A new report by the Forests & Finance Coalition finds that despite years of voluntary climate commitments, banks and other financial institutions have continued to increase their investments in companies linked to deforestation. The value of investments in these companies — in industries such as beef, soy, palm oil and paper — has increased by almost $8 billion since the Paris Agreement was signed a decade ago, the report finds. As of September 2025, investors held $42 billion in bonds and shares in more than 191 forest-risk companies identified in the report. The three largest investors are Permodalan Nasional Berhad (PNB) and Employees Provident Fund, both Malaysian state-owned entities, and U.S. investment manager Vanguard. …“A decade after the Paris Agreement, we see little to no action from banks and investors to stop the money pipeline to tropical forest destruction,” said Merel van der Mark, co-author of the report.