To: Bank of America, Citibank, and other major investors
Tell big banks and major investors to stop financing forest destruction!
I call on banks, pension funds and asset managers to hold Wilmar International accountable for its destructive practices. For years, Wilmar, the world’s largest palm oil company, has violated national laws, ignored investors’ sustainability policies, devastated local communities, and destroyed forests, peatlands and precious tropical habitats.
Slaps on the wrist and voluntary environmental initiatives have proven insufficient to halt Wilmar’s destructive activities. Given the power that banks and investors have over the companies they finance, we call on financiers to hold Wilmar to account for its failure to respect national laws, international norms, and the demands of local communities. If Wilmar is unwilling or unable to end its destructive practices, full divestment will be the only responsible option.
Slaps on the wrist and voluntary environmental initiatives have proven insufficient to halt Wilmar’s destructive activities. Given the power that banks and investors have over the companies they finance, we call on financiers to hold Wilmar to account for its failure to respect national laws, international norms, and the demands of local communities. If Wilmar is unwilling or unable to end its destructive practices, full divestment will be the only responsible option.
Why is this important?
The fastest-growing cause of deforestation across the tropics is the massive growth of palm oil plantations. One company -- Wilmar International -- produces nearly half of the world’s palm oil. And Wilmar may be using your money to fuel its path of destruction.
In the United States, palm oil is in about half of our packaged foods and cosmetics. Why? Because it’s cheap. What makes it cheap? Global companies are taking over huge swaths of land, wreaking havoc on the environment, and ignoring human rights, all in the name of keeping costs down.
Among the biggest U.S. financiers of Wilmar are the nation’s largest banks, pension funds and asset managers. To save the world’s forests, we need to get our money out of palm oil.
In the United States, palm oil is in about half of our packaged foods and cosmetics. Why? Because it’s cheap. What makes it cheap? Global companies are taking over huge swaths of land, wreaking havoc on the environment, and ignoring human rights, all in the name of keeping costs down.
Among the biggest U.S. financiers of Wilmar are the nation’s largest banks, pension funds and asset managers. To save the world’s forests, we need to get our money out of palm oil.