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3 Nov 2020

Bill Thornhill & Jon Hay, GlobalCapital

Commentary: Deforestation finance - only a total stop will do

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Firms such as BlackRock, JPMorgan and Bank of America are not supporting or investing in these issues [environment, racial equality, empowering women]... because they expect to make money from them directly. It is because they want to be seen by their stakeholders... as good corporate citizens... There are some cases, however where the difference between good and bad outcomes is so stark, and the causes so clear, that banks and investment firms really have no excuses for half-hearted measures.

... Right now, no cause is more pressing than saving the Amazon... A report... by Apib and Amazon Watch... should be required reading for the CEOs of Western banks and asset managers.... Financial leaders like BlackRock and JPMorgan have to give their investee companies and clients, active in the Amazon, a stark message: cease and desist. There must be a complete and immediate stop on all development or expansion that involves, or could lead to, deforestation - above all on Indigenous lands, but also on unprotected territory.