The European Commission said on Wednesday that financial institutions are not backing the EU's new deforestation law EUDR), which has faced a backlash from producing countries concerned it will create unfair trade barriers. The landmark law requires importers of commodities like coffee, cocoa, beef, soy, rubber and palm oil to produce a due diligence statement proving their goods are not contributing to the destruction of forests, or risk hefty fines. Deforestation is responsible for about 10% of global greenhouse gas emissions that drive climate change, and the law, which comes into effect at end-2024, aims to ...