).