Westpac Banking (ASX:WBC, NZE:WBC) and Commonwealth Bank of Australia's (ASX:CBA) AU$497 million sustainability-linked loan to salmon producer Tassal drew criticism from environmentalists, who question the banks' due diligence and accuse them of greenwashing, according to a Tuesday report by the Australian Financial Review, citing the environmentalists.
The financing allegedly overlooks ongoing ecological risks in Tasmania's Macquarie Harbour, a sensitive ecosystem hit by mass fish deaths and risks to endangered species, where Tassal operates, the report said.
The loan also allegedly misrepresents Tassal's environmental credentials, as the company lost certification for most of its farms, including in the sensitive harbor area, the report added.
WBC and CBA did not immediately respond to MT Newswires' request for comment.
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