European banks and asset managers play a major role in deforestation, a new report by Global Witness shows.
Lenders based in the EU have earned a reported €401m from deforestation, out of more than €30bn worth of deals with companies linked to logging.
Researchers analysed over 70,000 financial deals struck between financial institutions and agribusiness companies between 2016 and 2020.
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Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.