Post by account_disabled on Mar 5, 2024 0:51:11 GMT -5
Nando's, Ocado and the Woolworths Group are the latest companies to sign a letter urging Brazilian policymakers to reject a new land use proposal that could further spur deforestation in the Amazon region , with a new report urging the nation to link efforts to combat deforestation to sovereign bonds. For this reason, companies reiterate a green boycott of Brazil.
Companies reiterate green boycott of Brazil
According to edie earlier this year, a number of large supermarkets, food delivery chains, suppliers and manufacturers threatened to boycott Brazilian products if lawmakers did not strengthen laws aimed at protecting the Amazon rainforest. Brands including Sainsbury's, Tesco and Marks & Spencer signed the original letter, sent in May.
The companies urged lawmakers not to approve a new legislative proposal known as PL 510/21. The measure has been dubbed a “land grab bill” by environmental groups such as Fridays For Future.
Brazil plans to vote on some aspects of this Chile Mobile Number List legislation this week. Ahead of these negotiations, Nando's Ocado, the Woolworths group and the entire Dutch animal feed industry have signed the letter threatening to boycott Brazil if the legislation is approved.
Under the new legislation, private sector companies or individual asset owners would be allowed to convert land that was occupied by local communities as recently as 2014. Under current rules, the land must have been vacant since 2011 .
Additionally, to receive title to the land, the new owners would not need an on-site inspection, another alteration to current requirements. The bill would also allow those currently occupying land illegally to apply for formal ownership, while many environmental groups want those lands to be made public again.
Sovereign bond risk
In related news, a new report from Planet Tracker and the Grantham Research Institute has urged the nation to issue a “deforestation-linked sovereign bond to help finance a green recovery.”
The research of these organizations warns that Brazil could be left behind while other nations advance their commitments and policies to reduce emissions to confront climate change and the current ecological collapse.
green boycott of Brazil
Currently, investors holding $113 billion in Brazilian sovereign bonds would be exposed to risks as capital markets shift toward greener standards. The report states that historical approaches to depleting its natural capital base through deforestation are creating investment risk going forward.
In response, Brazil has been urged to reform public spending and end subsidies that incentivize unsustainable agribusiness practices. A key recommendation is the creation of a performance-linked bond to reverse deforestation.
Companies reiterate green boycott of Brazil
According to edie earlier this year, a number of large supermarkets, food delivery chains, suppliers and manufacturers threatened to boycott Brazilian products if lawmakers did not strengthen laws aimed at protecting the Amazon rainforest. Brands including Sainsbury's, Tesco and Marks & Spencer signed the original letter, sent in May.
The companies urged lawmakers not to approve a new legislative proposal known as PL 510/21. The measure has been dubbed a “land grab bill” by environmental groups such as Fridays For Future.
Brazil plans to vote on some aspects of this Chile Mobile Number List legislation this week. Ahead of these negotiations, Nando's Ocado, the Woolworths group and the entire Dutch animal feed industry have signed the letter threatening to boycott Brazil if the legislation is approved.
Under the new legislation, private sector companies or individual asset owners would be allowed to convert land that was occupied by local communities as recently as 2014. Under current rules, the land must have been vacant since 2011 .
Additionally, to receive title to the land, the new owners would not need an on-site inspection, another alteration to current requirements. The bill would also allow those currently occupying land illegally to apply for formal ownership, while many environmental groups want those lands to be made public again.
Sovereign bond risk
In related news, a new report from Planet Tracker and the Grantham Research Institute has urged the nation to issue a “deforestation-linked sovereign bond to help finance a green recovery.”
The research of these organizations warns that Brazil could be left behind while other nations advance their commitments and policies to reduce emissions to confront climate change and the current ecological collapse.
green boycott of Brazil
Currently, investors holding $113 billion in Brazilian sovereign bonds would be exposed to risks as capital markets shift toward greener standards. The report states that historical approaches to depleting its natural capital base through deforestation are creating investment risk going forward.
In response, Brazil has been urged to reform public spending and end subsidies that incentivize unsustainable agribusiness practices. A key recommendation is the creation of a performance-linked bond to reverse deforestation.