As EU institutions came to a final agreement on rules to reduce deforestation on Tuesday, European banks insisted they were working hard to reduce investments in companies and projects linked to the destruction of forests.
The European Commission, Parliament and Council committed to a review within two years after the rules enter into force that will assess whether existing EU legislation is sufficient to tackle the role of financial institutions in global deforestation or whether new rules are needed to force the sector to conduct due diligence checks on their activities to verify they are not linked to deforestation.
