14 DAY TRIAL // Bill Oddie's hilarious spoof documentary about bankers must have really hit home, hence HSBC's now having second thoughts about its decision to lend money to logging companies known to wreak havoc on the environment.
Long story short: after being accused of financing companies whose working agenda has little (if anything, for that matter) in common with environmental policies, HSBC announces that it is to carry out a review of the relationships it currently has with several logging companies.
The bank promises to soon enough quit financing the companies found guilty of negatively impacting on natural ecosystems worldwide, especially if their leaders prove reluctant to the idea of implementing sustainability policies.
“Our clients need to meet our standards. We allow them time to make changes, but unless there is clear evidence of progress towards meeting our sustainability policies we stop banking them,” the bank wrote in their official press release concerning this decision.
HSBC maintains that it is very much committed to promoting sustainable development, and that all those who expect to get money from it need to make sure that their actions do not go against the bank's efforts to safeguard the environment.
“HSBC is committed to sustainable business. Forests, and forest products, are an important global resource and key to economic development for many nations,” they say.
Mongabay reports that, as encouraging as this piece of news might be, Bill Oddie doubts that the bank really means business when it says that it will cut their ties with companies now busy destroying tropical rainforests.
This conservationist says that, from his standpoint, HSBC's announcement has high chances of being no more and no less than a publicity stunt.
“We want Stuart Gulliver [HSBC CEO] to make an unambiguous commitment that HSBC will never bankroll companies logging or clearing natural tropical forests, and then to put credible measures in place to show its customers and shareholders that it is serious about delivering on that commitment,” Bill Odie told the press.