RGE Group’s $4.9 Billion ‘Sustainable Finance’ Deals with MUFG Under Scrutiny Amid Ongoing Deforestation

The Rainforest Action Network (RAN) has criticized the effectiveness of sustainability-linked loans provided to Indonesia’s Royal Golden Eagle (RGE) Group, highlighting that RGE’s operations continue to cause significant deforestation despite receiving $4.9 billion intended for sustainable practices. The report reveals ongoing forest clearance within RGE’s concessions, challenging the integrity of the loans arranged by Mitsubishi UFJ Financial Group (MUFG). RAN demands stricter monitoring and calls for financial institutions and consumer brands to reassess their engagements with RGE, citing potential regulatory risks under new EU laws targeting deforestation. Resources: https://esgnews.com/rge-groups-4-9-billion-sustainable-finance-deals-with-mufg-under-scrutiny-amid-ongoing-deforestation/