Ten major banks are financing Paraguayan beef producers implicated in the destruction of forest spanning an area the size of New York City, a new report finds.
The analysis, from watchdog group Global Witness, tallies lending to meatpacking giants Minerva Foods and Frigorífico Concepción between 2021 and 2023. During that time, the firms bought cattle raised on farms linked to the loss of 300 square miles of forest in the Gran Chaco region of Paraguay.
Ten international banks supplied $1.7 billion in financing to the meatpacking firms. Four banks — including HSBC and BBVA — did so despite pledges to stop funding the destruction of forest. The other six — including J.P. Morgan and Bank of America — have made no such commitment.
The report also finds that Minerva Foods and Frigorífico Concepción bought cattle from ranches that cross into lands claimed by the Ayoreo Totobiegosode people. Expanding ranches are threatening the Ayoreo Totobiegosode, many of whom remain isolated.
“These findings clearly show how U.S. banks benefit while the Totobiegosode are forced to deal with the consequences,” said Ashley Thomson, of Global Witness. “The destruction is embedded in the routine operations across the finance sector, and the only way to weed it out is through strong regulations.”
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