Recently, the Environmental Paper Network met with Santander Bank regarding its financing of deforestation carried out to produce pulp and paper in the tropical rainforests of Indonesia.  A public campaign by Greenpeace generating almost 150,000 petition signatures was undertaken for the last few weeks as well.

Today, is reporting that Santander has changed course.

“Our parent company, Banco Santander, through its offices in Asia, has a business relationship with APRIL, a pulp and paper company in Indonesia,” Santander said. “In recent months, Banco Santander requested they undergo an independent audit into their environmental practices. This has been carried out by APRIL’s independent Stakeholder Advisory Committee (SAC) and KPMG, and APRIL has put out an action plan in response to their recommendations.”

“Based on further internal analysis, Banco Santander has decided to not renew the current funding to APRIL and will not be extending further funding at this stage. Any future loans will be conditional on APRIL implementing new sustainability measures which address its involvement with deforestation.”