"HSBC and IFC lead BRL 7 Billion investment in ‘green’ plant criticized by quilombola communities", 22 June 2026

...WITH THE PROMISE of reducing greenhouse gas emissions through the production of SAF (sustainable aviation fuel) and renewable diesel in Bahia’s Recôncavo region, Brazil, energy company Acelen attracted BRL 7 billion in public and private financing for the construction of a biorefinery in the area.

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

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.

According to residents, these territories have been taken over by macaúba cultivation, and nearby roads—already marked by potholes—have deteriorated further due to the circulation of Acelen trucks and tractors since planting began in 2025.

The complaints led Brazil’s Federal Public Prosecutor’s Office (MPF) to open an investigation into whether the project violates the right of traditional communities affected by the future biorefinery and macaúba plantations to free, prior, and informed consultation, as guaranteed under ILO (International Labour Organization) Convention 169.

Contacted by Repórter Brasil, Acelen stated that the São Francisco do Conde biorefinery project “has been conducted through dialogue with potentially impacted communities.” The company also said that the process “involves free, prior, and informed consultation, as well as initiatives aimed at productive inclusion, professional training, and territorial development”...

The full statements from all financial institutions contacted by the reporting team can be read here...