Why are banks responsible for the increase in meat production?

Bank finance industrial meat breeding
The banks targeted have financed industrial livestock companies to the tune of 70 billion euros each year from 2015 to 2022, with an obvious increase in meat production as a result.
Anthony Kaczmarek Anthony Kaczmarek 5 min

Between 2015 and 2021, global meat production increased by 9%, and that of dairy products by 13%. Two worrying figures when we know the impact of the intensive livestock sector on greenhouse gas emissions and therefore climate change. Not to mention the hyperconsumption of water and the deforestation associated with it. Whose fault is it ? To the banks, of course!

Financial support for industrial breeding

This is a recent report published by the NGO Feedback Global which targets banksat the origin, according to him, of the increase in global production of meat and dairy products. A bad slope, when we know that asking citizens to eat a little less meat is equivalent to removing several million cars from the road, according to a study by the University of Oxford.

It is massive financial support that was actually provided to factory farming companies by banks so that they can develop and therefore increase their production. In total, between 2015 and 2012, the 55 largest industrial livestock companies in the world received 70 billion euros in annual credit injections.

Money often injected without compensationwhich NGOs denounce since it contributes to unsustainably increase global meat production and dairy products. A total misinterpretation since as a reminder, the Paris climate agreement predicts a 61% drop in global greenhouse gas emissions from livestock by 2036…Insoluble, with this grotesque situation!

Is your bank affected?

What are the banks singled out ? First of all Bank of Americawhich injected 29 billion dollars for meat, Barclays (28 billion), then JPMorgan Chase (27 billion). For the dairy sector, this mainly concerns the bank Wells Fargo and the bank ANZ. HSBCmeanwhile, was the second largest creditor of Brazilian meat company Minerva…

Surprising when we know that these banks, like HSBC, are sometimes committed to the fight against deforestation and have declared refusing to provide financial services to customers involved in deforestation

A beautiful miss, also shared by Rabobank, which granted credits to the Brazilian multinational JBS even though it claimed not to finance “any deforestation, even if the law authorizes it”! If it's not a compromiseit looks like it!

Our colleagues from Guardian managed to get the International Meat Secretariat to react, which explained that companies in the sector were “very aware of the need to develop and grow responsibly”in particular because of increasing controls.

However, to this awareness is added an important clarification: the desire to always provide the “essential proteins needed for a growing population”. The questioning of the model seems very distant, and the infernal circle still in motion: the reign of meat has a bright future ahead of itand our greenhouse gas emissions with it!

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