Chinese Banks "Unethical", Others "Complicit"

Friends of the Earth and BankTrack have criticised Chinese banks for "unethical" investments in a recent report. Examples of Chinese investment included logging in both Suriname and Indonesia, an iron ore mine in Gabon and a nickel mine in Papua New Guinea. Chinese investments have also made possible a new dam in Sudan that will displace 50,000 people. "International banks have complained that the lack of environmental financing standards at Chinese peers is putting them at a competitive disadvantage. But banks like HSBC, RBS, Citigroup, Goldman Sachs, and Bank of America all own large shares in Chinese banks. They must take responsibility for ensuring that high environmental standards, which they all claim to have, are also adopted by their strategic business partners," said the author of the report. ::ENN

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