Revealed: VW, Ford and Tesla batteries linked to destructive deforestation of indigenous lands
Published . Updated .
Mines in supply chains of western carmakers linked to widespread deforestation of primary rainforest in nickel-rich lands inhabited by Tolaki people in Indonesia Volkswagen, Ford and Tesla are among the electric carmakers whose batteries may contain nickel mined in indigenous woodlands plagued by deforestation, an analysis has found, highlighting the struggle to make vehicles that are free from environmental destruction. Corporate disclosures and trade flows from the last two years show mines in the battery supply chains of automotive giants are linked to the loss of trees in Sulawesi, a wildlife hotspot in Indonesia that houses the world’s largest nickel deposits. The metal is widely used in cathodes in car batteries because it boosts energy density and increases range. Continue reading...
Directly affected
Indirectly affected
- JPM JPMorgan Chase
Bank profits move with lending and interest rates
- BAC Bank of America
Bank profits move with lending and interest rates
- WFC Wells Fargo
Bank profits move with lending and interest rates
- C Citigroup
Bank profits move with lending and interest rates
- XOM Exxon Mobil
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- CVX Chevron
Oil producers earn more when crude prices rise
- GS Goldman Sachs
Bank profits move with lending and interest rates
- MS Morgan Stanley
Bank profits move with lending and interest rates
- XLF Financial Select Sector SPDR
A fund of financial companies
- KBE SPDR S&P Bank
A fund of bank stocks
Price reaction, T-5 to T+3
Mines in supply chains of western carmakers linked to widespread deforestation of primary rainforest in nickel-rich lands inhabited by Tolaki people in Indonesia Volkswagen, Ford and Tesla are among the electric carmakers whose batteries m…
Source: The Guardian
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