A report accuses six US financial institutions of playing “a key role” in the destruction of the Amazon


Amazon Watch’s director of programs said “this financial complicity with destruction” contradicts the promises of some of these companies.

According to a report released Tuesday by the NGO Amazon Watch, six US financial institutions are identified as “a key role” in the destruction of the Amazon, investing millions of dollars in companies linked to violations of environmental and indigenous rights.

The investigation, which was conducted together with the Brazilian articulation of the indigenous peoples of Brazil (Apib), targets BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America and Dimensional Fund Advisors.

The 45-page report, titled “Complicity in Destruction III: How Global Companies Contribute to Violations of the Rights of Indigenous Peoples in the Brazilian Amazon”, highlights that between 2017 and 2020 these companies invested $ 18 billion in nine companies that “allow violations of environmental and indigenous rights”.

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The Brazilian and multinational companies mentioned are Vale, Anglo American, Belo Sun; the agri-food companies Cargill, JBS, Cosan / Raízen; and the energy companies Energisa Mato Grosso, Equatorial Energia Maranhão and Eletronorte.

“An international network”

The study links these companies to abuses that include, among other things, land invasions, violation of indigenous peoples’ rights, violence against indigenous communities, illegal deforestation and use of pesticides.

“The flow of foreign investment in companies operating in Brazil has expanded to become a complex international network. As projects progress, indigenous peoples are often treated as ‘obstacle to development’ and their lands are invaded, occupied, plundered and destroyed, “denounced indigenous leader and advocate Eloy Terena.

For his part, Christian Poirier, director of programs at Amazon Watch, warned that surveys show that companies like “BlackRock, Vanguard and JPMorgan Chase are using their customers’ money to enable irresponsible behavior of companies implicated in violations of indigenous rights and the devastation of the Amazon rainforest. “

“This financial complicity with the destruction contradicts the climate and human rights promises made by some of these companies,” added Poirier.

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