Revealed: UK banks and investors' $2bn backing of meat firms linked to Amazon deforestation
Investigation uncovers ties between financial institutions and three Brazilian firms connected to environmental destruction
Emma Howard, Andrew Wasley and Alexandra Heal
Thu 4 Jun 2020 04.00 EDT
British-based banks and finance houses have provided more than $2bn (£1.5bn) in financial backing in recent years to Brazilian beef companies which have been linked to Amazon deforestation, according to new research.
Thousands of hectares of Amazon are being felled every year to graze cattle and provide meat for world markets.
As well as providing financial backing for Minerva, Brazils second largest beef exporter, and Marfrig, its second largest meat processing company, UK-based financial institutions held tens of millions of dollars worth of shares in JBS, the worlds largest meat company.
All three meat companies have been linked to deforestation in their supply chains, though they say they are working to monitor their suppliers and mitigate risks.
More:
https://www.theguardian.com/environment/2020/jun/04/revealed-uk-banks-and-investors-2bn-backing-of-meat-firms-linked-to-amazon-deforestation