Global banks and asset managers have extended a total of $119bn of financing to 20 major agribusinesses linked to deforestation in the five years since the Paris agreement was brought into force, according to an investigation by the Global Witness campaign group.

Leading global lenders JPMorgan, HSBC and Bank of America were among the biggest funders of the companies, which included Brazilian meat producer JBS, each striking dozens of funding deals between 2016 and 2020, the research found.

Deals included almost $730m-worth of financing for Olam International, one of the world’s largest food ingredient suppliers, and its subsidiaries from JPMorgan via revolving credit facilities, the data showed. Olam International is under investigation by the Forest Stewardship Council for allegedly destroying rainforest in Gabon.