Banks are funneling billions into palm oil firms accused of widespread deforestation. These loans, ostensibly tied to sustainability targets, are raising serious questions about the efficacy of voluntary standards. A Barclays spokesperson said: “All palm oil clients are required to commit to no deforestation, no peatland development and no exploitation in their operations and supply chain. Almost two-thirds of the ranked institutions had no deforestation policies for the highest-risk commodities, which include beef, cocoa, coffee, leather, palm oil, pulp and paper, rubber, soy and timber. The European Union Deforestation Regulation (EUDR) mandates that products derived from beef, cocoa, coffee, palm oil, natural rubber, soy or wood must be “deforestation-free” and legally produced to be placed on the EU market.