$ 4 trillion fund holders tell Brazil to stop deforestation

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A boat is seen running fast on the Jurura River in the Kaiori municipality of the Amazon State, located in the middle of t …Read more

PARIS: An investment fund of close to $ 4 trillion in called assets Brazil tuesday Stop Deforestation Amazon warning in an open letter Biodiversity Loss and carbon emissions give their portfolio a “systemic risk”.
Managers from countries in Europe, Asia, and South America expressed their apprehension that the government in Brasilia is using the COVID-19 crisis through environmental slavery that could “jeopardize the existence of the Amazon”.
“We are concerned about the financial impact that deforestation and violation of the rights of indigenous peoples can have on our clients and investment companies, potentially increasing reputational, operational and regulatory risks”.
Although the lockdown associated with the coronavirus epidemic is likely to see a several percent drop in the world’s carbon emissions, deforestation in the Amazon may actually increase Brazil’s annual contribution to global warming.
Environmentalists have warned that 2020 is going to be the most devastating year for the world’s largest rainforest, with more damage from fires that sparked global catastrophe last year.
According to satellite data from the Brazilian National Space Research Institute (INPE), an area of ​​829 square kilometers (320 sq mi) in the Brazilian Amazon suffered deforestation 14 times in the Brazilian Amazon.
This was a 12 percent increase over the previous year, and in August 2015 is the worst May since record keeping.
Activists accuse Brazilian President Jair Bolsonaro, Skeptical of climate change, embracing those responsible for deforestation with calls to legalize cultivation and mining on protected lands.
The fund managers, who collectively controlled more than $ 3.75 trillion in assets, urged Bolsonaro’s administration to show a “clear commitment” to reduce deforestation and protect indigenous rights.
Seiji Kawazo – from Japan’s Sumitomo Mitsui Trust Asset Management – said one of more than two dozen firms to sign Tuesday’s open letter – to avoid negative impacts from climate change – had become a major concern of the holding.
“Amazon is one of the primary areas of the rainforest, affecting the global climate,” he told AFP.
Corey Klemmer, director of engagement at letter signee Domini Impact Investment, said his firm was “very concerned” about deforestation.
“It would be difficult to predict the ripple effects from pushing a tipping point on Amazon,” he told AFP.
Klamer said these effects may be geographically far-reaching in the US’s mid-west as far as reducing rainfall, as well as reducing the flow of new medicines from Amazon plants.
Most of the signatories are members of the Investor Initiative for Sustainable Forest, which engages firms that are exposed to deforestation from their investments in soy and cattle production.
Funds shown in the letter include Britain’s LGPS Central, France’s lowest and KLP, Norway’s largest pension fund.
“As financial institutions, we see deforestation and biodiversity and climate change-related impacts as systemic risks to our departments,” he wrote.

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