Brazil

BNP Paribas halts financial support for beef raised in Amazon

Beef

The French lender announced it would encourage its clients not to produce or buy beef from Cerrado land cleared or converted land after January 1 2020.

Posted on Feb 16 ,08:09

BNP Paribas halts financial support for beef raised in Amazon

Sad news for Brazilian beef producers from the Cerrado region. One of the world's largest banks, BNP Paribas, announced this week that will halt financial support for customers involved in producing or buying beef from this region. This measure outlines a policy to fight deforestation in the Amazon and the Cerrado regions, according to the financial institution.
The bank, France's largest listed lender, said it would only provide financial products or services to companies - producers, meat conditioners and traders - with a strategy to achieve zero deforestation in their production and supply chains by 2025 at the latest. "Financial institutions exposed to the agricultural sector in Brazil must contribute to this fight against deforestation," BNP Paribas said in a statement.
Last year, Brazil was involved in a scandal regarding wildfires in the Amazonian forest, which cleared the land for cattle herds.

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