Indonesia’s Sinar Mas came under heavy fire last week from non-government organization Greenpeace as a report named and shamed some of its biggest clients for their role in the destruction of rainforest and peatlands.
Following is a breakdown of the companies that made headlines July 3 to 16 for winning or losing credibility based on environment-related activity, led by Indonesian conglomerate Sinar Mas.
Selections of companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Greenpeace has named these companies as sourcing products from Sinar Mas’ APP subsidiary, which the NGO has demonstrated in a recent report is responsible for extensive deforestation in Indonesia through the destruction of rainforest and peatlands. Deforestation is responsible for 20 percent of CO2 emissions globally, and Greenpeace has called on international companies to ban sourcing from Sinar Mas. In response to the report, HSBC indicated last week that it has divested all of its shares from Sinar Mas.
A copy of the report is available here.
Zijin Mining Group Co. Ltd.
Chinese environmental authorities confirmed that nearly 2,000 tons of fish have been poisoned by over 9,000 cubic meters of leaking sewage in the Tingjiang River in Eastern China, which led to a temporary shutdown of one of the largest mines in the country. Late last week, Chinese authorities also announced that three senior managers at the mine had been taken into custody as a result of the incident. Shares of the Chinese mining giant have fallen more than 20 percent since the news of the leakage first emerged in early July.