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Sat Feb 16, 2019, 07:30 PM

Global commodity traders to monitor deforestation in Brazil's savannah

by Reuters
Friday, 15 February 2019 18:15 GMT

Roughly half of the biome's native forest and other vegetation have been destroyed in the past 50 years, with newly cleared land feeding Brazil's soy boom

BRASILIA, Feb 15 (Reuters) - Six major commodities traders, including Cargill Inc and Bunge Ltd, have agreed to a common mechanism to monitor soybean supply chains for deforestation in Brazil's vast Cerrado savannah, according to a statement on Friday.

The Cerrado covers roughly a quarter of Brazil's territory, the nation's second-largest biome after the Amazon rainforest. Its plants sink deep roots into the ground, often likened to an upside down forest, forming a major carbon sink whose preservation is vital to the fight against global warming.

Companies belonging to the Soft Commodities Forum network that signed onto the agreement to monitor their soy supply chains in the Cerrado include Archer Daniels Midland Co, COFCO International, Glencore Plc's agriculture unit and Louis Dreyfus Company, according to a Forum statement.

The companies agreed to detail how much soy is coming from the Cerrado and purchases made in municipalities at the highest risk of deforestation. The first findings will be presented in June.

The statement did not say the companies agreed to end deforestation in the Cerrado.


Environment and energy:

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