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23 Nov 2020

Brazil: NGO report alleges that international financial institutions are enabling violations of Indigenous Peoples' rights in the Amazon

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"Complicity in Destruction III: How global corporations enable violations of Indigenous peoples' rights in the Brazilian Amazon", published by the Association of Brazil’s Indigenous Peoples (APIB) in partnership with Amazon Watch, alleges that a network of leading international financial institutions is linked to conflicts on Indigenous lands, illegal deforestation, land grabbing, Amazon fires, the weakening of environmental protections, and the production and export of conflict commodities through their contributions to nine companies. The report authors and a coalition of Brazilian and international allies are calling on these financial institutions to stop fueling this problem and to use their influence to be part of the solution. Recommendations for financial institutions include committing to zero-deforestation policies and policies guaranteeing respect for Indigenous and human rights and requiring companies in their portfolio. to develop binding policies that safeguard Indigenous rights, including requiring companies to obtain Free, Prior, and Informed Consent, eliminate deforestation in their production chains and adopt transparency measures related to their suppliers as criteria for receiving financing or investments (among other recommendations).

Business & Human Rights Resource Centre invited the six financial institutions named in the report - BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America, and Dimensional Fund Advisors - to respond to these allegations, as well as the nine companies - Anglo America, Belo Sun, Bom Futuro Energia, Cargill, Cosan/​Raízen, Eletronorte, Energisa Mato Grosso, Equatorial Energia Maranhão, and Vale.

Anglo American, Belo Sun, Citigroup, Cosan/​Raízen, Cargill, Vale and Vanguard responded. BlackRock, JPMorgan Chase, Bank of America, and Dimensional Fund Advisors did not. Comments from Potássio do Brasil and JBS are included in Portuguese in one of the articles below.

Company Responses

Vanguard View Response
Citigroup View Response

No Response

Dimensional Fund Advisors

No Response

Bank of America

No Response

JPMorgan Chase

No Response

Cosan Group View Response
Belo Sun View Response
Anglo American View Response
Cargill View Response

No Response

Bom Futuro Energía

No Response


No Response

Equatorial Energia

No Response

Anglo American View Response