European investors threaten Brazil divestment over deforestation
European investors threaten Brazil divestment over deforestation
by Reuters
Friday, 19 June 2020 10:00 GMT
Seven major European investment firms say they will take their money out of beef producers, grains traders and even government bonds unless progress is made to protect Amazon rainforest
By Jake Spring
BRASILIA, June 19 (Reuters) - Seven major European investment firms told Reuters they will divest from beef producers, grains traders and even government bonds in Brazil if they do not see progress in resolving the surging destruction of the Amazon rainforest.
The rising threats from investors with more than $2 trillion in assets under management, including Finland-based Nordea and the UK's Legal & General Investment Management (LGIM), show how the private sector is taking global action to protect the world's largest rainforest.
Brazil's President Jair Bolsonaro has shrugged off diplomatic pressure on the matter.
Deforestation of Brazil's Amazon surged to an 11-year high in 2019, Bolsonaro's first year in office, and has risen a further 34% in the first five months of 2020, according to preliminary data from government space research agency INPE. The right-wing populist has weakened environmental protections and called for more mining and farming in the Amazon region.
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