Banking/Climate Change/ Rainforest Action Netwrok

 

Dear Readers (from RAN),

There are many things causing rainforest destruction, but the root cause is always the same: greed. Money-hungry banks are fueling the aggressive expansion of agribusinesses in Indonesia. That’s why we’ve been going hard on Japanese megabank MUFG, who’s been bankrolling massive palm oil and pulp and paper operations at the cost of the dwindling rainforests and we need your help to keep up the pressure.

The good news is that thanks to YOUR hard work and resilience, MUFG recently updated and improved their policies for palm oil financing! The bad news? Pulp and paper operations were excluded from these changes.

In other words: MUFG might not loan money to the worst palm oil producers anymore, but rainforest-burning, climate-wrecking, human rights-abusing pulp and paper companies are still on the bankroll. For example, from 2018 to 2020 alone, MUFG was the top funder of Indonesia’s second worst pulp & paper company – and it’s still lending the company hundreds of millions of dollars RIGHT NOW.

This kind of short-sighted, ruthless financing is exactly what keeps on destroying the lives and livelihoods of Indigenous communities like Pargamanan-Bintang Maria and fueling the climate crisis on a large scale. 

But we’ve moved MUFG and other banks before, so we can do it again. And we have to, because many of the pulp and paper plantations stand on peatlands, which globally store nearly HALF of all soil carbon! Cutting down and burning these forests to replace them with monocultures is literally setting off carbon bombs.

Right now, MUFG is working on the annual update of their forest protection policies, so now is the time to ramp up the pressure. If we can keep up the pressure and send a clear message to the MUFG execs responsible for financing these destructive businesses, they will have to listen.

When big banks like MUFG change their financing policies, it matters, A LOT. By stopping the flow of money to companies that are literally burning our planet, we can force the companies to change their practices. So let’s put the pressure on MUFG and stop the money pipeline to rainforest destroying companies!

For the forests,

Tom Picken
Campaign Director Forests & Finance
Rainforest Action Network

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