BNP to stop financing firms using deforested Amazon areas

Monday, 15. February 2021 14:34

BNP Paribas SA announced on Monday it will stop providing financial services to companies producing or buying beef or soybeans from the Amazon and the Cerrado regions.

Companies that adopt a strategy to achieve zero deforestation in their production and supply chains by 2025 will be excluded from the ban, the lender said.

Additionally, BNP "will encourage its clients not to produce or buy beef or soybeans from cleared or converted land in the Cerrado after 1 January 2020, in line with global standards."

Related Links: BNP Banque Nationale de Paris Paribas S.A.
Author:
Breaking the News / MD