Jeanette Bergan, KLP's head of responsible investments.
Jeanette Bergan, KLP's head of responsible investments.

Norway’s Largest Pension Fund, KLP, Demands Investor Action to Save the Amazon

Skrevet av: | 28.08.19

KLP, Norway’s largest pension fund (US$80 billion AuM), has begun contacting companies with activities in Brazil whilst calling on other investors to take action.

KLP’s Head of Responsible Investments, Jeanett Bergan said:
“We are deeply concerned by what is taking place in the Brazilian rainforests. Therefore, we have engaged companies which undertake significant trade in agricultural products from Brazil because we want rapid dialogues and concrete actions given this extremely serious situation. We have also contacted companies’ largest investors and banks in order to exert pressure on the likes of Cargill, Bunge and Archer Daniels Midland (ADM) so that they do not contribute to devastating environmental damage.”

So far this year, over 75,000 fires in Brazil have been recorded: an increase of 85% according to the Brazilian National Institute for Space Research (INPE), as reported by the BBC.

KLP has invested US$14 million in shares and loans in US companies, Archer Daniels Midland (ADM), Bunge and Cargill, which supply Brazilian soya.

According to Amazon Watch, beef and soya production are among the most significant drivers of the increased deforestation, and now, many of the fires. JBS – the world’s biggest meat company and a giant player in Brazil’s beef industry – is already excluded from our investment universe due to corruption but we are putting pressure on investors which still hold shares.

Bergan added: 
“We aim, in the first instance, to have a dialogue and hear what the companies are doing. We expect answers this week. We will also look into Norwegian companies which import soya products from Brazil in order to evaluate this and urge them to do all they can to protect the rainforests. Furthermore, KLP calls on international investors and Norwegian businesses with suppliers in Brazil to cooperate and have an impact upon Brazilian authorities to prevent forest fires.”

For interviews, please contact Jeanett Bergan, Head of Responsible Investments on: +47 920 38 589