Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

British supermarkets threaten Brazil boycott over proposed forest law

Stock Markets May 19, 2020 19:24
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: An aerial view shows a deforested plot of the Amazon near Porto Velho
 
MKS
+0.45%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
STB
+0.36%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
+2.65%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MRW
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TSCO
+0.53%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SBRY
+5.47%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Matthew Green and Jake Spring

LONDON/BRASILIA (Reuters) - British supermarkets have warned Brazil they might have to boycott its products if lawmakers there pass a contentious bill that could enable faster destruction of the Amazon (NASDAQ:AMZN) rainforest.

Sainsbury's, Tesco (LON:TSCO), Morrisons and Marks & Spencer were among more than 40 companies to sign an open letter https://www.retailsoygroup.org/wp-content/uploads/2020/05/Letter-from-Business-on-Amazon.pdf urging Brazil's national legislature to reject the proposed bill, backed by President Jair Bolsonaro.

The letter said the law would encourage "further land grabbing and widespread deforestation" which would endanger the survival of the Amazon, the goals of the 2015 Paris Agreement on climate change, and the rights of indigenous communities.

"We believe that it would also put at risk the ability of organisations such as ours to continue sourcing from Brazil in the future," the letter said.

Brazil's lower house speaker, Rodrigo Maia, earlier said he would introduce the bill on the floor of Congress on Wednesday for a potential vote.

Settlers in the Brazilian Amazon have for decades laid claim to public land without official government sanction, often clearing forest to grow export crops such as soy or raise cattle.

The proposal before Congress – known as "land regularization" by the agriculture lobby and "the land speculation law" by environmentalists – will make it easier for those that settled on public land historically to obtain deeds for their properties, under certain circumstances.

Supporters of the bill say that legally titling the land is an essential step towards forcing owners to comply with environmental laws to limit deforestation in the Amazon.

Environmentalists say the bill would effectively reward land speculators for massive illegal deforestation carried out in the past, while opening the floodgates to further clearing and settlement of public forest land.

Amazon research institute Imazon estimates the bill would hasten the deforestation of 11,000-16,000 square kilometres (4,247-6,178 square miles).

After intense debate in Brazil, the bill has been substantially diluted relative to the original, including removal of a provision to allow more recently occupied properties to apply for deeds.

Nevertheless, signatories to the letter, which included agribusiness companies and investors such as Sweden's AP7 pension fund and Norwegian insurer Storebrand, said they were "deeply concerned" about the proposed bill.

"We urge the Brazilian government to reconsider its stance and hope to continue working with partners in Brazil to demonstrate that economic development and environmental protection are not mutually exclusive," the letter said.

British supermarkets threaten Brazil boycott over proposed forest law
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email