France’s largest bank to stop financing firms farming deforested land in the Amazon

BNP and other European lenders including Credit Suisse and Dutch bank ING committed last month to stop financing trade in crude oil from Ecuador after pressure from activists aiming to protect the Amazon.

RIO DE JANEIRO, BRAZIL - France’s largest bank BNP Paribas pledged on Monday, February 15th, that, starting in 2025, it would stop financing firms producing or buying either beef or soybeans cultivated on land in the Amazon cleared or converted after 2008.

The lender also said it would encourage clients not to buy or produce beef or soy farmed in the Cerrado, a vast tropical savanna eco-region covering 20% of Brazil, only financing those which adopt a strategy of zero deforestation by 2025.

Environmental campaign groups said BNP Paribas’ move sent a strong signal to companies trading commodities in . . .

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