BRASILIA - A group of 29 global investment firms that manage US$3.7 trillion are demanding meetings with Brazilian diplomats around the world to call on right-wing President Jair Bolsonaro's government to stop soaring deforestation in the Amazon rainforest.
"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 advocates blame Bolsonaro for weakening protections and causing a surge in deforestation and forest fires since he took office in 2019.
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. Britain's Legal & General Investment Management is among the largest investors with 1.2 trillion pounds under management.