Brazil asks investment firms to adopt protected Amazon areas

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Brazil’s government proposed that global asset-managers adopt protected areas in the Amazon rainforest.

Deforestation in the Amazon increased 22% in the first five months of this year compared to the same period of 2019, the government agency that monitors the rainforest reported June 6. Data for the full month of June has yet to be released.

“We are evaluating, and having a dialogue with the government is a way to try to minimize the risk of divesting,” Jeanett Bergan, head of responsible investments for Norway’s largest pension fund, KLP, said by phone from Norway. “We hope the dialogue can bring forward positive results and progress, we won’t see the same as last year with all the forest fires, and maybe see positive results coming out of this after awhile.

KLP has about $53 million invested in 58 Brazilian companies. It has already divested from Brazilian meatpacker JBS, mining giant Vale and power company Eletrobras for reason related to either corruption, the environment or human rights. Brazil already receives money from wealthy nations, namely Germany and Norway, to fight deforestation in the Amazon. Norway alone has donated $1.2 billion to Brazil’s Amazon Fund since its creation in 2008. However, both European nations suspended contributions last year, citing continued deforestation and questioning whether the government wants to stop it.

 

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