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Action Alert: Swiss Francs Threaten Indonesian Rainforests

Major Swiss banks Credit Suisse and UBS are to further fund Golden Agri-Resources (GAR), the world's largest listed palm oil company, which currently produces 10 percent of Indonesia's palm oil. A further 1.3 million hectares of land are to be developed for palm oil plantations with Swiss finance on the island of Indonesia Kalimantan (Borneo) and in Papua on the Western half of the island of New Guinea.

By, a project of EcoInternet - July 9, 2009

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Additional Background

Indonesia is in the process of sacrificing its great island kingdom's most important treasures -- the last of its unique rainforests -- for more toxic palm oil monocultures on stolen lands. Those responsible for this terrible policy include the Indonesian government, multinational corporations and sadly, European banks and population. German and European thirst for palm oil to make agrofuel to feed their automobiles is driving the whole process of destruction. Indeed, Europeans are filling their tanks at the expense of the livelihoods of Indonesia's indigenous peoples, plants and wildlife. And this appetite for rainforests and agrofuel threatens to destroy the entire world's shared climate.

In recent years, seven million hectares of rainforests and peat bogs have been sacrificed for palm-oil plantations. And the government plans to further expand these toxic monocultures by a further 20 million hectares. To do so successfully, they will need to attract foreign investors through such banks as Credit Suisse and UBS, which sadly have become some of the largest sources of funding for deforestation of rainforests for oil palm. Golden Agri-Resources is the holding company of Indonesia's infamous-Sinar Mas Group in Indonesia. They have repeatedly demonstrated they will stop at nothing -- using land grabs, human rights violations, and corruption -- to achieve their goal of replacing rainforests with palm-oil.

In the pursuit of endless profit, neither Credit Suisse nor UBS adequately examine the impact of their activities upon people and the environment. High-risk companies such as Indonesian palm oil and paper industry members place investors at a high risk of liability for social and ecological harm, including future climate change. Credit Suisse has already financed much of the Asia Pulp and Paper (APP) company's activities, another subsidiary of Sinar Mas. APP is not only responsible for continuing large-scale forest destruction, but its unscrupulous activities caused one of the largest bankruptcies in Asia in 2001. Please express your opposition to UBS, Credit Suisse and the palm oil company Golden Agri- Resources' planned capital increase and expansion. Join our protest, and ask these leading banks to immediately discontinue the sale of shares of Golden Agri Resources' rainforest destruction.

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Oil palm has devastated Indonesia's rainforests and life including orangutans and local peoples
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