Climate & Environment
BNP Paribas will no longer finance companies that exploit deforested land in the Amazon
BNP Paribas logo
BNP Paribas logo Credit: BNP Paribas

France's biggest bank, BNP Paribas on Monday promised to stop financing companies that buy cattle or soya produced on Amazon land deforested or converted after 2008. The bank also said it will encourage clients not to buy or produce beef or soy from the Cerrado, which occupies 20 per cent of Brazil, only financing those who adopt a zero deforestation strategy by 2025.

Population growth and rapidly expanding middle classes in countries like China are stimulating an explosion of demand for soybeans and increasing consumption of meat and dairy products.