Private investors have been investing unwillingly and unintentionally in palm oil companies for years. By investing in funds offered by ABN AMRO, ING and Rabobank, they invest in these companies without being informed about this by their bank. The three banks together offer 158 funds with shares in palm oil companies, shows a new SOMO report commissioned by Friends of the Earth Netherlands (Milieudefensie).
ABN AMRO offers 56 funds containing palm oil companies, Rabobank 61, and ING 85. There are dozens of palm oil companies in these funds. A number of these funds even has a ‘sustainability’ label, despite the fact that the funds include companies that far from meet the banks’ own sustainability criteria.
Read the full report Investment Funds here.