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 report by Friends of the Earth Europe.
The report 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 the significant involvement of these financial institutions in food speculation, and the direct or indirect financing of land grabbing. Environmental and development organisations are calling for strict regulation to rein in these destructive activities.
