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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRevealed: UK banks and investors' $2bn backing for meat giants linked to Amazon deforestation
https://unearthed.greenpeace.org/2020/06/04/amazon-deforestation-banks-investors-meat-companies/British-based banks and finance houses have provided more than $2bn in financial backing in recent years to Brazilian beef companies linked to Amazon deforestation, according to an analysis by the Bureau of Investigative Journalism (TBIJ) and Unearthed.
Deforestation of the Amazon has shot up during the Covid-19 crisis, as Brazils environmental agencies struggle to operate and president Jair Bolsonaro moves to weaken safeguards on Indigenous lands.
The financial backing which came in the form of bond purchases and underwriting went to Minerva and Marfrig. UK-based financial institutions also held tens of millions of dollars worth of shares in JBS, the worlds biggest meat company, which has also been linked to corruption. All three have been linked to substantial deforestation in their supply chains, although the companies say they are working to monitor their supply chains and mitigate risks.
According to financial data from January 2013 to May 2019, HSBC underwrote $1.1bn of bonds for Marfrig and $917m for Minerva. They also held nearly $3m in JBS shares. Schroders held $14m in Marfrig bonds and $12m in Minerva bonds, while Standard Life Aberdeen held $10m in Marfrig bonds and $3m of shares in JBS. Prudential UK part of M&G had $23m of shares in JBS and $5m in bonds in Minerva. The data is not comprehensive.
Banks frequently hold bonds and shares on behalf of clients who invest through their asset management funds.
If the governments claims to global leadership on climate are to have any meaning at all, it must stop turning a blind eye to the links between UK banks and deforestation
Other European-based institutions provided an additional $2.1bn of backing. Santander collectively underwrote $1.4bn worth of bonds across the three companies. Deutsche Bank underwrote $69m worth of Marfrig bonds and provided JBS with a $57m corporate loan.
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Revealed: UK banks and investors' $2bn backing for meat giants linked to Amazon deforestation (Original Post)
flamingdem
Jun 2020
OP
malaise
(268,976 posts)1. Look here
Real looting!
Let's hope Bolsonaro is next.
https://www.voanews.com/americas/demonstrators-brazil-protest-against-crimes-committed-police
malaise
(268,976 posts)3. He will soon be removed by the generals
I can't wait