Shares in the maker of Pringles surged nearly 20% last week after Mars announced it was considering taking over the $27bn US food giant Kellanova to create a $60bn total revenue behemoth.

In recent years, the importance of preserving our natural environment and biodiversity has come to the forefront of global consciousness.

Paraguay is often overlooked in the deforestation debate despite hosting some of the highest rates in the world over the past decade. For 2019, Trase tracked over 200,000 hectares of deforestation associated with beef and soy exports in 2019 – an area larger than Greater London. This low profile has resulted in too little scrutiny of the finance linked to soft commodity trade and allowed financial institutions to skimp on the type of country and biome level policy commitments often applied to higher profile locations.