BNP Paribas has announced plans to cut financing to companies involved in Brazilian deforestation, though investigative campaign groups say the commitment is “weak” and lacking in urgency. According to a statement issued by the bank on February 15, financial products or services will only be provided to companies that have a strategy to achieve zero deforestation. The strategy must be in place by 2025, and be effective across their production and supply chains. The measure targets producers and traders active in Brazil’s Amazon and Cerrado regions, and follows stinging criticism from environmental groups over BNP Paribas’ role in supporting destructive beef and soy production. “Financial institutions exposed to the agricultural sector in Brazil must contribute to this fight against deforestation,” the statement says. “This is the case for BNP Paribas, which is one of the foreign banks present in the country and which has certain international customers, producers or dealers who are directly concerned.” In the Amazon rainforest, companies operating on land that was cleared or converted after 2008 will not be able to access financing from BNP Paribas, it says. In the Cerrado, further south, the bank says it will encourage clients not to produce or buy beef or soy… continue reading
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Source: CTRM Center