In December 2019, a coalition of investment institutions and global corporates exposed to the Brazilian soy sector published an open letter aimed at the Brazilian Government.
The letter calls for the protection of the ‘Amazon Soy Moratorium’, an agreement signed in 2006 to ensure that soy production in the Amazon region only occurs on existing converted agricultural land and not through deforestation of native vegetation.
Since the implementation of the Moratorium, soy-related deforestation has decreased while Amazonian soy production has increased by 400%, showing that agricultural output can be increased while protecting tropical forests.
Investors managing over $3 trillion of assets, co-ordinated by FAIRR, have signed the letter. See the letter and full list of investor and corporate signatories below.
The Amazon is fundamentally important to life on our planet. It hosts over 10% of all biodiversity and promotes climate stability through its role as a carbon sink. It also plays a vital role in regulating rainfall, which is essential for agriculture – both within Brazil and beyond.
Brazil is one of the world’s major producers of soy. In 2006, a vital agreement known as the Amazon Soy Moratorium (ASM) was established to ensure that soy production in the Amazon region only occurs on existing agricultural land. Since then, soy production in the Amazon has increased 400%, showing that forest protection and agricultural expansion can be compatible.
We, the undersigned global investors and companies who buy/use Brazilian soy, commend the leadership of Brazilian soy stakeholders in achieving this progress. However, deforestation in the Amazon from other causes (mostly cattle ranching) has continued to grow. Brazilian Government data recently published shows that, since 2012, it has increased from 460 thousand hectares to almost 1 million in the last year.
These deeply concerning figures reinforce the importance of continuing to uphold the ASM. Yet some parties are now questioning whether it should continue.
Our position is clear: we want to be able to continue to source from, or invest in, the Brazilian soy industry but if the ASM is not maintained, this will risk our business with Brazilian soy. Today, there is enough existing agricultural land to continue to increase soy production in the Amazon by an additional 600% compared to current figures. We look forward to supporting Brazilian partners to continue their leadership and show that economic development and environmental protection can go hand in hand
2 Sisters Food Group
Aegon Asset Management
AIC (Agricultural Industries Confederation)
ALDI SOUTH Group • Alliance pour la Préservation des Forêts
Asda Stores Ltd.
Belgian Feed Association (BFA)
BMO Global Asset Management
Bremnes Seashore AS
British Retail Consortium (BRC)
Congregation of Sisters of St. Agnes
Dominican Sisters ~ Grand Rapids
Dutch Food Retail Association (CBL)
EdenTree Investment Management Ltd
Environment Agency Pension Fund
Green Century Capital Management, Inc.
Grieg Seafood ASA
Hermes Investment Management
Hilton Food Group
Iceland Foods Ltd
Iceland Seafood Barraclough Ltd
Inter IKEA Group
Joseph Rowntree Charitable Trust
JLens Investor Network
J Sainsbury Plc
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Legal & General Investment Management
Lerøy Seafood Group ASA
Marks and Spencer
National Pig Association (UK)
Nordlaks Oppdrett AS
NN Investment Partners
Nova Sea AS
Pax World Funds
Scottish Sea Farms
Seventh Generation Interfaith Inc
Storebrand Asset Management
Strathclyde Pension Fund
Swedbank Robur Fonder AB
Tesco Stores Plc
The Co-operative Group
The Polden Puckham Charitable Foundation
Waitrose & Partners
Winterbotham Darby & Co Ltd.
Wm Morrison Supermarkets Plc
Zevin Asset Management