In the wake of the Amazon fires, the governments of Norway and Germany suspended all payments to the Amazon Fund, a financial initiative that finances the various conservation efforts relating to the Amazon Rainforest.
Along with KLP (their decision is currently pending), the primary reason for these governmental withdrawals is to send a message and raise mass awareness about the perils of deforestation.
With approximately US$170 billion in combined assets, these funds carry significant weight and influence. Speaking to Eco-Business about the situation, Jeanette Bergan. head, Responsible Investments initiative at KLP, said:
“Responsible corporate behaviour, or responsible behaviour from anybody, is always a challenge when there is a conflict between economic development and responsible business practice or ethics.”
If the withdrawal does occur, this could spark a dialogue that prompts a positive change.
We’ll provide updates on this developing story, but in the meantime, you can read the full scoop at Eco-Business.