French banks are “massively” financing deforestation in the Amazon rainforest and tropical Cerrado savanna – providing hundreds of millions of euros to Brazilian agribusiness giants responsible for driving forest loss over the past decade, a coalition of NGOs and media outlets has warned.
BNP Paribas, Société Générale, Crédit Agricole and the Banque Populaire et Caisse d'Epargne group are accused of contributing to the razing of 9,500 square metres of vegetation cleared to create land for soy, palm oil and beef farming.
