KLP, Norway’s largest pension fund, with over US$80 billion in assets, is saying it may divest from transnational commodities traders operating in Brazil such as Archer Daniels Midland (ADM), Bunge and Cargill, if they work with producers who contribute to deforestation. KLP has $50 million in shares and loans with the firms. KLP is also reaching out to other investors to lobby them to use their financial influence to curb Amazon deforestation via supply chains. On August 28, Nordea, the largest asset management group in the Nordic region announced a temporary quarantine on Brazilian government bonds in response to this year’s Amazon fires. International investment firms play a pivotal role in preserving or deforesting the Amazon. A new report found that mega-investment house BlackRock ranks among the top three shareholders in 25 of the largest public “deforestation-risk” companies, firms dealing in soy, beef, palm oil, pulp and paper, rubber and timber. The Amazon deforestation process is complex. But it often proceeds by the following steps: land speculators invade the rainforest, illegally cut down and sell the most valuable timber, then set fire to the rest; they then can sell the land for 100-200 times its previous worth to cattle […]
Giant Norway pension fund weighs Brazil divestment over Amazon deforestation
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