Climate activists are putting pressure on the European Union to reconsider its decision to exclude banks from a landmark deforestation rule, in a move designed to pre-empt an official review of the regulation next year.
UK-based nonprofit Global Canopy says it was a mistake to allow the finance industry to fall outside the scope of the EU’s deforestation regulation. Given what the group characterizes as poor progress by banks and asset managers in tackling the issue, Global Canopy is lobbying the EU to include finance in its rules for protecting forests. The US and UK should consider similar rules, Global Canopy said.