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WASHINGTON, D.C. – Top institutional shareholders in Bunge Limited last week threw their weight behind a call for the company to do more to protect forests in the Brazilian Cerrado – a vast biodiverse savannah and a vital carbon sink. While the investor proposal is welcome, urgent action is needed to tackle deforestation and human rights abuses, according to campaigners.
Bunge is one of the world’s largest commodity traders, and at its Annual General Meeting a majority of shareholders backed a proposal critical of Bunge’s contributions to deforestation and native vegetation clearance in Latin America, particularly Brazil. In a resolution put forward by Green Century Capital Management – an investment firm with $825m of assets under management – the motion calls on Bunge to report “if and how it could increase the scale, pace, and rigor of its efforts to eliminate native vegetation conversion in its soy supply chain”.
WASHINGTON, D.C. Friends of the Earth US and Global Witness are urging shareholders in one of the world’s largest agri–commodity traders to vote in favour of tackling deforestation at the company’s upcoming AGM.
Bunge Limited, a global commodity trader headquartered in the United States, is one of the biggest soy players in Brazil’s Cerrado, a vast biodiverse savannah and a vital carbon sink: in 2018, the company exported nearly 16 million tons of soy from the area.
Yet in the Cerrado, and around the world, Bunge is failing to mitigate or prevent deforestation and human rights abuses by companies in its supply chain (see Notes to Editor below). Bunge’s deforestation risk is far higher than any other commodity trader: in Brazil alone, Bunge’s soy operations were linked through its supply chain to deforestation in an area four-fifths the size of Chicago between 2015 and 2018. The company was also linked to 16,942 fire alerts in 2020.
by Hans Nicholas Jong
The full report from Global Witness can be download here
A report by Global Witness has found that more than 100 Indonesian palm oil mills supplying agribusiness giants ADM and Bunge have been accused of land and human rights violations and environmental destruction.
Global Witness found that neither company is addressing the majority of these allegations through their formal grievance processes, and effectively passing on this “conflict” palm oil to major consumer brands such as Nestlé, Unilever and PepsiCo.
ADM and Bunge have denied any failure to police their suppliers, but have also pledged to look into the allegations.
Global Witness investigation exposes how two US
agribusiness giants – ADM and Bunge – source from Indonesian palm oil mills
linked publicly to human rights abuses and land grabs.
December 10, 2020: Nearly 40% of a sample of Indonesian palm oil mills
supplying two of the world’s largest commodity traders – ADM and Bunge – are publicly
linked to land, environmental and human rights abuses.
In a new report
Trading Risks: How ADM & Bunge are
failing Land & Environmental Defenders in Indonesia, Global Witness
uncovers how ADM and Bunge are failing to ensure the hundreds of Indonesian
palm oil mills they source from are free from human rights abuses and land