HOW GLOBAL BANKS PROFIT FROM RAINFOREST DESTRUCTION AND HUMAN RIGHTS ABUSES

On 21 October, Global Witness published a report saying that, through their backing of agribusiness, financial institutions have bankrolled and profited from the destruction. Banks and asset managers based in the EU, UK, US and China have made deals worth $157 billion with companies accused of destroying tropical forest in Brazil, Southeast Asia and Africa since the Paris Climate Agreement – and netted $1.74 billion in interest, dividends and fees from financing the parts of agribusinesses groups that carry the highest deforestation risk.  JPMorgan has made deals worth an estimated $9.38 billion with companies accused of deforestation, making it the biggest deforestation lender in the US, EU, UK and China. 

https://www.globalwitness.org/documents/20209/Deforestation_Dividends_-_October_2021.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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