AFP, Paris :
French banks have provided almost two billion euros of financial backing to agribusiness groups implicated in deforestation despite a law preventing firms from funding environmental damage, according to new analysis seen by AFP.
Three years after France adopted landmark legislation compelling companies to identify and prevent human rights abuses and nature degradation throughout their supply chain, the analysis showed how large lenders nonetheless financed projects linked to deforestation in the Brazilian Amazon, the Congo Basin and Papua New Guinea.
The investigation conducted by watchdog Global Witness concluded that BNP Paribas, Natixis and Credit Agricole “all have policies or commitments in place on agricultural commodities which are at risk of causing deforestation”.
AFP contacted the three banks for comment. “The rapid breakdown of our climate is a concern to many – including bank customers,” said Laurence Duprat, a Global Witness campaign adviser who authored the analysis.
“So it’s unsurprising that banks and investors proudly trumpet policies on ethical investment and lending.
French banks have provided almost two billion euros of financial backing to agribusiness groups implicated in deforestation despite a law preventing firms from funding environmental damage, according to new analysis seen by AFP.
Three years after France adopted landmark legislation compelling companies to identify and prevent human rights abuses and nature degradation throughout their supply chain, the analysis showed how large lenders nonetheless financed projects linked to deforestation in the Brazilian Amazon, the Congo Basin and Papua New Guinea.
The investigation conducted by watchdog Global Witness concluded that BNP Paribas, Natixis and Credit Agricole “all have policies or commitments in place on agricultural commodities which are at risk of causing deforestation”.
AFP contacted the three banks for comment. “The rapid breakdown of our climate is a concern to many – including bank customers,” said Laurence Duprat, a Global Witness campaign adviser who authored the analysis.
“So it’s unsurprising that banks and investors proudly trumpet policies on ethical investment and lending.
