HSBC Holdings plc has become the first financial institution to join the Tropical Forest Trust (TFT), underlining its commitment to good forest management.
In May 2004, the HSBC was the first major bank to publish a forest land and forest products sector guideline in which the Forest Stewardship Council (FSC) or equivalent certification scheme was adopted as the standard for good forest management.
Now the TFT will help HSBC develop and deliver internal training courses for staff involved in lending to the forestry sector to ensure sustainable forestry commitments are met. Lending managers will also be helped to understand the complexities of obtaining FSC certification.
HSBC Holdings plc group chairman Sir John Bond said: “We will not finance illegal or unsustainable logging.”
The bank will, however, support those on a path to achieving FSC or equivalent certification within five years.
