A Brazilian farmer in an area of ​​the Amazon affected by deforestation.

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CARL DE SOUZA / AFP

BNP Paribas announced on Monday that it wanted to strengthen its policy to combat deforestation in Brazil.

The French bank thus undertakes to "encourage its customers producing or purchasing beef or soybeans from the Amazon and Cerrado in Brazil to become" zero deforestation "and to demonstrate their progress transparently," said a press release.

#BNPPGroup To fight against deforestation in Amazonia and Cerrado in Brazil, we are strengthening our policy and restrictive criteria to accelerate the progress of our producer, meat packer and merchant customers.

pic.twitter.com/0ynbsnX7SM

- BNP Paribas Group (@BNPParibas) February 15, 2021

Protect cleared and converted areas

The banking group will no longer finance a business producing or buying beef and soybeans “from land cleared or converted after 2008 in the Amazon”.

Regarding Cerrado, in Brazil, BNP Paribas wants to encourage its customers not to produce or buy beef and soybeans from land cleared or converted after January 1, 2020.

According to the bank, the lack of an exhaustive mapping of the Cerrado prevents going beyond the incentive.

In addition, BNP Paribas will now ask its customers for full traceability of the beef and soybean sectors by 2025.

Disgruntled NGOs

"The bank says it is only ready to encourage and not force companies active in the Cerrado", criticized the NGO Reclaim Finance, deeming the 2025 target "too late".

“The only immediate exclusionary measures apply to companies that continue to clear or convert land in the Amazon.

Very few companies are therefore concerned.

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At the beginning of February, a Global Witness investigation pointed the finger at several French banks, including BNP Paribas, for their financing to agri-food companies responsible for deforestation.

The bank had told the NGO that all its customers in the Amazon "were certified or engaged in a certification process" to ensure their responsible practices.

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