Finance and the frontlines

Banks and investors enable forestry and agribusiness companies to expand operations into the world’s remaining tropical forest ecosystems. This is driving the destruction of forests and peatlands and violating Indigenous Peoples’ and local communities' rights.

Rainforest to illegal pasture: JBS’ Impact on Apyterewa

JBS, the world’s largest meat processing company, has been linked to illegal deforestation and land invasions in Brazil’s Apyterewa Indigenous Territory, home to the Parakanã people. Despite legal protection, over 98% of deforested land in Apyterewa has been converted to illegal cattle pastures, with cattle from these areas entering JBS’s supply chain through 'cattle laundering.' This has occurred despite JBS's 2009 commitment to trace its supply chain.

The Parakanã people, demanding reparations from JBS and its financiers, are leading efforts to reforest their land. Financial institutions, including the BNDES, have begun reducing investments in JBS due to the company’s ongoing environmental and human rights violations. This case underscores the need for stronger corporate accountability and supply chain transparency to protect Indigenous lands and the Amazon rainforest.

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Banking on False Promises: The Risks of Overreliance on Flawed Certification Schemes

Financial institutions’ overreliance on flawed certification schemes like the Forest Stewardship Council (FSC) and Roundtable on Sustainable Palm Oil (RSPO) is a major risk to biodiversity and human rights. Despite their sustainability claims, these certifications allow companies linked to deforestation and land grabbing, such as First Resources and Royal Golden Eagle, to maintain a façade of compliance. The schemes lack robust oversight, independent verification, and enforceable standards, allowing harmful practices to continue unchecked. Banks and investors relying solely on these certifications to meet their no-deforestation commitments are not mitigating their exposure to environmental and social risks, underscoring the need for stronger due diligence and independent monitoring beyond these inadequate frameworks.

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Bunge and the Illusion of TNFD Disclosure as Progress

Bunge, a global agribusiness giant, is driving deforestation and human rights abuses in Brazil’s Cerrado region, despite its public sustainability claims. Linked to land grabbing and the displacement of Indigenous communities, Bunge profits from soy production that accelerates the destruction of critical ecosystems. Its participation in the Taskforce on Nature-related Financial Disclosures (TNFD) highlights the framework’s failure. TNFD allows companies to selectively report data while avoiding accountability for environmental damage, offering no real protection for nature. This weak, voluntary framework serves as a greenwashing tool, masking corporate harm rather than driving meaningful change.

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Where is the money coming from?

Forest-risk commodities are financed by banks and investors from around the world. This includes financiers from both producer and consumer countries. Here you can see which countries provide the most finance to forest-risk sectors. This covers the period January 2016 to June 2024 for Credit and July 2024 for Shareholding.

Which banks & investors contribute most to the problem?

This research maps financial flows from banks and investors to 300 companies driving tropical deforestation. Use the drop-down menu to explore the rankings of banks providing credit and underwriting (2018-2024 June) and investors holding bonds and shares (July 2024).

How do the bank & investor policies stack up?

See how the largest banks and investors enabling forest-risk commodity sectors in the worlds’ tropical forest biomes score. We assessed the strength of their Environmental, Social and Governance policies for key forest-risk sectors in 2023. View by banks or investors, ordered by the size of their credit to, or investment in forest-risk sectors.

Policy Score Key: Environment Score Social Score Governance Score
Bank
25 
50 
75 
100 
Total Percentage Scored
Banco do Brasil
6.0  Points Earned
6.0  Points Earned
7.1  Points Earned
80.9 Points Unearned
18.1 %
Bradesco
0.0  Points Earned
0.0  Points Earned
4.7  Points Earned
95.3 Points Unearned
12.1 %
Rabobank
13.9  Points Earned
13.9  Points Earned
16.1  Points Earned
56.09999999999999 Points Unearned
44.7 %
Itaú Unibanco
1.5  Points Earned
1.5  Points Earned
7.1  Points Earned
89.9 Points Unearned
9.4 %
Santander
5.2  Points Earned
5.2  Points Earned
11.5  Points Earned
78.1 Points Unearned
19.8 %
Caixa Econômica Federal
9.4  Points Earned
9.4  Points Earned
0.8  Points Earned
80.39999999999999 Points Unearned
22.5 %
JPMorgan Chase
5.2  Points Earned
5.2  Points Earned
5.3  Points Earned
84.3 Points Unearned
15.0 %
Mizuho Financial
13.6  Points Earned
13.6  Points Earned
13.7  Points Earned
59.10000000000001 Points Unearned
38.0 %
BNP Paribas
16.6  Points Earned
16.6  Points Earned
15.5  Points Earned
51.30000000000001 Points Unearned
47.4 %
Bank Mandiri
7.5  Points Earned
7.5  Points Earned
6.8  Points Earned
78.2 Points Unearned
20.2 %
Banco do Nordeste do Brasil
0.8  Points Earned
0.8  Points Earned
6.1  Points Earned
92.30000000000001 Points Unearned
8.4 %
MUFG
6.1  Points Earned
6.1  Points Earned
10.2  Points Earned
77.60000000000001 Points Unearned
24.2 %
Bank Rakyat Indonesia
6.3  Points Earned
6.3  Points Earned
8.2  Points Earned
79.2 Points Unearned
16.7 %
Malayan Banking
15.4  Points Earned
15.4  Points Earned
14.1  Points Earned
55.09999999999999 Points Unearned
43.4 %
Banco da Amazonia
0.0  Points Earned
0.0  Points Earned
0.0  Points Earned
100 Points Unearned
0.0 %
Bank Central Asia
7.5  Points Earned
7.5  Points Earned
8.2  Points Earned
76.8 Points Unearned
23.9 %
SMBC Group
14.2  Points Earned
14.2  Points Earned
12.4  Points Earned
59.199999999999996 Points Unearned
36.1 %
Bank of America
7.9  Points Earned
7.9  Points Earned
7.0  Points Earned
77.19999999999999 Points Unearned
22.3 %
OCBC
9.4  Points Earned
9.4  Points Earned
8.0  Points Earned
73.19999999999999 Points Unearned
25.2 %
Bank Negara Indonesia
7.0  Points Earned
7.0  Points Earned
5.8  Points Earned
80.2 Points Unearned
20.5 %
HSBC
9.8  Points Earned
9.8  Points Earned
11.5  Points Earned
68.9 Points Unearned
30.4 %
CIMB Group
18.1  Points Earned
18.1  Points Earned
17.1  Points Earned
46.7 Points Unearned
48.6 %
Citigroup
11.5  Points Earned
11.5  Points Earned
13.0  Points Earned
64 Points Unearned
36.5 %
CITIC
0.0  Points Earned
0.0  Points Earned
0.8  Points Earned
99.2 Points Unearned
0.8 %
Scotiabank
2.9  Points Earned
2.9  Points Earned
7.6  Points Earned
86.6 Points Unearned
14.2 %
Bank of China
3.4  Points Earned
3.4  Points Earned
2.6  Points Earned
90.6 Points Unearned
6.1 %
ICBC
0.0  Points Earned
0.0  Points Earned
3.4  Points Earned
96.6 Points Unearned
3.4 %
DBS
17.0  Points Earned
17.0  Points Earned
12.9  Points Earned
53.1 Points Unearned
40.3 %
Safra Group
2.5  Points Earned
2.5  Points Earned
4.3  Points Earned
90.7 Points Unearned
7.7 %
BNDES
15.8  Points Earned
15.8  Points Earned
13.8  Points Earned
54.60000000000001 Points Unearned
34.9 %
John Deere Bank
0.0  Points Earned
0.0  Points Earned
0.0  Points Earned
100 Points Unearned
0.0 %
Bank Panin
7.0  Points Earned
7.0  Points Earned
4.6  Points Earned
81.4 Points Unearned
16.8 %
UBS
9.8  Points Earned
9.8  Points Earned
9.3  Points Earned
71.10000000000001 Points Unearned
24.3 %
Sicredi
2.4  Points Earned
2.4  Points Earned
6.1  Points Earned
89.1 Points Unearned
9.7 %
CNH Industrial Capital
0.0  Points Earned
0.0  Points Earned
1.8  Points Earned
98.2 Points Unearned
1.8 %
China Merchants Bank
0.0  Points Earned
0.0  Points Earned
2.9  Points Earned
97.1 Points Unearned
2.9 %
RHB Banking
17.1  Points Earned
17.1  Points Earned
8.3  Points Earned
57.500000000000014 Points Unearned
39.0 %
BTG Pactual
2.8  Points Earned
2.8  Points Earned
6.7  Points Earned
87.7 Points Unearned
14.3 %
Bank of Ningbo
0.0  Points Earned
0.0  Points Earned
1.3  Points Earned
98.7 Points Unearned
1.3 %
Banrisul
0.0  Points Earned
0.0  Points Earned
3.9  Points Earned
96.1 Points Unearned
4.7 %
Crédit Agricole
10.6  Points Earned
10.6  Points Earned
7.6  Points Earned
71.20000000000002 Points Unearned
21.7 %
ING Group
16.2  Points Earned
16.2  Points Earned
17.3  Points Earned
50.3 Points Unearned
46.1 %
China Construction Bank
2.4  Points Earned
2.4  Points Earned
3.4  Points Earned
91.79999999999998 Points Unearned
5.8 %
Agricultural Bank of China
0.0  Points Earned
0.0  Points Earned
3.1  Points Earned
96.9 Points Unearned
3.1 %
Shanghai Pudong Development Bank
0.0  Points Earned
0.0  Points Earned
3.9  Points Earned
96.1 Points Unearned
3.9 %
Morgan Stanley
7.0  Points Earned
7.0  Points Earned
8.7  Points Earned
77.3 Points Unearned
21.8 %
World Bank
11.4  Points Earned
11.4  Points Earned
5.5  Points Earned
71.69999999999999 Points Unearned
24.5 %
Standard Chartered
16.9  Points Earned
16.9  Points Earned
14.9  Points Earned
51.29999999999999 Points Unearned
47.6 %
United Overseas Bank
9.8  Points Earned
9.8  Points Earned
9.5  Points Earned
70.9 Points Unearned
26.3 %
AmBank Group
4.7  Points Earned
4.7  Points Earned
4.7  Points Earned
85.89999999999999 Points Unearned
12.9 %
CT Corpora
0.0  Points Earned
0.0  Points Earned
6.8  Points Earned
93.2 Points Unearned
6.8 %
Bank of Communications
0.0  Points Earned
0.0  Points Earned
1.6  Points Earned
98.4 Points Unearned
1.6 %
Public Bank
11.4  Points Earned
11.4  Points Earned
8.2  Points Earned
68.99999999999999 Points Unearned
26.9 %
BRDE
0.0  Points Earned
0.0  Points Earned
1.8  Points Earned
98.2 Points Unearned
1.8 %
Groupe BPCE
2.3  Points Earned
2.3  Points Earned
3.6  Points Earned
91.80000000000001 Points Unearned
8.1 %
Barclays
16.2  Points Earned
16.2  Points Earned
13.4  Points Earned
54.199999999999996 Points Unearned
43.0 %
Export Development Canada
0.8  Points Earned
0.8  Points Earned
8.1  Points Earned
90.30000000000001 Points Unearned
12.6 %
Indonesia Eximbank
7.4  Points Earned
7.4  Points Earned
7.2  Points Earned
77.99999999999999 Points Unearned
21.2 %
China Development Bank
0.0  Points Earned
0.0  Points Earned
1.6  Points Earned
98.4 Points Unearned
1.6 %
ANZ
4.7  Points Earned
4.7  Points Earned
5.8  Points Earned
84.8 Points Unearned
19.7 %
First Abu Dhabi Bank
0.8  Points Earned
0.8  Points Earned
7.1  Points Earned
91.30000000000001 Points Unearned
11.8 %
Hong Leong Group
3.5  Points Earned
3.5  Points Earned
6.2  Points Earned
86.8 Points Unearned
10.5 %
Nomura
8.6  Points Earned
8.6  Points Earned
10.3  Points Earned
72.50000000000001 Points Unearned
26.7 %
Deutsche Bank
11.8  Points Earned
11.8  Points Earned
11.4  Points Earned
65 Points Unearned
35.5 %
Affin
0.0  Points Earned
0.0  Points Earned
2.7  Points Earned
97.3 Points Unearned
2.7 %
Sumitomo Mitsui Trust
8.2  Points Earned
8.2  Points Earned
9.2  Points Earned
74.39999999999999 Points Unearned
22.0 %
Westpac
13.1  Points Earned
13.1  Points Earned
11.9  Points Earned
61.90000000000001 Points Unearned
36.0 %
BRB - Banco de Brasília
3.3  Points Earned
3.3  Points Earned
0.0  Points Earned
93.4 Points Unearned
4.1 %
Bank of New York Mellon
0.6  Points Earned
0.6  Points Earned
3.7  Points Earned
95.10000000000001 Points Unearned
5.0 %
Northern Trust
2.2  Points Earned
2.2  Points Earned
4.1  Points Earned
91.5 Points Unearned
9.2 %
Banpara
5.3  Points Earned
5.3  Points Earned
2.4  Points Earned
87 Points Unearned
11.1 %
Prudential Plc
10.1  Points Earned
10.1  Points Earned
11.2  Points Earned
68.60000000000001 Points Unearned
32.5 %
Banco de Crédito e Inversiones
0.0  Points Earned
0.0  Points Earned
4.7  Points Earned
95.3 Points Unearned
4.7 %

Our demands to the financial sector

Governments and financial institutions need to act now to address the climate and biodiversity crises. To achieve this, they should adopt and implement these five principles:

01
Halt and reverse biodiversity loss.
02
Respect and prioritize the rights of Indigenous Peoples, women and local communities.
03
Foster a socially and ecologically just transition.
04
Ensure ecosystem integrity.
05
Align institutional objectives across sectors, issues, and instruments.

A Critical Momentfor Biodiversity and Finance

The Convention on Biological Diversity COP in Cali this year offers a crucial opportunity for global leaders to address the role of finance in driving biodiversity loss. Our report on regulating destructive finance highlights key actions policymakers must take to protect life on Earth. It's time to put an end to unchecked financial flows fueling deforestation and extinction.

Read the report and demand action to regulate finance now.
Banking on Biodiversity Breakdown
Demand G20 heads of state and finance ministers take meaningful action to regulate finance to protect biodiversity at the 2024 summit.
Take Action

Contact the Coalition

Have questions about the data or want to connect with the coalition? Contact us

Press Contact

Emma Rae Lierley
Senior Communications Manager, Forest
+1 (425) 281-1989
emma@ran.org

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