Wood pulp, the raw material used to create paper products, is a significant revenue source in countries across the globe. Pulp and paper account for more than 40% of all commercial wood traded worldwide.
But wood pulp production also has a significant environmental impact. Unsustainable operations can devastate forests, fuel climate change, and have negative effects on local communities.
As part of BNP Paribas, Bank of the West has specific policies in place to guide its financing of companies involved in the wood pulp sector. Mandatory criteria for financing approval includes: no use of fire to clear land; no use of ecologically or historically significant lands for new plantations; verification that production processes comply with local and national laws; and the use of safe and effective management plans to control potential water and air pollution.
For more about how we restrict wood pulp sector financing, please see the policy document linked here.