British Banks Have Invested $2bn in Corporations Linked to Deforestation

Between January 2013 and May 2019, British banks invested $2 billion in Brazilian beef corporations linked to Amazonian deforestation. Minerva and Marfrig, two out of three major beef companies in Brazil, received financial backing. JBS, the world's largest meat company, also obtained tens of millions of dollars worth of shares from British financial institutions. Yet, all of these companies have been linked to deforestation and corruption.

Financial data from January 2013 to May 2019 show that HSBC underwrote $917 million in bonds for Marfrig and $1.1 billion for Minerva. The bank also possessed $3 million in JBS shares. Additionally, Schroders, Standard Lite Aberdeen and Prudential UK (a part of M&G) held millions in bonds and shares linked to the three meat giants.

Other European banks such as Santander, Deutsche Bank and Credit Agricote also have bonds and shares in JBS, Minerva and Marfrig. Deutsche Bank also provided JBS with a $57 million loan.

In total the three meat giants have received $12.6 billion in bonds, shares and loans from banks worldwide. These sort of funds need to be divested from in order to achieve the goal of the Paris Accord and to protect the Amazon rainforest. Loans should also be contingent on upholding environmental conditions and human right. Yet, British banks have no intention of improving their own behaviour or using their influence to pressure the meat giants to improve theirs.