Banks Step Up Financing to Companies Behind Deforestation (2)

Banks have arranged more than $425 billion of financing for the companies most responsible for deforestation over the past decade.

That includes $72 billion provided to the beef, palm oil, soy, rubber, timber and paper industries in the past 18 months, according to data compiled by Forests & Financesince the Paris Agreement was announced in 2015.

“This is really showing that the financial sector isn’t aligning its financial flows with the objectives of the Paris Agreement,” said Stephanie Dowlen, one of the authors of the report. “And that was something that they were obliged to do.”

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