The bank’s call for an investigation by the Roundtable on Sustainable Palm Oil, the industry standards body, is a first for a leading bank, and comes after HSBC this year tightened its standards on lending to the palm oil industry, pledging to cut ties with companies linked to deforestation.

The UK-based bank was among a group of institutions that are members of the RSPO that led a $750m bond deal for the Hong Kong-headquartered commodities trader in March.

“HSBC is keen to ensure that the RSPO’s standards are observed and that any credible allegations of non-compliance are investigated,” the bank said.

The bank was responding to documentation from Greenpeace and the Environmental Investigations Agency, which alleged Noble Plantations planned to clear 18,000ha of “primary”, or pristine rainforest, which is protected by RSPO rules, in Papua New Guinea.

Noble had used an environmental assessor, which produced reports claiming there was no primary forest in the area planned for development. In April, the RSPO ordered another company to stop work on developing areas assessed by the same firm, noting in a letter that it found its reports “to be of poor quality”.

“Given the seriousness of the allegations and supporting documentation the RSPO has advised [Noble Plantations] to stop all further development on the concession pending full independent investigations and assessment by RSPO and possible referral to its complaints panel,” it said.

Noble declined to comment, referring to its sustainability report, which lists the company’s environmental and social commitments and targets. The probe comes as the debt-laden trading house searches for a strategic investor to recapitalise its business.

The palm oil industry produces about 63m tonnes of palm oil worth about $37bn a year. Palm oil is used in products from toothpaste to ice cream, and the years of demand growth have led to the destruction of tropical forests in Southeast Asia to make way for plantations.

HSBC’s chief executive Stuart Gulliver has also launched initiatives to improve the environmental sustainability of the bank and to embrace more sustainable forms of financing.

HSBC’s move comes as the pressure to adhere to environmental and labour standards in producing and sourcing agricultural commodities is widening beyond the growers, processors and buyers. There is also an increasing number of investors who regard non-compliance with sustainability standards by companies and financial institutions as a risk factor.

Many banks have set out sustainability and deforestation commitments. However, some non-government organisations warn the banks need to act on their promises.

Jamie Woolley from Greenpeace UK said: “HSBC’s decision to do the right thing and trigger an investigation into its own client could save thousands of hectares of pristine rainforest. If other banks are serious about stopping the destruction of rainforests for palm oil, they need follow suit and take responsibility for their clients’ behaviour.”

HSBC and ING were among the joint bookrunners for Noble’s $750m bond issue. ABN Amro and Rabobank were among the co-managers on the offering. The banks are members of the RSPO.

ABN said it would not discuss individual client relationships publicly but added that its policy prohibited the clearing of uncertified primary forest. ING said it was not involved in the financing of the plantation operations and that it had referred the NGO’s findings to RSPO. Rabobank could not be reached for comment.