The European Union agreed on Tuesday on a new law to prevent companies from selling into the EU market soy, beef, coffee and other commodities linked to deforestation around the world.

The law will require companies to produce a due diligence statement proving that their supply chains are not contributing to the destruction of forests before they sell goods into the EU – or they could face hefty fines.

“I hope that this innovative regulation will give impetus to the protection of forests around the globe and inspire other countries at the COP15,” said the European Parliament’s lead negotiator, Christophe Hansen.

Deforestation is a major source of greenhouse gas emissions that drive climate change and will be in focus at a UN COP15 conference this week, where countries will seek a global deal to protect nature.

Negotiators from EU countries and the European Parliament struck the deal on the law early on Tuesday.