"JBS sold more than $3 billion worth of ‘green bonds’ in the U.S., but a watchdog group says its impact on Amazon forests belies its pledges".
"A small activist group called Mighty Earth is taking on the Brazilian-based food giant JBS over whether its “green” bonds deserve that Earth-friendly connotation.
In 2021, JBS, the world’s biggest meat company and mammoth food-processing firm, sold $3.2 billion worth of “green bonds” linked to the company’s sustainability goals. If JBS fails to reach its targets for greenhouse gas emissions, it will be penalized and will pay bondholders a “step up amount or premium payment,” the company says.
On Tuesday, Mighty Earth filed a complaint with the Securities and Exchange Commission alleging that JBS is already failing to meet its emissions targets. Mighty Earth wants the agency to impose penalties and injunctions on the Brazilian company, which it says has contributed to or ignored deforestation carried out by its suppliers."
Steven Mufson reports for the Washington Post January 18, 2023.
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