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Banks urged to set time-bound targets to tackle deforestation A new report has outlined how banks can take proactive steps to improve traceability and accountability of contributions to deforestation, as part of a first step to accelerating action towards a forest-restorative economy. Some of the world s largest banks have been linked to industries that are causing mass deforestation and biodiversity loss The new report details an action plan set out by the University of Cambridge Institute for Sustainability Leadership (CISL) as to how banks can play a role in halting global deforestation. It focuses on the role of financing soft commodities such as palm oil, soy, beef and timber products that are responsible for the majority of deforestation caused by commercial agriculture. With more than 50% linked to services provided by nature, including freshwater, healthy soil and clean air, banks have a key role to play in shaping markets that combat the ecological crisis.

United kingdomUnited statesNick villiersConsumer goods forumBanking environment initiativeWorld bankUniversity of cambridge institute for sustainability leadershipBank ltdInternational finance corporationFirstrand group ltdMitsubishi ufjTask force for natureWells fargoJp morgan chaseCambridge instituteSustainability leadership