Global banks step up financing to companies behind deforestation

Core Insights - The financial sector has provided over $425 billion in financing to companies contributing to deforestation over the past decade, with $72 billion allocated in the last 18 months alone [1][2] - The increase in lending to forest-risk commodity companies has coincided with significant deforestation, with a record loss of 6.7 million hectares of tropical and boreal forests last year [3] - Major banks, particularly Banco do Brasil, are leading in financing these sectors, with nearly $8 billion provided in the first nine months of this year [4] - Asset managers have increased their investments in forest-risk commodities by $7.8 billion over the past decade, totaling approximately $33 billion by the end of September [5][6] - The report calls for regulatory changes to prevent banks and investors from profiting from deforestation and human rights violations [7][8]