Friends of the Earth (FoE) has named Barclays and HSBC as two major high street banks who have invested in companies accused of damaging the environment in Latin America.
The environmental campaign group has published a report showing how several major retail banks have invested billions in biofuel companies in the region, some of which are accused of destroying the rainforest and human rights abuses.
Kenneth Richter, FoE biofuels campaigner, said: "Biofuels mean big bucks for banks while the food crisis they are creating is leaving hundreds of millions of people starving and vital natural habitats destroyed.
"Friends of the Earth is joining the UN in calling for banks to immediately ditch their investments in harmful biofuel development."
Barclays and HSBC both give significant credit to Cargill, a biofuel producing company that has been convicted of illegal activities in Latin America, according to the group.
In March 2007, the Supreme Court in Brazil judged Cargill operated illegally while constructing a terminal on the banks of the Tapajos River to facilitate exports of soy beans without proper Environmental impact assessment.
Other soy-producing companies in the region have been found to use slavery, child labour and operate with like-slavery conditions, Friends of the Earth said.
Biofuels could reduce greenhouse gases and represent a sustainable fuel supply for the future.
However, critics of biofuel claim they are doing more harm than good and can increase greenhouse gas emissions through large-scale rainforest clearance, as well as use up valuable resources that could be used for growing food.
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