French banks accused of financing deforestation in the Amazon
The deforestation of the Amazon forest is notably financed by French banks, according to a study by several NGOs.
© Edmar Barros/AP
Text by: RFI Follow
1 min
In a report, published this Monday, November 28, 2022 by a coalition of five NGOs and the media, accuse French banks of financing players in the Brazilian agro-industry involved in deforestation, despite their environmental commitments.
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Deforestation in the Brazilian Amazon is breaking all records with already in 2022, 9,500 km2 of forest wiped off the map.
In most cases, it is to plant soybeans to serve as fodder for breeders or to graze cattle that the forest is cut down.
After going through more than 12,000 financial transactions,
the NGOs accuse
several French banks in the report of fueling deforestation in the Brazilian Amazon.
Jean-Philippe Foegle, lawyer and Sherpa's advocacy officer, is targeting BNP Paribas in particular, but also Crédit Agricole, Groupe Banque Populaire Caisse d'Épargne (BPCE) and Société Générale: "
BNP Paribas is the leading bank to invest in the Amazon.
It amounts to 773 million for this year.
It is an investment in favor of actors who produce, in this case, beef and who are known to practice deforestation.
»
Legal actions considered
Contacted by RFI, BNP assures that it has made strict commitments to protect the environment and that this transformation of practices in the field takes time.
But Jean-Philippe Foegle points out that the law now obliges French companies to be vigilant in their activities abroad: "
What the duty of vigilance and the anti-money laundering legislation provides for is that when you have a suspicion that the actor you are financing is involved in illegal activities, you must ensure that you do not finance this actor.
»
Sherpa is therefore considering legal action to force the banks to actually implement their commitments.
►Also listen: Change of air - In Brazil, the return of Lula gives hope to the defenders of the Amazon
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