💰 EU agrees law preventing import of goods linked to deforestation

TL;DR

BRUSSELS/SAO PAULO, Dec 6 (Reuters) - The European Union agreed on Tuesday on a new law to prevent companies from selling into the EU market coffee, beef, soy and other commodities linked to deforestation around the world.Deforestation is responsible for about 10% of global greenhouse gas emissions that drive climate change and will be in focus at a U.N. COP15 conference this week, where countries will seek a global deal to protect nature.That means 600,000 square kilometers of woodland in the Cerrado savanna - the fastest growing frontier of agricultural expansion in Brazil - would not be subject to the law, according to the Brazilian non-profit Cerrados Institute.The country's coffee exporters association Cecafe said it respected global environmental concerns but worried that the industry's progress toward sustainable production was not being adequately recognized.EU member nations will be required to carry out compliance checks covering 9% of companies exporting from countries with a high risk of deforestation, 3% from standard-risk countries and 1% for low-risk countries."

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