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Banks profit on hunger

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to Farming Money, a new report just released.

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to Farming Money, a new report just released.

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to a new report released today.

Farming Money: How European banks and private finance profit from food speculation and land grabs analyses the activities of 29 European banks, pension funds and insurance companies, including Deutsche Bank, Barclays, RBS, Allianz, BNP Paribas, AXA, HSBC, Generali, Allianz, Unicredit and Credit Agricole.

It reveals how these financial institutions are significantly involved in food speculation, and the direct or indirect financing of land grabbing.

The environmental and development organisations which collaborated on the report, which includes Corporate Europe Observatory, are calling for strict regulation to rein in these destructive activities.

The report was produced by Friends of the Earth Europe, with contributions from Campagna per la Riforma della Banco Mondiale (Italy), Banktrack (Europe), World Development Movement (UK), WEED (Germany), CNCD (Belgium), SETEM (Spain) and CEO (Europe).

Read the full report at http://www.foeeurope.org/publications/2012/Farming_money_FoEE_Jan2012.pdf

 

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