Banks around the world are declaring their commitment to sustainability. Yet, often environmental and social data prove just how far they are from taking action. Look at deforestation — in the Brazilian Amazon, the annual rate reached a 12-year high in 2020, with 11,088 km2 lost to deforestation. This is an area seven times that of São Paulo or London. It is also 182% the annual deforestation target prescribed by local law.
Fingers have rightly been pointed at Brazil’s president, Jair Bolsonaro. On taking office in 2019, he promptly made sure the world knew that the Amazon was open for business. Only after much criticism and international pressure did the word “sustainable” start being used when discussing foreign investment into the country.
