PARA, BRAZIL – 2006/05/13: Soy plantation in Amazon rainforest near Santarem – deforestation for the agribusiness – economic development creating environmental degradation – isolated Brazil nut trees sentenced to death. Opening of a road where before there was a forest. (Photo by Ricardo Beliel/Brazil Photos/LightRocket via Getty Images)
While banks and asset managers are promising to divest from fossil fuels, they are expanding investments in high-carbon foods and commodities tied to deforestation.
Source: Big Banks Make a Dangerous Bet on the World’s Growing Demand for Food – Inside Climate News
As global banking giants and investment firms vow to divest from polluting energy companies, they’re continuing to bankroll another major driver of the climate crisis: food and farming corporations that are responsible, directly or indirectly, for cutting down vast carbon-storing forests and spewing greenhouse gas emissions into the atmosphere.
These agricultural investments, largely unnoticed and unchecked, represent a potentially catastrophic blind spot.
“Animal protein and even dairy is likely, and already has started to become, the new oil and gas,” said Bruno Sarda, the former North America president of CDP, a framework through which companies disclose their carbon emissions. “This is the biggest source of emissions that doesn’t have a target on its back.”
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