The Chain: Embedded Soy in UK Consumer Brands ‘Contaminated’ by Cargill’s Forest Approach, Says Report
A report from TBIJ, Greenpeace Unearthed, ITV News, and the Daily Mirror. Cargill is buying soy from Group Scheffer, which "has been repeatedly linked to incidents of environmental damage on farms, including the clearing of swaths of Cerrado vegetation and the use of fire for land clearing." / " Top creditors in its soy financing are BNP Paribas, Itaú Unibanco, JP Morgan Chase, Bank of America, and Deutsche Bank. Top investors in bonds are Prudential Financial (US), Metlife, AIG, Nationwide Mutual Insurance, and Wellington Management. Several of them adopted zero-deforestation policies and have ample reasons to engage with Cargill. Of identified and adjusted debt products, 27 percent came from financial institutions in the European Union (EU). EU institutions are increasingly exposed to sustainable finance regulations (like the SFDR), and they will also have to confront upcoming EU regulation on supply chain due diligence (2022)."
June 10, 2023