Global Banks Earn Billions from Deforestation
Financial institutions have made US$26 billion from financing deforesting companies since the Paris Agreement was signed in 2015.
This averages around $7 million every single day, according to a new report released by Global Witness.
- Brazil is preparing to launch a flagship tropical forest fund at COP30.
- The report exposes a glaring contradiction at the heart of forest finance.
Financial institutions have made US$26 billion from financing deforesting companies since the Paris Agreement was signed in 2015.
The research highlights the role of global banks in deforestation, with countries such as Brazil, China, Indonesia, the United Kingdom, France, Germany, and the United States being impacted.
Author's summary: Banks profit from deforestation despite environmental efforts.