BRASILIA (BRAZIL) – A group of 29 global investment companies that manage $3.7 trillion (£2.9 trillion) are demanding meetings with Brazilian diplomats to put pressure on President Jair Bolsonaro’s government to stop spiraling deforestation in the Amazon rainforest.
The investors, led by Norwegian insurance and pension company Storebrand Asset Management, sent letters to Brazilian embassies in seven countries, voicing concern that Brazil is rolling back environmental protections, said a statement
“The escalating deforestation in recent years, combined with reports of a dismantling of environmental and human rights policies and enforcement agencies, are creating widespread uncertainty about the conditions for investing in or providing financial services to Brazil,” the letter said.
Environmental activists blame Bolsonaro for weakening protections and causing a surge in deforestation and forest fires since he assumed office in 2019.
Storebrand Asset Management CEO Jan Erik Saugestad said in an interview that while earlier initiatives stressed on pressuring Brazilian companies, this new initiative is aimed at the government.
The 25 European firms that signed on include Norway’s Nordea Asset Management and the Church of England, which has a 2.8 billion pound pension fund. The UK’s Legal & General Investment Management (LGIM) is among the largest investors with 1.2 trillion pounds under management.
US-based firms Domini Impact Investment and Pax World Funds are also signatories.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field