{"id":92725,"date":"2026-06-22T07:00:00","date_gmt":"2026-06-22T10:00:00","guid":{"rendered":"https:\/\/redept.com.br\/blogosfera\/hsbc-and-ifc-lead-brl-7-billion-investment-in-green-plant-criticized-by-quilombola-communities\/"},"modified":"2026-06-22T07:00:00","modified_gmt":"2026-06-22T10:00:00","slug":"hsbc-and-ifc-lead-brl-7-billion-investment-in-green-plant-criticized-by-quilombola-communities","status":"publish","type":"post","link":"https:\/\/redept.com.br\/blogosfera\/hsbc-and-ifc-lead-brl-7-billion-investment-in-green-plant-criticized-by-quilombola-communities\/","title":{"rendered":"HSBC and IFC lead BRL 7 Billion investment in \u2018green\u2019 plant criticized by quilombola communities"},"content":{"rendered":"

WITH THE PROMISE<\/strong> of reducing greenhouse gas emissions through the production of SAF (sustainable aviation fuel) and renewable diesel in Bahia\u2019s Rec\u00f4ncavo region, Brazil, energy company Acelen attracted BRL 7 billion in public and private financing for the construction of a biorefinery in the area.<\/p>\n

The funding was secured through a consortium led by HSBC and the IFC (International Finance Corporation, the World Bank\u2019s investment arm), which includes ten other national and international financial institutions, among them BNDES and Bradesco.<\/p>\n

Acelen expects to produce 1 billion liters of SAF annually starting in 2028. The company\u2019s CEO, Luiz de Mendon\u00e7a, says that 80% of the output has already been sold to markets in the United States and Europe.<\/p>\n

With this projection, the initiative ranks among the main large-scale biofuel production projects for export identified by the federal government, according to EPE (Energy Research Company), an agency linked to Brazil\u2019s Ministry of Mines and Energy. In 2025, President Luiz In\u00e1cio Lula da Silva attended the inauguration of one of Acelen\u2019s maca\u00faba project facilities in Montes Claros (Minas Gerais).<\/p>\n

The maca\u00faba palm will be processed at the biorefinery that the company plans to build in S\u00e3o Francisco do Conde (Bahia), on the shores of Todos os Santos Bay in the Rec\u00f4ncavo region. Acelen already operates an oil refinery in the area, which has a history of spills.<\/p>\n

\"\"
Tanks at the Mataripe oil refinery, located in the municipality of S\u00e3o Francisco do Conde (Photo: Fernando Martinho\/Rep\u00f3rter Brasil)<\/figcaption><\/figure>\n

Complaints from Traditional Communities<\/h2>\n

Acelen already has maca\u00faba plantations in the municipality of Cachoeira (Bahia), near the future plant. However, quilombola and shellfish-harvesting communities living close to the plantations complain about the installation of fences and signs restricting access to areas historically used by quilombolas for extractive activities and religious practices.<\/p>\n

According to residents, these territories have been taken over by maca\u00faba cultivation, and nearby roads\u2014already marked by potholes\u2014have deteriorated further due to the circulation of Acelen trucks and tractors since planting began in 2025.<\/p>\n

The complaints led Brazil\u2019s Federal Public Prosecutor\u2019s Office (MPF) to open an investigation into whether the project violates the right of traditional communities affected by the future biorefinery and maca\u00faba plantations to free, prior, and informed consultation, as guaranteed under ILO (International Labour Organization) Convention 169.<\/p>\n

Contacted by Rep\u00f3rter Brasil<\/strong>, Acelen stated that the S\u00e3o Francisco do Conde biorefinery project \u201chas been conducted through dialogue with potentially impacted communities.\u201d The company also said that the process \u201cinvolves free, prior, and informed consultation, as well as initiatives aimed at productive inclusion, professional training, and territorial development.\u201d<\/p>\n

Statements from the banks participating in the consortium<\/h2>\n

The IFC approved an investment of up to US$250 million (approximately BRL1.2 billion at current exchange rates) in the project. In response to questions from Rep\u00f3rter Brasil<\/strong>, the institution acknowledged that it had identified \u201csocial and environmental aspects requiring additional assessment and management to ensure alignment with the Performance Standards\u201d and classified the project as presenting \u201chigh social and environmental risk.\u201d<\/p>\n

As a result, the IFC said it had required Acelen to implement specific measures, including impact assessments and the hiring of an independent environmental, health, and safety technical adviser. Read the full response here.<\/p>\n

Contacted by Rep\u00f3rter Brasil<\/strong>, HSBC declined to comment.<\/p>\n

The other international banks participating in the consortium are FAB (First Abu Dhabi Bank), ADCB (Abu Dhabi Commercial Bank), IDB Invest, AIIB (Asian Infrastructure Investment Bank), FinDev Canada (Development Finance Institute Canada), KfW IPEX-Bank, BBVA, and Bank of China.<\/p>\n

In a statement to Rep\u00f3rter Brasil<\/strong>, IDB Invest, the private-sector arm of the Inter-American Development Bank, said that its loan is \u201climited to the development of the new biorefinery,\u201d a project subject to \u201crigorous due diligence and supervision,\u201d and that the existing oil refinery and the maca\u00faba plantations \u201care not part of the scope of the financing.\u201d<\/p>\n

Germany\u2019s KfW IPEX-Bank also stated that its financing is restricted to the biorefinery in S\u00e3o Francisco do Conde and that Acelen\u2019s maca\u00faba cultivation project was not included in its 2025 environmental and social assessment.<\/p>\n

Spain\u2019s BBVA said it considers that Acelen has implemented adequate measures to address the environmental and social issues related to the project.<\/p>\n

Development bank FinDev Canada told Rep\u00f3rter Brasil <\/strong>that it hired an independent social and environmental consultant and conducts ongoing supervision aligned with international standards and carried out \u201cin close coordination with the other co-financiers,\u201d in addition to periodic site visits whenever deemed appropriate.<\/p>\n

FAB, ADCB, AIIB, and Bank of China had not responded by the time this report was published. The full statements from all financial institutions contacted by the reporting team can be read here.<\/p>\n

Support from BNDES<\/h2>\n

In Brazil, the consortium\u2019s financing partners are BNDES and Bradesco.<\/p>\n

Acelen secured R$503 million from BNDES (Brazilian Development Bank) to build the biorefinery in Todos os Santos Bay. The project also received R$258 million from the Brazilian development bank for Agripark, Acelen\u2019s technology park in Montes Claros (Minas Gerais), dedicated to research, development, and the structuring of the maca\u00faba supply chain.<\/p>\n

Asked by Rep\u00f3rter Brasil<\/strong>, BNDES said it does not finance Acelen\u2019s maca\u00faba cultivation and that its financial feasibility analyses and assessments of social and environmental risks are limited to the scope of the projects it finances. Regarding the biorefinery, it said it had \u201cverified compliance of the operation with applicable legal and regulatory requirements, including environmental licensing and its conditions.\u201d<\/p>\n

\u201cWe reiterate that it is the company\u2019s contractual obligation to remain compliant with environmental authorities throughout the entire financing period,\u201d the bank stated.<\/p>\n

Bradesco did not respond to requests for comment before publication. The full statements from all financial institutions contacted by the reporting team can be read here.<\/p>\n

Acelen was also included in Eco Invest Brasil, a National Treasury program aimed at financing low-carbon and energy-transition projects. Through the mechanism, the company was authorized to raise R$4 billion for its maca\u00faba initiative. This is the largest amount allocated to projects supported by the program in 2025.<\/p>\n

According to the program\u2019s monitoring platform, HSBC is among the private financiers linked to Eco Invest Brasil for Acelen\u2019s maca\u00faba project.<\/p>\n

Asked by Rep\u00f3rter Brasil<\/strong>, the National Treasury said that under the program\u2019s structure, the risk assessment and financing approval decisions are the responsibility of the participating financial institution, which is required to provide accountability until all resources are fully repaid. In Acelen\u2019s case, the responsible bank is HSBC.<\/p>\n

According to the Treasury, activities financed by the program may not \u201cbe involved, directly or indirectly, in significant environmental or social harm\u201d or other rights violations. \u201cBased on the information brought forward by Rep\u00f3rter Brasil<\/em>, the National Treasury will take the appropriate steps to notify the responsible bank so that the facts reported to date may be properly clarified,\u201d the statement said. Read the full response here.<\/p>\n

Banks may be \u2018violating\u2019 impact assessment guidelines<\/h2>\n

\u201cBanks know very well that the main impacts of a biorefinery are in the plantations, not in the refinery itself. IFC Performance Standard 1 clearly states that \u2018the process of identifying risks and impacts will also consider risks and impacts associated with primary supply chains,\u2019 with emphasis on labor rights and environmental impacts,\u201d says Merel van der Mark, coordinator of the Forests and Finance coalition.<\/p>\n

Van der Mark also cites the Equator Principles, which guide the assessment of social and environmental impacts throughout a project\u2019s area of influence. \u201cThe OECD (Organisation for Economic Co-operation and Development) recommends that financial institutions identify and assess high-risk issues within the supply chain. By failing to assess the chain of custody, banks may be violating these guidelines, as well as their own policies and commitments,\u201d she says.<\/p>\n

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Leia tamb\u00e9m<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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The post HSBC and IFC lead BRL 7 Billion investment in \u2018green\u2019 plant criticized by quilombola communities appeared first on Rep\u00f3rter Brasil.<\/p>\n

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