The report states that the UK finances deforestation at Amazon by investing in JBS

The report states that the UK finances deforestation at Amazon by investing in JBS

British NGO Feedback Published a report This Tuesday (25.M.2021) in which it indicates that the pension fund of the British Parliament finances deforestation in the Amazon through investment in JBS. Here it is whole Reported, in English (2 MB).

Analyzing data released annually by the UK government, the NGO noted that the British Parliament had invested in a fund from the Blackrock manager, called iShares, which was among the 35 largest companies for US $ 67 million (R Equals $ 356 million). Meat and dairy products sector in the world. Of this, US $ 8 million (R $ 42.5 million) goes to JBS.

One of the world’s largest meat producers and the owner of brands such as Cera and Friboi, JBS’s business practices are consistently linked to deforestation in the Amazon rainforest and Cerrado region. However, the company committed to zero deforestation of its production chain by 2025 following international pressure.

This feedback report is used by environmentalists to pressure the British Parliament to hold the financial sector accountable for the new environmental legislation to be passed this year.

“I am shocked to learn that MPs are financing their pension companies which are not only linked to legal and illegal deforestation, but also to poor working conditions in Brazilian farms”Labor Party MP Kerry McCarthy said.

JBS said in a statement that the NGO reports “Critical failures” that it is “Does not tolerate deforestation in its supply chain, according to procurement policy responsible for raw materials applicable to all its suppliers”.

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About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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