Chinese banks urged to divest from firms linked to deforestation

Chinese banks urged to divest from firms linked to deforestation

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.