Success! HSBC drop dodgy palm oil shares

After receiving nearly 10,000 emails, HSBC has sold its shares in Sinar Mas, one of the worst companies responsible for ripping up the Indonesian rainforest for palm oil and pulp plantations. It's fantastic news that has shone a light on the financial side of deforestation. And you made this happen - thanks!

Of course, this development comes hot on the heels of Nestlé's decision to remove Sinar Mas from its supply chain and the news that (prompted by our new report into Sinar Mas' paper operations) that Tesco will also stop selling own-brand products using Sinar Mas paper by the end of this year.

There's still, however, the small matter of HSBC's forest policy which applies to some areas of their business but not others. They haven't said they'll be changing that, although there is a review scheduled for September to decide whether to exclude palm oil from its Climate Change Fund, where some of those Sinar Mas shares were held. We'll be keeping tabs on the process and will let you know how it turns out.

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