Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

UN Climate Envoy’s firm linked with deforestation

by Segun Ogunlade December 17, 2022
written by Segun Ogunlade December 17, 2022
688

An emerging report has shown that UN Climate envoy and ex-Bank of England boss Mark Carney’s firm sold farms in Brazil linked to deforestation claims.

The move to sell the farms comes despite his call on owners to fix rather than sell climate-damaging assets.

According to an analysis by campaign group Global Witness, Canadian giant Brookfield deforested 9,000 hectares of the important Cerrado savanna region but Brookfield has said it decided to sell several years ago and it’s working on ways to retire damaging investments.

Before the end of his term as Governor of the Bank of England, the Canadian banker Mark Carney began to establish a new role as one of the world’s leading advocates for action to tackle climate change.

As UN Special Envoy on Climate Action and Finance, he helped to launch the Glasgow Financial Alliance for Net Zero (GFANZ) in 2021. GFANZ is a vast coalition of more than 500 financial institutions working on ways to decarbonise the economy.

Read also: NATO holds roundtable on climate change

Carney joined Brookfield, one of Canada’s largest businesses, that owns 267,000 hectares in Brazil, producing soybeans, sugar, corn and cattle, the management and disposal of which is at variance with the policies he advocates in his role as a climate leader.

A report by the campaign group Global Witness linked deforestation alerts from Brazil’s National Institute for Space Research to companies owned or controlled by Brookfield and it estimates that between 2012 and 2021 Brookfield’s subsidiaries deforested around 9,000 hectares on eight large farms in the Cerrado region of Brazil, a vast area bordering the Amazon rainforest.

The World Wide Fund for Nature describes the Cerrado as “the world’s most biodiverse savanna,” whose preservation is essential to keeping global warming below 1.5%.

According to Global Witness, the deforested areas were converted to soybean farms, which Brookfield sold in 2021.

The report estimates that 600,000 tonnes of CO2 were emitted by deforesting these areas, the equivalent of 1.2 million flights from London to New York.

A spokesperson for Brookfield has said Brookfield made limited investments in Brazil’s agriculture sector in past years and the decision to sell these businesses was taken several years ago as the fund they were held in was reaching the end of its life, and the company had an obligation to return capital to investors.

But Global Witness claims that this decision to sell clashes with public statements subsequently made by Mr Carney as a global leader on climate policy, which call upon companies not to sell off climate-damaging assets, but to hold onto them and either clean them up or close them down.

Mr Carney’s role at Brookfield involves raising a $15bn “transition fund” to invest in decarbonisation projects such as renewable and nuclear energy and battery storage. Brookfield says it no longer holds any investments in mining, forestry or agriculture in Brazil.

Story was adapted from the BBC.

Climate envoyDeforestationFirmLinkUN
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
NATO holds roundtable on climate change
next post
Landslide kills 16 persons in Malaysia

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World