Are political and business interests driving deforestation in Brazil?
In 2019 as deforestation alerts in the Amazon increased 34,5% over 7000 sq km of the Amazon was deforested, whilst in the neighbouring Cerrado savannah – Brazil’s second largest biome - over 4000 sq km of vegetation was destroyed. Gustavo Machado de Mela of Fair Finance Brazil asks Professor Raoni Rajão of the Federal University of Minas Gerais to explain some key drivers of deforestation in the Amazon and Cerrado regions of Brazil.
Is European financing destroying the Amazon?
From 2015 to 2020, 33 major European based Financial Institutions invested a combined total of 20 billion US$ in companies directly linked to climate-changing deforestation in Brazil. Julia Dubslaff and Gustavo Machado de Melo from the Fair Finance International network explain the links between the fires burning in the Amazon and European markets and financial institutions.
"Soy, beef pasture, corn, cotton, and sugarcane crops have replaced 870,000 sq km of biodiverse forest and savannah in Brazil. These commodities are driving catastrophic changes in land use, contributing to biodiversity loss and environmental destruction."
Unless Financial Institutions urgently address their role in funding deforestation through 5 key steps, the Amazon and the battle against climate breakdown will be lost, says Gustavo Machado de Melo of Fair Finance Guide Brazil.
"Banking scandals have made it clear that it is almost impossible for a public consumer to access information on whether a Danish bank or pension fund is operating responsibly."
As public pressure for a responsible financial sector grows, Oxfam IBIS believes that ethics and sustainability must become a competitive factor in the Danish banking sector - and that the way to achieve it is with a Fair Finance Guide in Denmark.