Global Witness urges Chinese banks to to stop funding overseas agribusinesses that accelerate deforestation and biodiversity loss
"Chinese banks urged to divest from firms linked to deforestation", 7 June 2021
Campaigners have called on Chinese banks to stop funding overseas agribusinesses that accelerate deforestation and biodiversity loss and have a negative impact on regional water cycles and climate.
In a report, the campaign group Global Witness said Chinese banks were funnelling billions into global agribusinesses, becoming some of the biggest global financiers of deforestation.
The report found that, between January 2013 and April 2020, Chinese financial institutions provided more than $22.5bn to major companies that produce and trade commodities at high risk of driving deforestation. They include beef, soy, palm oil, paper, pulp, rubber and timber. [...]
“If the revised law was to take note of the problems we have exposed, and include mandatory requirements to ensure Chinese banks are not financing environmentally or socially harmful businesses, it would be a real game-changer in addressing China’s links to global deforestation, biodiversity loss and climate change,” said Yin Beibei, the group’s senior forest campaigner. [...]