We’re told that money makes the world go ‘round—but it’s also killing our rainforests. Last year, the world lost a primary forest area larger than Sri Lanka while finance for forest-risk commodities surged. Over the past decade, banks and investors have doubled down on sectors driving deforestation even as they’ve promised to fight climate change.
Our latest report finds that banks provided $429 billion in loans and underwriting to forest-risk companies operating in tropical forests between 2016 and mid-2025. Among the major banks were Banco do Brasil, Latin America’s largest bank based on assets, European megabank Santander, and JPMorgan Chase.
The biggest credit recipients were Indonesia’s Sinar Mas Group ($42 billion) and Brazil’s Suzano ($40 billion), whose networks of paper, pulp and other agribusinesses have been variously linked to deforestation, social conflict, and displacement of Indigenous peoples.
It’s not just banks. Institutional investors have boosted their shareholdings in forest-risk companies by $8 billion since 2015, with North American investors adding $4.5 billion—led by Vanguard and Blackrock.
The rise of forest-risk finance shows that financial sector promises to self-regulate have been hollow. As global leaders gather in Brazil for the COP30 climate conference next week, the message from us will be clear: The entire planet needs transformational financial sector reform.
Governments must strengthen regulations and enforce real penalties. Protecting the climate means forcing the private sector to move in the right direction—not letting them and their “chainsaw economy” run amok in our rainforests.