From Time Magazine:

Lawmakers in the US and UK caution the SEC against listing JBS, the world’s largest meatpacking company, on the NY Stock Exchange due to deforestation concerns in the Amazon. JBS’ application hasn’t been commented on, and its recent environmental efforts make up 0.007% of its net sales. The SEC has previously fined JBS. Amid a corruption scandal in 2017, JBS admitted to bribing Brazilian politicians.

The company has pledged to commit a total of $51 million to the fund through next year, including sustainability projects and preservation efforts. The goal is to reach net zero carbon emissions by 2040. Last year, a project intended to support small livestock-producing families in the Amazon was introduced. Carlos Nobre, a prominent adviser who backed the sustainability fund, expressed disillusionment. The SEC has previously fined JBS. JBS has also opened “green offices” to provide technical assistance in compliance with environmental legislation.

A letter from 15 U.S. senators cautioned the NYSE against allowing JBS to raise capital, while environmental groups argue JBS has not taken meaningful steps to eliminate deforestation. The SEC, which has regulatory oversight of the NYSE, does not comment on individual filings. JBS and NYSE have not responded to questions. The dispute surrounding JBS’ bid highlights the connection between finance and driving climate change. The company has pledged to commit a total of $51 million to the fund through next year. This comes days after a letter from 11 British lawmakers also cautioned the NYSE against allowing JBS to raise capital, stating it contradicts global efforts to mitigate climate change.

The company has a history of controversial practices, including illegal cattle purchases, accounting irregularities, and a corruption scandal in 2017. Environmental and sustainability initiatives by JBS are considered genuine, including projects to promote sustainable agricultural practices. A PROMINENT ADVISER on the sustainability fund has resigned, expressing disillusionment with the company’s approach to sustainability. JBS has also opened “green offices” to provide technical assistance in compliance with environmental legislation.

More than two-thirds of Amazon deforestation results from livestock pasture, and JBS has come under scrutiny for buying thousands of illegally raised cows annually. In response, JBS has pledged to make all cattle purchases traceable by 2025. Lawmakers believe that JBS’ listing could enable further deforestation. JBS aims to reach net zero carbon emissions by 2040 and is pledging millions to the fund. They also have a history of questionable environmental practices and have previously been fined by the SEC.



Read more: JBS’ bid to list on New York Stock Exchange draws US, UK lawmaker opposition