EU banks under fire, accused of financing 'ecosystem destruction'

Since the 2015 Paris climate agreement, European banks have lent about €256 billion to corporations that put forests, savannahs and other natural ecosystems at risk, according to new research by a collective of NGOs, including Greepeace.

More than 130 key actors in ecosystem risk sectors have received more than one-fifth of their total global credit since the 2015 Paris Agreement, and just under one-tenth of their current global investment, from EU-based financial institutions, according to the report published on Tuesday.

Entitled "Bankrolling Ecosystem Destruction: The EU must stop the cash flow to businesses destroying nature" the study uses data from Profundo, an independent research organisation.

It focuses on JBS, Cargill, Sinar Mas and other top global producers, processors and traders of soy, cattle, palm oil, rubber, timber and other commodities that contribute to the destruction of local ecosystems.

Currently, the EU comes second only to the US for funding these sectors.

Ecosystems are key towards slowing down climate change, and harming them could also be detrimental to global climate goals.

Putting nature at risk

The report names ABN Amro Bank, Santander, BNP Paribas, ING Group, Deutsche Bank, Allianz Group, Credit Agricole, Group BPCE, Societe Generale, DZ Bank Group, Rabobank and Nordea Bank as the banks that have been funding sectors and companies putting nature at risk.

One area of the globe that has particularly suffered from ecosystem destruction is Brazil.


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