A new report shows how big-name financiers are bankrolling animal agriculture corporations and climate change. According to the report, global meat production rose 9% between 2015 and 2021, while dairy production increased 13% in that time. Over almost the same period, 2015 to 2022, financiers provided the world’s top 55 industrial animal agriculture companies with average annual credit injections of $77bn.

The report, titled “STILL BUTCHERING THE PLANET. The big-name financiers bankrolling livestock corporations and climate change – 2024 update”, was produced by Feedback, a UK- and Netherlands-based environmental campaign group working for food that is good for the planet and its people, “by challenging power, catalysing action and empowering people to achieve positive change.”

The report found that the banks that are supporting the world’s top 55 industrial livestock companies the most are Bank of America, which provided almost $29bn, Barclays, providing over $28bn, and JPMorgan Chase providing almost $27bn. Barclays was the biggest lender to the Brazilian meat firm JBS. The report identifies as big dairy financiers Wells Fargo, which was the top creditor to Dairy Farmers of America, and ANZ bank, the biggest creditor to New Zealand’s Fonterra.

Martin Bowman, policy and campaigns for Feedback, said to The Guardian, “We’re calling for financial institutions to defund industrial livestock companies as soon as possible.”

By referencing a survey of more than 200 climate scientists and food and agriculture experts, the report states that eating less meat and farming fewer animals, especially in richer countries, is the best way to reduce emissions from the animal agriculture industry.  In low-income countries, the survey says that climate finance mechanisms should assist farmers to transition away from livestock production, and agricultural and climate policies should be reformulated to prioritize Best Available Foods that minimize environmental impacts and maximize public health outcomes.

“Originally from Catalonia, but resident in the UK for several decades, Jordi is a vegan zoologist and author, who has been involved in different aspects of animal protection for many years. In addition to scientific research, he has worked mostly as an undercover investigator, animal welfare consultant, and animal protection campaigner. He has been an ethical vegan since 2002, and in 2020 he secured the legal protection of all ethical vegans in Great Britain from discrimination in a landmark employment tribunal case that was discussed all over the world. He is also the author of the book, ‘Ethical Vegan: a personal and political journey to change the world’.