One of the world’s biggest carbon sinks is at risk from oil exploration, and potential financiers of the project risk being exposed to corruption, says a new report from Global Witness.
Some of the largest names in global finance provided tens of billions of dollars to companies directly or indirectly deforesting the largest rainforest regions of the world.
A major EU vote and a direct call to action from investors with assets worth €1.7 trillion signals the start of a transformation of the financial sector, which could help in delivering on the Paris climate agreement, and prevent human rights abuses, says Global Witness.
Campaigners have welcomed moves from the European Parliament’s lead rapporteurs to increase ethical investing, and ensure EU investors safeguard human rights as part of their due diligence processes.