Biden’s Executive Order on Forests can help stop Wall Street from financing deforestation

The document calls for the US to move beyond funding conservation and instead regulate the financial sector to stop the flow of capital to companies driving deforestation. It highlights that US financial institutions provided $58 billion to agribusiness firms linked to tropical deforestation in the five years following the Paris Agreement, with JPMorgan identified as the largest single financier. The author advocates for the adoption of the FOREST Act to clean up supply chains and the Fossil Free Finance Act to mandate the elimination of financing for activities contributing to deforestation by 2050.

• US financial institutions provided $58 billion to agribusiness firms linked to tropical deforestation and associated human rights abuses in the five years since the Paris Climate Agreement, generating an estimated $538 million from these deals.
• JPMorgan is identified as the largest financier of companies destroying forests globally, with $9.38 billion in deals with such firms in the five years following the Paris Climate Agreement.
• President Biden's Executive Order initiates a one-year process to create a "whole-of-government" strategy to reduce or eliminate US purchases of products from illegally or recently deforested lands.
• The document proposes two legislative paths: the FOREST Act, which would block agricultural commodities from illegally deforested land from entering the US market, and the Fossil Free Finance Act, which would require bank holding companies with over $50 billion in assets to eliminate financing for deforestation and greenhouse gas emissions by 2050.

APA

Global Witness (n.d.). Biden’s Executive Order on Forests can help stop Wall Street from financing deforestation. https://globalwitness.org/en/campaigns/forests/bidens-executive-order-on-forests-can-help-stop-wall-street-from-financing-deforestation/

Chicago

Global Witness. Biden’s Executive Order on Forests can help stop Wall Street from financing deforestation. n.d. https://globalwitness.org/en/campaigns/forests/bidens-executive-order-on-forests-can-help-stop-wall-street-from-financing-deforestation/.

Wikipedia

{{cite press release |author=Global Witness |title=Biden’s Executive Order on Forests can help stop Wall Street from financing deforestation |url=https://globalwitness.org/en/campaigns/forests/bidens-executive-order-on-forests-can-help-stop-wall-street-from-financing-deforestation/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitnessndbidens, author = {{Global Witness}}, title = {{Biden’s Executive Order on Forests can help stop Wall Street from financing deforestation}}, publisher = {Global Witness}, url = {https://globalwitness.org/en/campaigns/forests/bidens-executive-order-on-forests-can-help-stop-wall-street-from-financing-deforestation/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }