Our case
for regulation of deforestation-financing banks recognised by UK minister
A fortnight before COP26, we
published the findings of a new investigation, Deforestation Dividends, into the banks and asset managers
financing – and massively profiting from – agribusiness industries that are
destroying forests. Many of these banks have no-deforestation policies, have
committed to align with the Paris goals or are signatories of the Soft
Commodities Compact.
Yet, we revealed how major U.S., UK, EU and Chinese banks
have, since the Paris Agreement, collectively piled $157 billion into 20 notorious
firms including Olam, Wilmar, Sinar Mas, JBS, Marfrig and Minerva, and likely
made $1.74 billion as result. Financial giants who have repeatedly profited
from these deals include HSBC, Deutsche Bank, JPMorgan, BNP Paribas, Rabobank
and Bank of China.
When governments and financiers announced a new
deforestation pledge on 1st November at COP, we were able to hold up our findings as a
mirror both to the $19.2 billion package being pledged, and the track record of
banks promising, once again, to stop financing forest destruction. We made the
case that it will only be through robust regulation – not headline grabbing
commitments – that real change will be generated, conveying this though
broadcast interviews, notably Voice of America, Al
Jazeera, Sky News, UK
Channel 4 News, and a wide
array of print media outlets, including Reuters.
When challenged about our findings by our Director
of Campaigns, Seema Joshi, FCDO Minister Lord Goldsmith admitted, for the first
time in public, that regulation would be needed if finance continue to fund
deforestation. We were able to use this shift in position in our advocacy on
the UK Environment Bill and other secondary legislation.
Elevating
the demands of land and environmental defenders
Building on the launch of our annual report on the violence and discrimination against, and harassment of, land and environmental defenders, we worked with our partners
and Indigenous rights groups to stage a commemoration of the 1,005 land and
environmental defenders killed since the Paris Agreement. This featured
speeches from activists from Ecuador, Peru and the Philippines, and a
projection of the names of all 1,005 defenders on a big screen opposite the
COP26 venue. We also provided access to COP26 passes to land and environment
defenders and activists to help participate in what has been described as
perhaps the least inclusive COP to date.