BlackRock’s $400m Investment In Amazon Meatpackers Condemned
BlackRock, the world’s biggest asset company, is under fire for its hefty investments in meat companies who are linked with the deforestation of the Amazon.
An Extinction Rebellion protest against BlackRock earlier this year. Credit: Extinction Rebellion
BlackRock, the world’s biggest asset manager, is under fire by campaigners and NGOs who are accusing the company of helping fund the deforestation of the Amazon.
As part of various funds, BlackRock has $408 million invested in Brazil's top three meatpackers working in the Amazon, reports the environmental-watch journal Mongabay. These holdings - in companies JBS, Marfrig, and Minerva - are controversial to say the least, as all three companies have been closely associated with the ongoing, devastating deforestation in the Amazon.
Collectively, the three companies' meat packing operations involve 17 million acres (6.9 million hectares) of land at high risk of deforestation, reveals Mongabay.
That’s not all. Taken individually, JBS, the world’s biggest meat producer, in which BlackRock has a $334 million stake, has been labelled the company most exposed to Amazon deforestation by conservation NGO Imazon. It’s also recently been accused of slaughtering cattle on illegal farms in conservation areas and Indigenous lands. Investigations into Marfrig and Minerva also found links with illegal farms, and they ranked fifth and 10th respectively on Imazon’s deforestation risk rankings.
Despite this, BlackRock claims to invest client’s money by prioritizing environmental, social and governance (ESG) criteria when making financial decisions. That’s leading environmental groups to speak out and urge BlackRock to divest from its huge stakes in this industry.
NGO Amazon Watch has already accused BlackRock of being the world’s “greatest causer of climate chaos”, and climate action group Extinction Rebellion are holding regular demonstrations urging BlackRock to stop investing in deforestation.
“BlackRock remains waist-deep in fossil fuel investments and the world’s top backer of companies that destroy the Amazon rainforest and ignore the rights of indigenous people”, the group says. “BlackRock can rest assured that we will continue to pile on the pressure until they act to protect our children and the natural world.”
Whilst there’s been little movement from BlackRock, its CEO Larry Fink announced in January this year that they will “position sustainability at the heart of investment strategy”. If BlackRock were to go through on this promise, then their huge investments could help be a driving force for change in the Amazon.
For more information on BlackRock’s $400 million ties with the Brazillian meatpackers who are linked with Amazon deforestation, you can read more on Mongabay.
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