Several European investment groups that last year threatened to divest from Brazil over soaring deforestation have not done so, even as new figures show the pace of destruction of the Amazon rainforest is at its worst since 2006.
European food retailers, including Britain’s Tesco and M&S, have also shied away from threats to boycott Brazilian produce, saying now that they favour a united approach by industry and government to stop the felling of the world’s largest rainforest.
The lack of action has prompted concerns about the commitment of asset managers and retailers to take effective action if environmental targets are not met.
It has also led to worries that the administration of President Jair Bolsonaro — who has long advocated opening the rainforest to commercial development — could feel emboldened if it believes boycotts will not happen.
This article was originally posted on ft.com