Chinese banks and investors funneled billions of dollars into global agribusinesses driving deforestation in the past seven years, according to new analysis published by eco-watchdog Global Witness. The report, released June 7, revealed that between January 2013 and April 2020, Chinese financiers poured more than $22.5 billion into major companies producing and trading commodities linked to deforestation, such as palm oil, soy and beef. This makes China the sixth-largest funder of global deforestation in the period, behind major commodity producers Brazil, Malaysia, the U.S. and Indonesia, and non-producer Japan. China is one of the largest financiers of global deforestation. Image courtesy of Global Witness. The researchers’ analysis, based on public data from the international coalition Forests & Finance, also showed that five of the biggest Chinese commercial banks, including the Industrial and Commercial Bank of China and the Bank of China, were responsible for 45% of all funds provided by Chinese financiers to these sectors during this period. Five Chinese banks were responsible for 45% of financing linked to deforestation. Image courtesy of Global Witness. With the Chinese law regulating commercial banks set to undergo revisions this year, Global Witness and other campaigners are calling for policymakers to explicitly require commercial banks to ensure they are not financing businesses linked to environmental and social damage, whether locally or elsewhere. Last year, Chinese President Xi Jinping pledged to bring the nation’s greenhouse gas emissions to a peak before 2030, and to achieve carbon neutrality by 2060. While the country’s green finance…This article was originally published on Mongabay Läs mer

SRNF Nyhetsbrev

SRNF Nyhetsbrev

Åh hej där 👋 Det är trevligt att träffa dig

Registrera för att hålla dig uppdaterad både som MEDLEM eller PRENUMERANT.

* Vi gör inte spam!! Läs vår integritetspolicy för mer information.

close

SRNF Nyhetsbrev

SRNF Nyhetsbrev

Åh hej där 👋 Det är trevligt att träffa dig

Registrera för att hålla dig uppdaterad både som MEDLEM eller PRENUMERANT.

* Vi gör inte spam!! Läs vår integritetspolicy för mer information.