In Brazil, President Bolsonaro’s deforestation might as well be China’s
that satellite images of the Brazilian Amazon rain forest show a rapid increase in deforestation in May.
“With Bolsonaro, people who destroy forests feel safe and those who protect forests feel threatened,” Astrini said.Combines harvest soybeans at the Morro Azul farm in Mato Grosso state. Seven years ago, soybeans went for almost $15 a bushel. Today they sell for around half that thanks, in part, to record crops in Brazil.If you cannot count on the Brazilian authorities to control deforestation of the largest rain forest in the world, then you have to depend on the buyers—and their funders.
Fund managers are not enough, but their actions sent signals to European importers, the second largest buyer of Brazilian soy after China. They have become more strict on where they get their soy, and have done so now for at least ten years. Archer Daniels Midland , Cargill, Bunge, Louis Dreyfus Co. and China’s COFCO account for 52% of Brazilian soy shipments to China and each one has taken steps to manage deforestation risks within their supply chains. But when it comes to environmental issues, the majority of Chinese companies are focused on their home market.
With growing domestic demand for soybeans in China and uncertainties around U.S.-China trade relations for next year, it is foreseeable that Chinese demand for Brazilian soy will rise, CDP China analysts wrote in a 72-page report released in May. In total, during 2013-2017, Chinese banks loaned out $5.2 billion to companies, of which 40.1% was exposed to mostly Brazilian deforestation risks.
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