Santander agrees to end loans to forest destroyer
18 days after Greenpeace started demanding high street bank Santander stop financing the destruction of rainforest, the company was forced to back down. Here’s what happened:
- 167,513 people signed a fast-growing petition that Santander couldn’t miss.
- 14,788 people sent emails directly to Santander CEO Nathan Bostock.
- Hundreds of people called Santander customer services.
- Up and down the country, Greenpeace activists visited high street branches to complain in person.
- 100,000 people shared the video exposing what Santander’s money is doing to the rainforest.
Not only has Santander agreed not to give any more loans to pulp and paper company Asia Pacific Resources International Limited (APRIL), it’s agreed not to extend any current loans.
The bank said: "Banco Santander has decided to not renew the current funding to APRIL and will not be extending further funding at this stage. Any future loans will be conditional on APRIL implementing new sustainability measures which address its involvement with deforestation."
Greenpeace said: "Every time one of its customers or investors walks away, it pushes APRIL that bit closer to ending its deforestation.
This victory shows what we can do when we all stand together against the profit-hungry corporations and hold them to account. It’s not over - we won’t stop until APRIL has stopped clearing rainforests for good."
It puts enormous pressure on other international banks with financial links to APRIL, including Credit Suisse and ABN Amro, to make similar commitments.
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