$4 trillion fund holders tell Brazil to halt deforestation

Investment funds managing close to $4 trillion in assets called on Brazil yesterday to halt deforestation of the Amazon in an open letter warning that biodiversity loss and carbon emissions pose a "systemic risk" to their portfolios. The managers from countries across Europe, Asia and South America expressed their fears that the government in Brasilia was using the COVID-19 crisis to push through environmental deregulation that could "jeopardise the survival of the Amazon".  Environmentalists warn 2020 is on track to be the most destructive year ever for the world's biggest rainforest. A total of 829 square kilometres in the Brazilian Amazon was lost to deforestation in May alone.

Source: AFP