Banks flow billions to companies involved in rainforest destruction

Banks are often criticized for the financing they provide to fossil-fuel companies. But it doesn’t stop there. There’s also the funding they offer to companies that are damaging the world’s rainforests and indigenous communities. Since the Paris climate agreement was announced at the end of 2015, seven banks arranged at least $22.

for “falling behind on the adoption and implementation of policies and actions to end deforestation and human-rights violations.” Procter & Gamble disagreed with RAN’s findings. “Our forestry sourcing policies directly prohibit deforestation, require our suppliers to respect the rights of communities and indigenous peoples and to protect biodiversity,” the company said in a statement. Officials at Tokyo-based Nissin referred to past statements the company has made on the topic.

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