topic: Finance

topic: Finance

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Will a billionaire bankroll biodiversity? CBD Decision 15/9 as potential ‘goldmine’ (commentary)
- Decision 15/9 established a “multilateral mechanism for benefit-sharing from the use of digital sequence information on genetic resources” during COP15 of the UN Convention on Biological Diversity (CBD) last year.
- Hundreds of billions of dollars are needed to finance biodiversity conservation, especially in mega-diverse nations, and Decision 15/9 could be a goldmine, but for whom?
- “Decision 15/9 can be either a goldmine for the mega-diverse Parties to the CBD or for select stakeholders, but not for both. Fairness and efficiency require that economic rents be vetted,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

Multilateral development banks must prioritize clean & community-led energy projects (commentary)
- Multilateral Development Banks (MDBs), governments, and corporations across 160 countries consider or approve more than one investment per day in the energy sector.
- Despite commitments to tackle the climate crisis, many of these investments support the fossil fuel industry, while others invest in false clean energy solutions like hydropower which often cause harm to local communities.
- “To achieve a just energy transition, MDBs and governments must prioritize sustainable renewable energy models that empower communities and ensure inclusive energy access,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

In largest ever study, Indigenous and local communities report the impacts of climate change
- Indigenous peoples and local communities are reporting a series of tangible and nuanced impacts of climate change, according to a new study.
- The study collected 1,661 firsthand reports of change in sites across all inhabited continents and aggregated the reports into 369 indicators of climate change impacts, including changes in precipitation, plant cultivation and marine ecosystems.
- Existing measures to track climate change impacts are barely able to relate to the diverse and complex ways in which local people experience and observe environmental changes, according to the authors. For instance, instrumental measurements might capture changes in rainfall patterns but miss crucial relationships between climate change awareness, sensitivity and vulnerability.
- This research constitutes the largest global effort by Indigenous peoples and local communities to compile and categorize local observations of climate change and its impacts.

Hyundai ends aluminum deal with Adaro Minerals following K-pop protest
- The South Korean auto company Hyundai has ended its 2022 agreement for procuring aluminum for its electric vehicles from Adaro Minerals, which plans to build 2.2 gigawatts of coal-fired power plants to power its aluminum smelter.
- The decision follows campaigns coordinated by Kpop4Planet, a climate movement led by K-pop fans who protested Hyundai’s business with Adaro.
- Climate group Market Forces has estimated Adaro’s coal plants would emit 5.2 million metric tons of CO2 equivalent per year, and activists say Hyundai would be pushed further from reaching its goal of carbon neutrality by 2045.
- The campaign collected more than 11,000 petition signatures from K-pop fans in 68 countries.

New online tool is first to track funding to Indigenous, local and Afro-descendant communities
- The Path to Scale dashboard is the first online tool developed to track all funding for Indigenous peoples, local communities and Afro-descendant peoples’ forest stewardship and land tenure.
- It’s already highlighted several trends, including that disbursements globally have averaged $517 million per year between 2020 and 2023, up 36% from the preceding four years, but with no evidence of increased direct funding to community-led organizations.
- Although information gaps exist based on what’s publicly available, Indigenous leaders say the tool will be useful to track progress and setbacks on funding pledges, as well as hold donors and organizations accountable.
- According to developers, there’s an increased diversity of funding, but it’s still insufficient to meet the needs of communities.

Land tenure lesson from Laos for forest carbon projects (commentary)
- Laos has lost approximately 4.37 million hectares of tree cover since 2001, and some suggest forest carbon projects could be a solution.
- However, these haven’t had a good track record in the nation, in part due to its land tenure rules — land is owned by the state but largely used by local communities through customary tenure arrangements — leading to misunderstandings between companies, communities, and government agencies.
- “Forest carbon projects should continuously engage in capacity-building for local communities and authorities, thus creating an enabling environment for just benefit-sharing, securing land tenure, and the sustainability of these projects to reduce emissions over the long term,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

How effective are giant funding pledges by major conservation donors?
- Big-name conservation philanthropy is having a moment, but does the news cycle adequately capture the nuances required when huge new pledges of funding by billionaires or foundations are announced?
- On this episode of Mongabay’s podcast, two experts weigh in on what conservationists and environmental journalists should consider when evaluating climate change or biodiversity conservation pledges.
- Holly Jonas, global coordinator at the ICCA Consortium, and Michael Kavate, staff writer at the news outlet Inside Philanthropy, offer expert advice for conservationists, curious readers and journalists who want to know more about the topic.
- “I think what the public really needs is more critical and more in-depth coverage of the ideologies and the approaches behind their kinds of philanthropy, the billionaire pledges and so on, how they’re being rolled out in practice, where the funding’s actually going,” Jonas says.

Cambodia’s Indigenous communities renounce communal land titles for microloans
- Indigenous rural communities in northeastern Cambodia are struggling under debts that have ballooned from modest microloans with high interest rates.
- Microlending as a means of increasing communities’ access to finance is strongly supported by the World Bank, but runs counter to efforts to grant communal land ownership of homes, farmlands and sacred forests — another World Bank initiative.
- Entire villages have opted out of the communal land titling program because it would prevent them from using this land as collateral for microloans and selling land to outsiders, often to repay debt.
- This project was supported by a grant from the Pulitzer Center’s Rainforest Journalism Fund.

Mexico announces 20 new protected areas despite budget cuts
- Mexico recently announced 20 new protected areas covering roughly 2.3 million hectares (5.7 million acres) across the country.
- The protected areas, which include national parks, sanctuaries and flora and fauna protection areas, are located in the states of Quintana Roo, Oaxaca, Zacatecas, Chiapas and eight others, as well as the Gulf of Mexico and Gulf of California.
- Mexico’s environmental agencies under the Obrador administration have been subjected to consistent cuts in funding since 2016, raising concerns among experts that the departments will not have the personnel or resources to protect the country’s 225 protected areas.

Direct funding of Indigenous peoples can protect global rainforests & the climate (commentary)
- Indigenous leaders attended the World Economic Forum’s 2024 Annual Meeting in Davos last week.
- Though communities like theirs have the potential to transform global rainforest conservation and climate efforts by delivering proven, scalable, community-based solutions, they require direct funding.
- Governments and donors must increase their direct, flexible, and less bureaucratic grant-making to those who have the profound knowledge and the means to make a real difference in preserving our planet’s future – Indigenous peoples, a new op-ed by Rainforest Foundation argues.
- This article is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

Study: Burning wood pellets for energy endangers local communities’ health
- A new peer-reviewed study quantifies broadly for the first time the air pollution and public health impacts across the United States from both manufacturing wood pellets and burning them for energy.
- The study, said to be far more extensive than any research by the US Environmental Protection Agency, finds that U.S. biomass-burning facilities emit on average 2.8 times the amount of pollution of power plants that burn coal, oil or natural gas.
- Wood pellet manufacturers maintain that the harvest of forest wood for the purpose of making wood pellets to burn for energy remains a climate-friendly solution. But a host of studies undermine those claims.
- The Southern Environmental Law Center says the study provides new and rigorous science that could become a useful tool in arguing against the expansion of the wood pellet industry in the United States.

How independent journalism uncovered a massive crime against people and planet
- By the time it uncovered the massive 1Malaysia Development Berhad (1MDB) scandal, the independent media outlet Sarawak Report had built a solid reputation upon years of reporting about how corruption abets deforestation in Borneo.
- No longer able to enter Malaysia due to the political shakeup caused by the 1MDB exposé and her related reporting, the outlet’s founder, Clare Rewcastle Brown, speaks with Mongabay’s podcast about what inspires her reporting, including having been born in Malaysian Borneo.
- Podcast co-host Rachel Donald discusses with Rewcastle Brown — who was recently awarded the Sheikh Tamim bin Hamad Al Thani Anti-Corruption Excellence Award — how the global financial system became the repository for the billions in stolen funds, some of which ended up as luxury homes in the United States and even gifts to Hollywood celebrities, and the critical role of the press in holding people in power to account.

False claims of U.N. backing see Indigenous groups cede forest rights for sketchy finance
- Several companies registered in Latin American countries claiming to have U.N. endorsement have persuaded Indigenous communities to hand over the economic rights to their forests for decades to come, a Mongabay investigation has found. The companies share commercial interests across various jurisdictions, and have not been able to demonstrate experience in sustainable finance projects.
- Indigenous communities in Peru, Bolivia and Panama were promised jobs and local development projects in exchange for putting on the market more than 9.5 million hectares (23.5 million acres) of forests. According to community sources, the claims of U.N. backing were the main selling point for agreeing to put their forests on the market. All three U.N. entities cited by the companies have rejected any involvement.
- Mongabay has found that the methodology employed for valuing natural capital has not been used before; there are no public details regarding its scientific and technical basis; and the company that created the methodology refused to share information about it.
- Experts have raised concerns that a lack of regulation in the fast-growing sustainable finance industry is allowing abuses against communities that act as guardians for critical ecosystems.

2023’s top 10 Indigenous news stories (commentary)
- Indigenous experts from leading Indigenous organizations and the U.N. share their list of the top 10 Indigenous news stories from 2023.
- This year saw many emerging trends, including the creation of funding mechanisms led by Indigenous organizations, criticism of carbon markets, record-breaking heat, and Indigenous women’s growing role as leaders.
- While the presence and recognition of the role of Indigenous people in conservation continues to expand, experts say the recognition of their rights and inclusion continues to be a challenge.
- This post is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

Reports allege abuses by Glencore in Peru and Colombia, and the banks funding them
- Mining giant Glencore continues to commit serious environmental and human rights violations in its mines in Peru and Colombia despite public promises to respect human rights and the environment, according to three news reports by advocacy organizations.
- The reports document cases of air and water pollution, extensive environmental damage, lack of consultation with communities, and restricting access to land.
- European banks and investors, including Groupe BPCE, HSBC, Abrdn and BNP Paribas, hold the largest investments in Glencore, pumping $44.2 billion into the company between 2016 and 2023.
- Glencore denies the allegations made against it and says it has continued to make progress on its climate targets and remains on track to meet its environmental and human rights commitments.

Little achieved for Indigenous groups at U.N. climate summit, delegates say
- At this year’s U.N. climate conference, COP28, Indigenous delegates numbered more than 300, but were left generally disappointed with the outcomes of the event.
- The final agreement had little inclusion of Indigenous rights and excluded an Indigenous representative from sitting on the board of the newly launched loss and damage fund.
- Indigenous groups say two big climate mitigation strategies, the clean energy transition and carbon markets, should include robust protection of Indigenous rights and consent.
- Despite setbacks, Indigenous leaders say they’re working on increasing their presence and influence at the next climate conferences, including upping their numbers to 3,000 delegates, creating a large international Indigenous Commission, and taking part in the summit’s decision-making.

New tool aims to make nature-based solutions projects in SE Asia a better sell
- A coalition of conservation NGOs has introduced a new tool aimed at helping local communities in Southeast Asia apply more effectively for funding for nature-based solutions projects.
- The group, which includes Conservation International and The Nature Conservancy, says the region has massive potential for projects to absorb carbon and protect wildlife, but that access to funding remains a huge gap.
- The new NbS tool is designed to help project managers put together project documentation that includes data analysis that should make it easier for donors to immediately identify the benefits from the projects being proposed.
- The tool isn’t limited to helping package nature-based solutions projects; proponents say it can also be used to put together the paperwork needed for other community-led initiatives that require data documentation and analysis.

Indonesia pushes carbon-intensive ‘false solutions’ in its energy transition
- Indonesia’s newly revised plan for a $20 billion clean energy transition has come under criticism for offering “false solutions” that would effectively cancel out any gains it promises.
- One of its most controversial proposals is to not count emissions from off-grid coal-fired power plants that supply industrial users without feeding into the grid.
- Emissions from these so-called captive plants alone would exceed any emissions reductions projected under the rest of the Just Energy Transition Partnership.
- The plan also puts a heavy emphasis on “false” renewables solutions such as biomass cofiring and replacing diesel generators with natural gas ones.

Despite progress, small share of climate pledge went to Indigenous groups: report
- A report from funders of a $1.7 billion pledge to support Indigenous peoples and local communities’ land rights made at the 2021 U.N. climate conference found that 48% of the financing was distributed.
- The findings also show that only 2.1% of the funding went directly to Indigenous peoples and local communities, despite petitions to increase direct funding for their role in combating climate change and biodiversity loss.
- This is down from the 2.9% of direct funding that was disbursed in 2021.
- Both donors and representatives of Indigenous and community groups call for more direct funding to these organizations by reducing the obstacles they face, improving their capacity, and respecting traditional knowledge systems.

Indigenous land rights are key to conservation in Cambodia (commentary)
- Indigenous peoples are effective custodians of biodiversity, lands, and seas, while sustaining distinct cultural, social and economic values of their communities.
- Upholding the legal land rights of these communities is therefore increasingly at the center of international climate and biodiversity commitments and agreements.
- “Strengthening Indigenous custodianship by expanding, reinforcing, and fully implementing these legal recognitions is essential for the protection of Cambodia’s forests, and would create further confidence among donors and carbon markets that customary rights are being upheld, enabling greater access to finance,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the authors, not necessarily of Mongabay.

Climate loss & damage fund ‘the furthest thing imaginable from a success’
- The fifth and final meeting of the U.N. Transitional Committee to design a loss and damage fund ahead of COP28 climate summit concluded in Abu Dhabi last month without a mandate that wealthy, industrialized nations pay into it, sources say.
- Frequent Mongabay contributor and journalist Rachel Donald joins the Mongabay Newscast as co-host to speak with Brandon Wu, director of policy and campaigns at ActionAid USA, to unpack this most recent negotiation.
- In addition to leaving out a provision for contributions from wealthy nations, the fund will be housed in the World Bank, a global lending institution that continues to fund coal projects and has been linked to human rights abuses.
- The text of the fund will move to the 2023 United Nations Climate Change Conference (COP28) in Dubai next month, where it will be considered by member countries.

Carbon credit certifier Verra updates accounting method amid growing criticism
- The world’s largest carbon credit certifier, Verra, has overhauled its methods for calculating the climate impacts of REDD projects that aim to reduce deforestation.
- REDD stands for reducing emissions from deforestation and forest degradation.
- The emissions reductions from these projects can be sold on the voluntary carbon market to individuals and companies, which proponents say provides a vital stream of funding for forest conservation.
- The update changes the process for calculating deforestation baselines, which help determine how effective a project has been at reducing forest loss and keeping the carbon those trees contain out of the atmosphere.

How Indigenous peoples and local communities can make the voluntary carbon market work for them (commentary)
- The voluntary carbon market has the potential to address $4.1 trillion in nature financing gap by 2050 and support Indigenous peoples and local communities — when done right, argue a cohort of Indigenous leaders in a new commentary.
- The voluntary carbon market can work for and support Indigenous peoples and local communities (IPs and LCs), and them for it, but these communities have not been adequately engaged or consulted to participate in this carbon market.
- The Indigenous leaders announce the new IPs and LCs Voluntary Carbon Market Engagement Forum that is taking shape and will try to address these IPs and LCs’ priorities. The Forum is now coordinating open calls for Governing Board members and Forum partners.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

Enviva, the world’s largest biomass energy company, is near collapse
- The forest biomass energy industry took a major hit this month, as Enviva, the world’s largest producer of wood pellets — burned in former coal power plants to make energy on an industrial scale — saw catastrophic third quarter losses. Enviva’s stock tanked, its CEO was replaced and the company seems near collapse.
- Founded in 2004, Enviva harvests forests in the U.S. Southeast, with its 10 plants key providers of wood pellets to large power plants in the EU, U.K., Japan and South Korea — nations that use a scientifically suspect carbon accounting loophole to count the burning of forest wood as a renewable resource.
- A former manager and whistleblower at Enviva told Mongabay in 2022 that the company’s green claims were fraudulent. Last week, he said that much of Enviva’s downfall is based on its cheaply built factories equipped with faulty machinery and on large-scale fiscal miscalculations regarding wood-procurement costs.
- How the firm’s downfall will impact the global biomass for energy market, and worldwide pellet supply, is unknown. European and Asian nations rely on Enviva pellets to supply their power plants and to meet climate change goals, with the burning of forests to make energy erroneously claimed as producing zero emissions.

Glencore’s coal expansion plans face shareholder and Indigenous opposition
- Swiss-based mining giant Glencore says it plans to challenge the proposed listing of a heritage site, the Ravensworth Homestead, that could deter the planned expansion of its Glendell coal mine.
- Glencore, the largest coal producer in Australia, faces criticism from shareholders for its lack of transparency on how it plans to meet its climate targets, especially in light of proposed thermal coal mine expansions in the country.
- Listing the homestead, which is a culturally significant site for the Indigenous Wonnarua people, is now being reconsidered by heritage officials after a process that sources say has dragged on.
- The Glendell mine is one of several that could increase their emissions under a loophole in the government’s revised “safeguard mechanism” that’s intended to bind the mining sector to a reduction in emissions.

As U.S. insurers stop covering prescribed burns, states and communities step up
- Prescribed fires are a positive land management method, but when the flames occasionally escape control, the resulting damage to land and private property also hurts this conservation tool’s reputation.
- U.S. insurance companies are thus charging increasingly unaffordable premiums for coverage of this activity or are dropping the service altogether in the wake of some particularly large recent accidents.
- As a result, many small conservation groups and private businesses are getting out of the habit of using fire to improve grassland health, boost wildlife habitat, and decrease likelihood of catastrophic wildfires.
- California is bridging this gap with a new state program that insures the activity, while prescribed fire associations, where residents and firefighters cooperate to carry out burns on private land, are increasingly popping up in communities.

How the U.S. financial system props up illegal logging and mining
- The U.S. has an estimated $466 billion in illicit funds floating around its economy, much of it from environmental crimes like illegal logging and mining sourced to Latin America.
- The FACT Coalition, a group advocating for a fair tax system in the U.S., recently made the case that more attention needs to be paid to “financial secrecy” in conservation circles fighting climate change, deforestation and pollution.
- Weak regulation of shell companies, financial institutions and the real estate market make it too easy for environmental criminal activity to hide illicit funds in the U.S., the coalition said.

Can carbon markets solve Africa’s climate finance woes?
- The African Carbon Markets Initiative, a consortium of Global North donors, corporate representatives, conservation groups and energy lobbyists, is pushing to expand carbon markets on the continent.
- The effort has gained the vocal support of Kenyan President William Ruto, along with a number of other African heads of state, who see carbon markets as a way to generate badly needed climate finance.
- But African environmental groups have sharply criticized carbon markets, saying they represent a “false solution” to the climate crisis and will mostly enrich bankers and traders based outside the continent.
- The drive to scale up carbon markets in Africa and elsewhere is set to be a major agenda item at this month’s COP28 climate summit in Dubai.

Can blue bonds boost investment in ocean conservation? (commentary)
- Although they’re new vs. green bonds, the blue bond market is poised to take off as governments, companies, and investors begin to realize the importance of the blue economy and the relationship between climate change and the oceans.
- The Republic of Seychelles issued the first blue bond in 2018, with funds dedicated to expanding marine protected areas and improving fisheries governance. To date, only 25 other blue bonds have been issued.
- “The future of the blue bond market hinges on aligning financial incentives with environmental objectives, fostering innovation, and building a robust infrastructure that inspires trust and commitment from a diverse set of stakeholders,” a new op-ed states.
- This post is a commentary. The views expressed are those of the author, not necessarily of Mongabay.

Forest conservation ‘off-track’ to halt deforestation by 2030: New report
- The world lost 6.6 million hectares (16.3 million acres) of forest, an area larger than Sri Lanka, and deforestation rates increased by 4% in 2022, according to a report published Oct. 24 that tracks commitments to forest conservation.
- The Forest Declaration Assessment is an annual evaluation of deforestation rates against a 2018-2020 deforestation and forest degradation baseline compiled by civil society and research organizations.
- Much of the forest loss occurred in the tropics, and nearly two-thirds of it was in relatively undisturbed primary forests, while forest degradation, more than deforestation, remains a serious problem in temperate and boreal forests.
- Despite being far off the pace to achieve an end to deforestation by 2030, a goal that 145 countries pledged to pursue in 2021, more than 50 countries have cut their deforestation rates and are on track to end deforestation within their borders by the end of the century.

Mine in ‘world cobalt capital’ displaces locals and monks under questionable circumstances
- Local residents living in the DRC’s ‘cobalt capital of the world’ are being forced to relocate in order to make way for a mine owned by Chinese company COMMUS (Compagnie miniere de Musonie).
- The relocation process is being done under questionable circumstances, including providing compensation payments under the table which don’t always meet amounts needed to buy a decent home, contradictory statements, lack of consultation, and few traces of written documentation to fact-check claims made by local government officials, the mining company and displaced people.
- The demand for cobalt, a critical mineral for the clean energy transition, is expected to increase and lead to the eviction of communities who find themselves living above their deposits, say energy experts.
- The mining company’s lawyer says the relocation process is happening fairly, payments are calculated alongside officials and civil society groups, and the land and buildings, like schools, rather belong to the company’s owners.

More capacity building funds needed for small nonprofit conservation groups (commentary)
- Research suggests that environmental nonprofits — which include land conservation, land trusts, and wildlife protection organizations — receive just 2% of all the types of charitable donations.
- Though small conservation groups are typically efficient about converting funds into effective, on-the-ground projects, most conservation funding goes to the largest, multi-national organizations.
- “The simplest and most immediate way concerned parties with some resources, whether an individual or institution, can help is to donate more to small wildlife conservation organizations and volunteer when and where it is logistically possible,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the author, not necessarily of Mongabay.

African NGOs seek more funds, trust, and autonomy in global partnerships
- A recent report from conservation nonprofit Maliasili scrutinizes partnerships between big international NGOs and their smaller conservation-focused partners in Africa.
- The biggest pain points in these often lopsided relationships Africa appear to be money, trust, and autonomy, the report says.
- More than half of the local organizations surveyed in Maliasili’s “Rooting for Change” report cited a lack of trust as a challenge in partnerships.
- “We want a supporting relationship rather than a dictatorial partner,” John Kamanga, co-founder and director of the Southern Rift Association of Landowners (SORALO) in Kenya, told the report authors, and “a willingness to co-design and build from our ideas.”

World owes it to Tanzania to keep Eastern Arc forests standing, study shows
- Tanzania’s Eastern Arc’s evergreen forests provide carbon sequestration that the world benefits, yet it’s local communities alone who shoulder the costs of keeping the forests standing.
- The authors of a new study recommend that international investments in conservation within the Eastern Arc worth $2 billion need to be made over the next 20 years.
- Without this, the authors say, the mountains’ forests and their extraordinary levels of biodiversity will be lost or degraded as local communities convert them to agricultural land or harvest timber from them.

World Bank still backs coal in Asia, despite climate claims, report reveals
- A new report shows that the World Bank continues to supply funding to some of Asia’s largest coal developers through its financial intermediaries.
- The multilateral lender committed in 2013 to cease its involvement with coal, and more recently pledged to align its investments with the Paris Agreement.
- The investigation from environmental and economic watchdogs shows that the World Bank’s private lending arm holds stakes in client banks that are funding at least 39 coal developments throughout China, Indonesia and Cambodia.
- The report highlights the case of the planned Jambi 2 development in Sumatra, an “unwanted and unneeded” venture that the report says would severely impact the health, quality of life and livelihoods of affected communities already suffering the impacts of intensive coal development in the area.

Delay of Indonesia’s energy transition plan a chance to get public input
- Observers are calling for greater public participation and transparency in Indonesia’s Just Energy Transition Partnership (JETP) deal.
- The JETP investment plan was supposed to be published on Aug. 16, but has been delayed until the end of this year.
- Observers of the energy sector see the delay as an opportunity for the government to involve the public more in the drafting process to ensure justice for all people in the effort to transition away from fossil fuels and toward renewable energy.
- Funding for the $20 billion JETP has been pledged by the G7 group of industrialized nations plus Denmark and Norway.

Meatpacking giant and Amazon deforester JBS bid for NYSE listing challenged
- Environmental groups have filed complaints with the U.S. Securities and Exchange Commission against Brazilian meat-processing company JBS’s bid to list on the New York Stock Exchange by the end of the year.
- JBS, the number one beef producer in Brazil, and among the top three meat processors in the United States, has been implicated in multiple land-clearing investigations in the Amazon and other Brazilian biomes. Brazil’s forests are vital to the storage of carbon and to preventing catastrophic climate change.
- The latest audit by Brazilian authorities in the Amazonian state of Pará found that JBS had the lowest environmental compliance rate among large meatpackers there, with one out of six cows coming from dubious or illegal sources.
- JBS’s total deforestation footprint may be as high as 1.7 million hectares (4.2 million acres) in its direct and indirect supply chains, a 2020 study found. Environmentalists say a surge in new JBS investments via the NYSE could convert far more Brazilian rainforest to ranches, leading to climate disaster.

For the oceans, global community must fund Sustainable Development Goal 14 (commentary)
- Oceans sustain life by providing myriad ecosystem services and foods which over three billion people depend on for survival, so its conservation is covered in Sustainable Development Goal (SDG) 14.
- Though #14 is underfunded, leaders of the global community can take action during the 2023 SDG Summit taking place today and tomorrow, 18-19 September, in New York City.
- “We call on the President of the General Assembly and donor governments to increase investments in the ocean [as it is] vital to the success of each of the other sustainable development goals. We must ensure a vital ocean for the billions that depend upon its health,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the author, not necessarily of Mongabay.

At Climate Week, guaranteeing Indigenous land rights and funding is crucial (commentary)
- Indigenous territorial rights are likely to again be affirmed as vital to facing the climate crisis during Climate Week events in New York City from September 17-24.
- Such statements are welcome but rarely do they come with guarantees of territorial rights or climate finance for Indigenous communities to steward and protect those lands, however.
- “Discourses about facing the climate crisis are worth next to nothing if they are not accompanied by territorial guarantees and resources for those who keep the biomes standing,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

Indigenous peoples undersupported on frontline of hotter, drier, fiery world
- It’s official: This has been the warmest June-July-August on record, and much attention has focused on the urgent need to achieve climate resilience in impacted urban areas. But how are rural Indigenous communities around the world living with these new extremes?
- Indigenous peoples — from Africa to the Arctic to Central America — report unprecedented heat waves, droughts, storms and wildfires, extremes that are impacting the wildlife they hunt, the plants they gather, crops they grow, livestock they raise, and their very survival.
- Given that many Indigenous peoples live close to the land and depend directly on local resources, they’re especially vulnerable to the massive changes now sweeping our planet.
- But while Indigenous peoples are considered by many researchers and activists to be Earth’s best land stewards, their communities aren’t receiving the funding or resources necessary to adapt to a hotter, drier, stormier, fiery world, often due to the lack of access to their traditional lands.

What’s next for the new Global Biodiversity Fund? (commentary)
- The 15th Convention on Biological Diversity meeting (COP15) established a new Global Biodiversity Framework for action through the year 2030.
- The Global Environment Facility then launched the Global Biodiversity Framework Fund to finance the execution of the new agreement.
- “The fund’s success will be measured by its impact on biodiversity conservation, making a strong focus on achieving measurable impacts crucial,” a new op-ed argues.
- This post is a commentary. The views expressed are those of the authors, not necessarily Mongabay.

Experts see red over Indonesia’s planned green investment label for coal plants
- Indonesia’s financial regulator, the OJK, is considering encouraging investments in coal plants that power the metal-processing industry, prompting criticism from energy and finance observers.
- The proposed green label would put these highly polluting plants in the same favorable investment category as renewable energy projects, on the basis that the products they’re helping churn out will be used in batteries and electric vehicles.
- But observers say the plan goes against scientific evidence and will incentivize more new coal plants, keeping the fossil fuel industry alive at a time when Indonesia is supposed to be transitioning to clean energy.
- They also warn that any banks or investment institutions that fund such projects on the back of this green label run the risk of reputational damage.

Indonesian voters want a clean energy plan, but candidates haven’t delivered
- Candidates running in Indonesia’s presidential election next year must make clear their plans for transition the country away from fossil fuels and toward clean energy, policy experts say.
- A survey shows young Indonesians, who make up the majority of potential voters, view environmental issues in general, and a just energy transition in particular, as crucial issues for a new president to tackle.
- However, none of the three hopefuls who have declared their candidacies to date have addressed these issues, with the survey reflecting a sense of pessimism among respondents.
- Indonesia, a top greenhouse gas emitter, has said it aims to hit net-zero emissions by 2060 and retire its existing fleet of coal-fired power plants, but continues to build more coal plants to serve its growing metal-processing sector.

Global green growth stalled by climate finance shortfalls (commentary)
- There is growing consensus that green growth – economic growth that is environmentally sustainable – is both possible and desirable: the green economy is estimated to represent $1.3 trillion in annual sales in the U.S. alone.
- Calls for worldwide green growth in recent years have come from far and wide, from the United Nations to the International Monetary Fund, the World Bank, and others, but commitments to fund this growth continually fall short.
- Ahead of the upcoming Sustainable Development Goals Summit in mid-September, a new op-ed argues that this event offers a chance for world leaders to make progress on climate finance and green growth, to boost sustainable growth while limiting losses due to multiplying environmental crises.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

What would it cost to protect the Congo Rainforest?
- The Congo Basin holds the world’s second-largest rainforest — the majority of which is in the Democratic Republic of Congo (DRC) — playing a vital role in carbon storage and ecological services that millions of people and species rely upon.
- However, the DRC is a nation with the second-highest rate of tropical deforestation behind Brazil. Meanwhile, Gabon says it has acted to protect its forests but hasn’t reaped the promised rewards.
- International commitments to protect the Congo Rainforest are historically meager compared with what experts say is actually needed, and many of these commitments go unfulfilled.
- On this episode of Mongabay Explores the Congo Basin, we speak with experts about what’s needed to overcome hurdles to financing forest protection to benefit conservation, climate and communities: Paolo Cerutti, senior scientist and DRC unit head at the Center for International Forestry Research (CIFOR-ICRAF); Chadrack Kafuti at Ghent University; Wahida Patwa Patwa-Shah, senior regional technical specialist, UNDP Climate Hub; and Lee White, minister of water, forests, the sea and environment in Gabon.

Big promises to Indigenous groups from new global nature fund — but will it deliver?
- On August 24, 2023, the Global Environment Facility (GEF) ratified and established the new Global Biodiversity Framework Fund to help developing countries meet their targets set up as part of the Global Biodiversity Framework.
- The new fund promises to invest 20% of its resources to directly support initiatives led by Indigenous peoples and local communities to protect and conserve biodiversity.
- While Indigenous communities welcome the move and are hopeful the new allocation will help them achieve their targets, they are skeptical about the barriers to accessing the funds, including delays and lack of knowledge.
- Some Indigenous representatives urge the GEF to rethink documentation requirements, the need for capacity building in the communities, and respect the individual community’s differences while designing the modalities for the GBFF.

New global biodiversity fund to restore nature worldwide by 2030 officially launches
- Representatives of 185 countries officially agreed to launch a new fund to ramp up investment to nations in meeting goals outlined in the Global Biodiversity Framework.
- So far, Canada and the U.K. announced initial contributions to start the fund’s capitalization, contributing $146.8 million (CA$200 million) and $12.58 million (£10 million), respectively.
- Targets include about 20% of funds to support Indigenous and local action to protect and conserve biodiversity and at least 36% of the fund’s resources to support the most vulnerable people, small island developing states, and least developed countries.
- Some human rights and environmental activists are calling for more contributions needed to operationalize the fund and firm commitment to allocate funds to Indigenous groups.

U.S. conservation investment routed to eucalyptus expansion in Brazil’s Cerrado
- The Timberland Investment Group (TIG), owned by investment bank BTG Pactual, is expanding its planted forest operations in the Cerrado. Its newest office is next door to the world’s soon-to-be largest paper and pulp factory, under construction.
- U.S. President Joe Biden pledged $50 million toward the initiative, claiming it would help conserve Latin America’s most critical ecosystems. The funds have not yet been released, but TIG has already started acquiring new land.
- From 2018-22, BTG Pactual financed $1.67 billion in forest-risky products including soy, beef, timber and pulp and paper, according to Forests & Finance data analyzed by Mongabay.
- The planted forest industry advertises environmental benefits and is increasingly joining bids for green finance. Critics say stored carbon is released after harvest and these monoculture plantations are distracting funds and attention away from real biome conservation.

Report: Forest-razing biomass plant in Indonesia got millions in green funds
- An Indonesian oil and gas company is using government money to clear rainforest for a biomass power plant, according to a new report.
- The project has received a total of $9.4 million from two Ministry of Finance agencies, including one tasked with managing environmental protection funds from international donors.
- Criticism of Medco’s activities reflects a broader debate over whether clear-cutting rainforest can ever be considered sustainable, even when done in the name of transitioning a major coal-producing country away from fossil fuels.

Financial downturn at Enviva could mean trouble for biomass energy
- Enviva harvests trees to manufacture millions of tons of wood pellets annually in the U.S. Southeast to supply the biomass energy demands of nations in the EU, U.K., Japan and South Korea. But a host of operational, legal and public relations problems have led to greater-than-expected revenue losses and a drastic fall in stock price.
- These concerns (some of which Mongabay has reported on in the past) raise questions as to whether Enviva can double its projected pellet production from 6 million metric tons annually today to 13 million metric tons by 2027 to meet its contract obligations. Enviva says its problems pose only short-term setbacks.
- While it isn’t possible to connect Enviva’s stock decline, or the company’s downgrading by a top credit ratings agency, with any specific cause, some analysts say that investors may be getting educated as to the financial risk they could face if the EU or other large-scale biomass users eliminate their subsidies to the industry.
- “The financial risk is there, maybe not today, but in the future, where countries may say, ‘This massive [biomass carbon accounting] loophole is making the climate crisis worse. Let’s close it.’ When that happens, Enviva and all other pellet manufacturers are out of business,” and investors would suffer, according to one industry expert.

NGOs urge continued sanctions against DRC mining giant Dan Gertler
- Dan Gertler is an Israeli billionaire who acquired mining and oil licenses at knock-down prices from the Democratic Republic of Congo (DRC) government or state-owned mining companies, which he then sold to multinational companies and sometimes even back to the Congolese government itself, making huge profits.
- Gertler’s operations generated in only two years more than $1.36 billion of loss for the DRC, according to the U.S. Treasury Department.
- In 2017, the United States sanctioned Gertler for corruption, banishing him from the U.S. dollar banking system.
- As a result of a memorandum of understanding between Gertler and the DRC government, Felix Tshisekedi, DRC president, officially requests an end to U.S. sanctions

Indonesian audit finds taxes unpaid on 22 million acres of oil palm plantations
- An Indonesian government audit finds that taxes are not paid on some 9 million hectares (22.2 million acres) — an area three times the size of Belgium — don’t pay taxes, an Indonesian government audit finds.
- Luhut Pandjaitan, a top government official, says the government will impose penalties on plantation owners who don’t pay taxes rather than take them to court.
- Activists have called on the government to address the root causes of the issue, which is irregularities in the permit issuance process.

Does the Global Biodiversity Framework give due consideration to market mechanisms? (commentary)
- The recently approved “Kunming-Montreal Global Biodiversity Framework” is meant to guide countries’ efforts to conserve biodiversity.
- It provides specific guidance on how its targets may be achieved, and in that sense, takes a regulatory approach.
- The authors of a new op-ed argue that market mechanisms must also be highly considered, given the ability of things like sustainably certified products to fetch higher prices while generating benefits for biodiversity, “payments for ecosystem services” programs that generate billions of dollars in annual transactions, and more.
- This post is a commentary. The views expressed are those of the authors, not necessarily of Mongabay.

Ecuador to boost protection of Galápagos in biggest debt-for-nature deal ever
- Ecuador has launched a debt-for-nature deal that will wipe out some $1 billion in interest payments in exchange for boosting its protection of the waters around the Galápagos Islands.
- Much of the funding will focus on managing the newly established Hermandad Marine Reserve, the existing Galápagos Marine Reserve, and sustainable fishing and climate resilience efforts.
- The deal would also finance an endowment to generate ongoing funding for marine conservation in the Galápagos Islands.
- This is the world’s largest debt-for-nature deal to date.

Funders commit $102.5 million to support tribal-led conservation efforts in the U.S.
- The Native Americans in Philanthropy and the Biodiversity Funders Group launched a funding pledge to support tribal-led restoration and conservation efforts in the United States.
- Fifteen funders have already committed $102.5 million to support the Tribal Nations Conservation Pledge goals since its launch in March.
- Projects to benefit will be selected by funders and could include natural resource and conservation projects, regrants and tribal-led conservation NGOs working in direct partnership with tribes, among several others.
- Erik Stegman, the Native Americans in Philanthropy’s chief executive officer, said the pledge ensures that Indigenous groups continue to lead the way in conservation efforts in the U.S. as well as meet the vision of conserving 30% of U.S. land and waters by 2030.

Report links financial giants to deforestation of Paraguay’s Gran Chaco
- Major banks and financial institutions including BlackRock, BNP Paribas, HSBC and Santander continue to hold substantial shares in – or provide financial services to – beef companies linked to illegal deforestation in the Gran Chaco region of Paraguay.
- A report by rights group Global Witness released last month says these financiers knowingly bankroll beef traders accused of having links to deforestation, despite warnings in 2020 by U.K.-based NGO Earthsight about the beef industry’s impact on the Gran Chaco.
- Almost all of the banks, investment managers and pension funds named in the new report are members of voluntary initiatives to eliminate and reverse commodity-driven deforestation from their portfolios.
- Paraguay has one of the highest rates of tropical deforestation in the world, having lost a quarter of its net forest cover between 2000 and 2020 — an area almost twice the size of Belgium.

U.S. firm quits Indonesian gasification project in major blow to coal ambitions
- U.S.-based Air Products and Chemicals confirmed in late March that it had withdrawn from all of its projects in Indonesia, including coal-gasification plants in East Kalimantan and South Sumatra provinces.
- The Indonesian government has looked to coal gasification to create market demand for downstream coal, but analysts warn such projects are unlikely to be financially viable, especially as major global investors turn away from coal.
- The Indonesian government says the gasification projects will continue, possibly with investors from China, but no details have been released.

Indigenous funding model is a win-win for ecosystems and local economies in Canada
- First Nations in the Great Bear Rainforest and Haida Gwaii of Canada, have successfully invested in conservation initiatives that have benefited ecosystems while also increasing communities’ well-being over the past 15 years, a recent report shows.
- Twenty-seven First Nations spent nearly C$109 million ($79 million) toward 439 environmental and economic development projects in their territories, including initiating research, habitat restoration, and guardian programs, that attracted returns worth C$296 million ($214 million).
- Funding has also set up 123 Indigenous-led business and was spent towards sustainable infrastructure and renewable energy projects.
- One of the world’s first project finance for permanence (PFP) models, this funding scheme is exemplary of how stable finance mechanisms can directly benefit Indigenous communities and the environment, say Indigenous leaders.

Indonesia aims to use gas in foreign-funded energy transition; critics cry foul
- Indonesia plans to convert its diesel fuel-fired power plants to gas-fired power plants starting this year as a part of its energy transition program.
- The Indonesian government hopes the gas conversion project could be funded by a US$20 billion energy transition deal with developed countries called the Just Energy Transition Partnership (JETP).
- The plan has been lambasted by activists, who see the gas conversion project as a false solution to climate change due to methane emissions that come from leakage during the transportation of gas.
- Activists also point out that gas is more costly than renewable energy and the development of gas could take away funding and resources from renewable development.

Nations adopt Kunming-Montreal Global Biodiversity Framework
- After multiple delays due to COVID-19, nearly 200 countries at the UN Biodiversity Conference (COP15) in Montreal sealed a landmark deal to halt and reverse biodiversity loss by 2030.
- The Kunming-Montreal Global Biodiversity Framework (GBF), with four goals and 23 action-oriented targets, comes after two weeks of intense negotiations at COP15, in Montreal, Canada. This agreement replaces the Aichi Biodiversity Targets set in 2010.
- Among the 2030 goals, countries pledged to protect at least 30% of terrestrial and marine areas, while also recognizing Indigenous and traditional territories.
- Concerns have been raised about the ambitions of the framework, with many criticizing the agreement for its corporate influence, vague language and watered-down targets, many of which are not quantitative.

In Bangladesh, Ecologically Critical Areas exist only on paper
- Since 1999, Bangladesh has declared 13 biodiversity-rich areas as Ecologically Critical Areas (ECAs) under the Environment Conservation Act.
- The government has failed to conserve the ECAs so far, despite some protection measures undertaken in Saint Martin’s Island, Tanguar Haor, Hakaluki Haor, Cox’s Bazar and Sonadia Island.
- The government has permitted industries to be set up in one of the major ECAs, the Sundarbans, including an oil refinery and coal-fired power plant.
- Authorities blame inadequate budget allocation and staff shortage, which environmentalists describe as a “lack of interest of the government.”

Indigenous peoples and communities drive climate finance reform
- At COP26, the United Nations climate conference in 2021, 22 philanthropies and governments pledged $1.7 billion to support Indigenous and community forest tenure as a way to address climate change, but a recent annual report released in 2022 reveals that only 7% of the funds disbursed in the pledge’s first year went directly to Indigenous and community organizations. (A subsequent analysis in 2023 revised this figure downward to 2.9%.)
- In response to an overall trend in which little climate-related aid goes directly to these organizations, they have banded together to develop funding mechanisms to which big donors can contribute. These organizations then control the distribution of money to smaller organizations, allowing more control over which priorities are funded.
- In support of these efforts, the U.S.-based Climate and Land Use Alliance, which is a collective of several private foundations, is working with a broader group of philanthropic climate donors to develop “a ‘plumbing’ system for this finance” through the Forests, People, Climate Collaborative.
- Indigenous leaders say more money overall is needed to protect forests and help to mitigate the effects of climate change, but the 2021 pledge has opened the door to finding ways to involve Indigenous and community organizations in how funds are spent.

Climate damage from Bitcoin mining grew more than 125 times worse in just five years
- The negative climate impacts of mining the cryptocurrency Bitcoin have grown rapidly over time, with carbon emissions per coin multiplying 126 times from 2016 to 2021.
- During that window, the climate damage of mining one Bitcoin averaged 35% of a coin’s value, similar to the environmental costs of unsustainable products like crude oil and beef.
- Reducing Bitcoin’s massive carbon footprint may require international regulation unless the cryptocurrency shifts to a more energy-efficient mining system.

Despite pledges, obstacles stifle community climate and conservation funding
- As science has increasingly shown the importance of conservation led by Indigenous peoples and local communities (IPLCs), donors have begun to steer funding toward supporting the work these groups do.
- In 2021, during last year’s COP26 U.N. climate conference, private and government donors committed $1.7 billion to secure the land rights of Indigenous peoples and local communities.
- But a recent assessment of the first year of the pledge shows that little of the funding goes directly to them, often going first through international NGOs, consultancies, development banks and other intermediaries.
- Most aid intended to support IPLC-led conservation work follows this path. Now, however, donors and IPLC leaders are looking for ways to ease the flow of funding and channel more of it to work that addresses climate change and the global loss of biodiversity.

COP27 boosts carbon trading and ‘non-market’ conservation: But can they save forests?
- For the first time ever at a climate summit, the final text of this month’s COP27 included a “forests” section and a reference to “nature-based solutions,” — recognizing the important role nature can play in curbing human-caused climate change. But it’s too early to declare a victory for forests.
- By referencing REDD+, the text could breathe new life into this UN framework, which has so far failed to be a game-changer in the fight against deforestation as many hoped it would be.
- COP27 also took a step toward implementing Article 6.4 of the Paris agreement, a mechanism that some see as a valid market-based climate solution, though others judge it as just another “bogus” carbon trading scheme.
- Many activists are pinning their hopes instead on Article 6.8, which aims to finance the protection of ecosystems through “non-market approaches” like grants, rather than with carbon credits.

Indonesia to build coal plants despite $20b deal on clean energy transition
- The Indonesian government will still permit the construction of new coal-fired power plants, despite recently signing a $20 billion energy transition financing deal with industrialized countries.
- The plants are accommodated in the government’s 10-year energy plan and covered by a presidential regulation.
- The newly announced Just Energy Transition Partnership (JETP), by contrast, doesn’t make clear what restrictions, if any, it puts in place on Indonesia building new coal plants.
- Activists have called for a complete ban on new coal power so that a just energy transition can happen as envisioned in the new climate finance partnership.

Indonesia seals $20 billion deal with G7 to speed up clean energy transition
- Indonesia and the G7 have agreed on a $20 billion financing deal that will help the Southeast Asian nation speed up its transition from fossil fuels to renewable energy.
- The Just Energy Transition Partnership (JETP) was announced at the G20 summit being hosted in Indonesia this week, with the funding to come in the form of grants, concessional loans, market-rate loans, guarantees, and private investments.
- The funding will come from both public and private financing, with details of the investment plan to be ironed out in the next six months.
- Under the partnership, Indonesia will aim to cap its emissions from the power sector by 2030, faster than the initial target of 2037, and to generate 34% of its electricity from renewable sources by 2030.

Carbon offsets: A key tool for climate action, or a license to emit?
- The carbon offset market has existed for 25 years, and experts say there are still fundamental problems in its structure. Some question the underlying concepts, and refuse to consider it a tool for climate action.
- Part of the issue is that transparency is low. Buyers and sellers of carbon offsets often never meet and are separated by numerous intermediaries with their own profit incentives: registries, verifiers, and brokers. It’s not clear who buys offsets or which emissions are offset.
- Most experts say the offset market is not meant to contribute meaningful change to emissions, but rather to be an extra tool to channel funds toward sustainable development when companies are failing to transition from fossil fuels.

Report unveils ties between Indonesian conglomerate Sinar Mas and Canada’s Paper Excellence
- An investigative report has revealed that Indonesian conglomerate Sinar Mas has hidden ties with Canadian paper company Paper Excellence, which indicates that the former is secretly controlling the latter.
- The ties are hidden through a multilayered corporate structure with holding companies in numerous offshore jurisdictions that are characterized by high levels of corporate secrecy, such as the Netherlands, Labuan (Malaysia), the British Virgin Islands and Hong Kong, according to the report.
- Paper Excellence could soon become one of the biggest pulp and paper suppliers in North America, as it’s in the process of acquiring Resolute Forest Products, Canada’s third-largest producer of sawn wood.

In new climate deal, Norway will pay Indonesia $56 million for drop in deforestation, emissions
- This year, Norway will pay Indonesia $56 million for reducing emissions from deforestation and forest degradation.
- Both countries struck a new climate deal in September, in which Norway will provide support for Indonesia’s bid to curb deforestation and forest degradation, with the aim that Indonesia’s forests will turn into a carbon sink by 2030.
- Norway was supposed to pay the $56 million in 2020 under its previous climate agreement with Indonesia, but the Nordic country failed to pay, resulting in Indonesia terminating the original agreement.

Early retirement for Indonesian coal plants could cut CO2, boost jobs, analysis says
- At a cost of $37 billion, Indonesia could retire its coal power plants as early as 2040 and reap economic, social and environmental benefits from the shift, a new analysis by nonprofit TransitionZero shows.
- Replacing coal with renewables will create a windfall of new jobs, which would outweigh coal closure job losses by six to one, according to the analysis.
- The analysis has also identified three coal plants in Indonesia that are the most suitable for early retirement, as they have lower abatement costs and are the most polluting.

Panama restricts information on sanctioned boats, evading transparency
- Over the course of three months earlier this year, Mongabay and Bloomberg Línea requested information from the Panamanian authorities concerning inspections carried out on Panama-registered boats and the resulting sanctions that were imposed.
- Panamanian authorities denied much of the request, claiming it concerns information of a restricted nature.
- The authorities did grant a request to review vessel records at the location where they are held, but prohibited the reporting team from taking photographs or making photocopies. The team found paper records arranged in thick folders with pages in neither ascending nor descending order, which made the search a complex task.
- Lawyers who specialize in fishing and environmental issues say the authorities should release the information, and that the difficulty accessing it hinders efforts to uncover illicit activities.

Panama: A ‘flag of convenience’ for illegal fishing and lack of control at sea
- Why would a Chinese ship want to fly the Panamanian flag? This practice is known as flying a “flag of convenience” and although it’s legal, experts say it often lets shipowners benefit from lax auditing and is closely associated with illegal fishing because it can hide the identity of a vessel’s true owners.
- Mongabay Latam and Bloomberg Línea investigated violations and alleged crimes committed by the fleet of ships flying the flag of Panama, the country whose flag is most commonly used.
- Our analysis of an official database shows that some of the vessels operating under the Panamanian flag do business with a Chinese company that has one of the global fishing industry’s longest criminal records.

Clothes sourced from plants could expand deforestation – or abate it
- Cellulose fabrics are fibers extracted from plants and transformed into clothing. Fuelled in a large part by promises of higher environmental integrity, cellulose fibers are the fastest growing feedstock of the textile market.
- Companies dominating the market have brought with them systemic problems that have seen primary forests felled, peatlands drained and waste management poorly managed.
- Despite ongoing sustainability issues, the future of the market is promising, experts say, as new innovations and companies have a fighting chance to bring new materials and manufacturing processes to market.

Indonesian banks prop up coal industry increasingly shunned by outside lenders
- Indonesia’s largest banks channeled a combined $3.5 billion of direct loans to the coal industry from 2015 to 2021, despite pledging to implement sustainable financial practices.
- Experts say these four banks — BNI, BRI and Bank Mandiri, which are state-owned lenders, and BCA, the most valuable company in the country — lag behind banks elsewhere when it comes to their climate commitments.
- No Indonesian banks have joined the U.N.’s Net-Zero Banking Alliance, whose members have committed to transition all of their investments that contribute to greenhouse gas emissions in order to reach net zero by 2050.

Forests & Finance: Sit-ins, seeds over seedlings, and fuel-saving cookstoves
- Liberian communities affected by logging have staged a sit-in protest in front of the country’s ministry of finance, demanding unpaid royalties.
- Cookstoves and woodlots are the first step in a plan to halt deforestation in southern Zimbabwe.
- And a reforestation initiative experiments with providing Zimbabwean farmers seeds from indigenous trees rather than seedlings.
- Forests & Finance is Mongabay’s bi-weekly bulletin of briefs about Africa’s forests.

Putting a price on water: Can commodification resolve a world water crisis?
- In 2018, a trader listed water on the Chicago Mercantile Exchange and then in 2020 introduced a futures market so consumers can factor the cost of water into their investment plans. After a slow start, traders expect the market to grow more strongly in 2023.
- Some analysts see this as a positive step, allowing market adjustments to provide consumers with the cheapest and most efficient way of buying water. Others disagree, saying that water, like air, should not be commodified as it is a fundamental human right and must be available to all.
- Critics fear that creating a water market is a first step toward a future in which just a few companies will be able to charge market rents for what should be a free natural resource. Huge questions remain over water allocations for industry, agribusiness and smallholders, cities, and traditional and Indigenous peoples.
- The clash between these economic and socioenvironmental worldviews isn’t just occurring internationally. The conflict over water regulation is evident in many nations, including Brazil, which lays claim to the world’s biggest supply of freshwater, and Chile, currently suffering from its most severe drought ever.

Better management of shared waterways could benefit economy in Bangladesh, India
- Bangladesh and India signed a protocol in 1972 for using waterways through 11 different routes to carry goods. Only three of the designated 11 routes are in regular use at present, as most of the routes lack depth for the navigability of large vessels.
- A 2016 World Bank study showed that the cost to carry goods via the waterways is cheaper compared to good transportation via railways and roads. However, only about a quarter of Bangladesh’s waterways are navigable by mechanized vessels during the monsoon season and during the dry season, the navigable distance shrinks even further.
- The Bangladeshi government recently awarded a $71 million contract to a Chinese company to dredge rivers as part of a World Bank-financed project to boost transport routes between mainland India and its northeastern states via Bangladesh.
- Experts suggest that, besides taking on extensive dredging work, the rivers need proper management like maintenance of channels and embankment protection, otherwise silt will close the channels in a short time.

Sri Lanka eyes major compensation case over X-Press Pearl sinking
- Sri Lanka has received $2.5 million in the third interim payment for the sinking of the X-Press Pearl cargo ship in June 2021, giving it a total of just $7.85 million for the worst maritime disaster in the country’s history.
- These payments from the Singapore-flagged vessel’s insurer are mainly to reimburse the government for the cost of the emergency response operations and for direct damages and cleanup.
- Environmental lawyers say the government can and should pursue a much larger compensation claim for the environmental damage wrought.
- The X-Press Pearl sank off Sri Lanka’s western coast after catching fire, in the process spilling its cargo of hazardous chemicals and billions of plastic pellets that continue to dot the country’s beaches.

Lack of finance prevents Bangladesh farmers from diversifying their rice crops
- About 15 million farmers in Bangladesh grow just five to six rice varieties, despite the availability of more than 130 different rice varieties, giving rise to an effective monoculture that leaves farmers at higher risk from pests and diminishing yields.
- Observers attribute this to a lack of support from the government to help farmers explore other rice varieties, which typically have lower yields and fetch lower prices than the most popular varieties.
- Lack of financial support means many farmers have to take out high-interest microcredit loans for their operational expenses, which in turn compels them to grow the most profitable rice varieties, locking them in a vicious cycle.
- Observers have called on the government to do more to incentivize farmers to diversity their rice crops, pointing to long-term benefits in the form of improved soil health and resilience to pest attacks.

As stronger storms hit Bangladesh farmers, banks are climate collateral damage
- Farmers in coastal areas of Bangladesh are increasingly defaulting on their loans due to climate change-driven storms that are destroying the farms they put up as collateral.
- Agricultural loans for the year to May 2022 amounted to the equivalent of $3 billion, or a fifth of the value of all loans distributed in Bangladesh.
- Increasingly frequent and severe storms therefore pose as much of a threat to the country’s financial sector as to farming communities and the environment.
- The warming of the sea in the Bay of Bengal as a result of climate change is supercharging storms, giving them more energy, helping them to drive tidal surges farther inland and dump larger volumes of rain than before.

Toxic rare earth mines fuel deforestation, rights abuses in Myanmar, report says
- Highly toxic rare earth mining has rapidly expanded in northern Myanmar, fueling human rights abuses, deforestation and environmental contamination, an investigation by the NGO Global Witness has found.
- People living near mining sites have seen surrounding land polluted and waterways contaminated by the chemicals used to extract the rare earth minerals that are used in smartphones, home electronics and clean energy technology, such as electric cars and wind turbines.
- The investigation found that China has outsourced much of its rare earth mining industry to Myanmar’s Kachin state, where more than 2,700 heavy rare earth mines have proliferated over an area the size of Singapore since 2016.
- There is a risk of minerals mined illegally in Myanmar making their way into products manufactured by several global brands, the investigation says.

Podcast: Blockchain for conservation? Maybe, but leave the crypto out
- The increasingly popular blockchain technology is being used for conservation finance purposes, but it comes with some significant downsides, both functional and environmental.
- The “mining” process for popular cryptocurrencies, such as bitcoin, is highly energy intensive, comparable to the annual electricity usage of entire nations.
- Journalist Judith Lewis Mernit and author Brett Scott join the Mongabay Newscast to discuss these environmental impacts, complications, and the relationship of our financial systems with our ecological ones.

Delectable but destructive: Tracing chocolate’s environmental life cycle
- Chocolate in all its delicious forms is one of the world’s favorite treats. Per capita consumption in the U.S. alone averages around 9 kilograms (19.8 pounds) per year. The industry is worth more than $90 billion globally.
- Ingredients — including cocoa, palm oil and soy — flow from producer nations in Africa, Asia and South America to processors and consumers everywhere. But a recent study reveals that large amounts of these commodities are linked to indirect supply chains, falling outside sustainability programs and linked to untraced deforestation.
- Key producers of these commodities — mostly West African countries for cocoa, Brazil for soy, and Indonesia for palm oil — have faced extensive deforestation due to agricultural production, and will likely face more in future as chocolate demand increases.
- Production, transport and consumption of chocolate also have their own environmental impacts, some of which remain relatively understudied. But researchers inside and outside the industry are working to better trace chocolate deforestation, and to make processing, shipping and packaging more sustainable.

Did Wall Street play a role in this year’s wheat price crisis?
- In the wake of Russia’s invasion of Ukraine, global wheat spot and future prices skyrocketed, at one point by as much as 54% in just over a week.
- Wheat prices had already been rising over the past two years due to the COVID-19 pandemic, prompting the World Food Programme to warn that hundreds of millions of people were at risk of going hungry.
- Analysts say the crisis isn’t one of availability but rather one of prices, with some arguing that far too little attention is being paid to the role that speculative gambling by Wall Street has played in pushing up food prices this year.
- As climate change-related droughts and other weather disasters threaten wheat harvests in some countries, food security advocates say it’s time to move to a system that’s less vulnerable to external shocks.

Beyond bored apes: Blockchain polarizes wildlife conservation community
- Blockchain technology’s various applications, such as NFTs and smart contracts, are being explored for use in wildlife conservation.
- The technology’s potential might be immense, but downsides such as a massive carbon footprint and the imposition of Western technology to dictate resource management in the Global South raise logistical and ethical questions.
- Most proponents and critics agree on one thing: The technology is still in the early stages for its applications to be fully understood and implemented on the ground.

Rubber used by leading European tire makers linked to forest loss in Africa: Report
- A new report investigates deforestation and land rights abuse allegations in central and western Africa by companies that supply top European tire makers like Michelin and Continental.
- The EU is home to the world’s top tire manufacturers, even though it does not produce any natural rubber, and rubber imports are currently not subject to the European nations’ deforestation regulations.
- Between 2000 and 2020, 200 square miles of forested area was likely destroyed to make way for industrial rubber plantations in six African countries, which together exported $503 million worth of natural rubber to the EU in 2020.
- Emphasizing the role of the EU, the report describes how rubber plantation owning companies are also heavily financed by European banks like Rabobank, BNP Paribas and Deutsche Bank.

Foreign capital powers Brazil’s meatpackers and helps deforest the Amazon
- To conquer the world market, Brazil’s Big Three beef packers — JBS, Marfrig and Minerva — invited in foreign capital. Today, all three are transnationals, with the original Brazilian founders owning only minority shares in their own companies.
- Foreign investors, including asset management companies and pension funds, now own large stakes, which means that ordinary citizens in the United States and elsewhere are helping fund Amazon deforestation through their investments.
- The three Brazilian families behind the Big Three have remarkable rags-to-riches histories, though with the speed of their expansion and dominance greatly assisted by the Brazilian government, keen to produce “National Champions.”
- The companies expanded rapidly abroad, but their presence in the U.S. means they are now subject to greater scrutiny from authorities and NGOs. However, most small-scale investors, including working people, have no awareness they’re investing in the destruction of the Amazon, one of the world’s most crucial carbon sinks.

Government inaction sees 98% of deforestation alerts go unpunished in Brazil
- A new study has found that Brazil’s environmental enforcement agencies under President Jair Bolsonaro failed to take action in response to nearly all of the deforestation alerts issued for the Amazon region since 2019.
- Nearly 98% of Amazon deforestation alerts weren’t investigated during this period, while fines paid by violators also dropped, raising fears among activists that environmental crimes are being encouraged under the current administration.
- Environmental agencies at the state level did better, but in the case of Mato Grosso state, Brazil’s breadbasket, still failed to take action in response to more than half of the deforestation that occurred.
- In an unexpected move, Bolsonaro on May 24 issued a decree raising the value of fines for falsifying documents to cover up illegal logging and infractions affecting conservation units or their buffer zones, among other measures.

Results of mining tax for reforestation in the DRC leave more questions than answers
- Mining and logging companies in the Democratic Republic of Congo (DRC) are liable to pay a deforestation tax to restore areas impacted by their activities.
- However, after about twenty years since the tax was implemented, reforested areas are few and far between.
- Environmentalists and locals question what the taxes collected from mining companies is being used for, with corruption and financial mismanagement seen as a source of the problem.
- The National Forest Fund (FFN), environmental ministry and political officials did not respond to Mongabay requests for comment.

Wage-related abuses in fishing industry exacerbated by pandemic response
- The COVID-19 pandemic left migrant fishers in Asia, already a highly vulnerable section of the workforce, with less income and at higher risk of labor abuses, a new report says.
- The brief, commissioned by the International Labour Organization and authored by Cornell University researchers, looked at workers’ experiences in the fishing and seafood-processing industries of Japan, South Korea, Thailand and Taiwan from March 2020 to March 2021.
- Common issues they uncovered included employers paying wages below the legal minimum, making illegal wage deductions, deferring wage payments, and not paying wages upon termination of employment.
- Labor shortages caused by border closures due to the pandemic should have given workers more leverage in wage negotiations, but this wasn’t the case, the researchers found.

Banks bet big on coal in Indonesia, bucking global shift away from fossil fuel
- Loans from banks and leasing firms to coal-mining companies in Indonesia are increasing on the back of soaring global coal prices.
- Analysts say financial institutions are capitalizing on the high demand for capital from miners, effectively helping keep the fossil fuel industry afloat.
- The increase in lending to coal miners in Indonesia bucks a global trend that has seen financial institutions and investors increasingly avoid coal and other fossil fuel industries because of their environmental and climate impacts.
- Energy policy experts say that besides risking reputational damage, the banks financing Indonesia’s current coal boom could be left holding a lot of bad debt once the cycle inevitably turns into a bust.

Indonesia cancels fisheries infrastructure projects in Maluku region amid lack of funds
- Indonesia doesn’t have the money to build the National Fish Bank or a new Ambon port, two infrastructure projects the national government had promised in the province of Maluku, a minister announced last month.
- The obstacle for the National Fish Bank project relates to its chosen location, near an underwater volcano and abandoned mines from World War Two.

Bangladesh power bill mounts amid plan to supersize already bloated capacity
- Bangladesh is paying hundreds of millions of dollars in incentives to private electricity producers every year for electricity that’s going unused, a government report indicates.
- The country’s grid has the capacity to supply nearly 60% more electricity than consumers demand, which the government must pay for even if it means paying producers to remain idle.
- Despite the glut, the government is embarking on several large-scale power projects, including seven coal-fired plants and up to two nuclear plants, which will nearly double its total capacity by 2030.
- Energy policy observers say this building spree is “ridiculous” and pushes the country into risky territory as the costs of incentives and subsidies balloons.

A new index measures the human impacts on Amazon waters
- Based on the best scientific data available, the unprecedented Amazon Water Impact Index draws together monitoring and research data to identify the most vulnerable areas of the Brazilian Amazon.
- According to the index, 20% of the 11,216 Brazilian Amazon micro basins have an impact considered high, very high or extreme; half of these watersheds are affected by hydroelectric plants.
- The same index points out that 323 of the 385 Indigenous Lands in the Brazilian Amazon face a medium to low impact, which demonstrates the fundamental role of these areas in protecting the aquatic ecosystems of the Amazon.
- The Amazon River Basin covers 7 million square kilometers (2.7 million square miles) and contains 20% of all freshwater on the Earth’s surface; still, little is known about the impacts of increased human activity on aquatic ecosystems.

Sri Lanka’s environmentalists brace for economic meltdown’s toll on nature
- The deepening economic crisis in Sri Lanka is expected to hit the environment and biodiversity conservation hard, experts warn.
- Acute fuel shortages mean the Department of Wildlife Conservation having to ration out fuel, when it can get it, for its patrol vehicles, while its revenue from tourism receipts at national parks has evaporated.
- Experts warn that skyrocketing prices of food and other essentials could push a growing number of desperate Sri Lankans into environmental crimes such as illegal logging for firewood, poaching for meat, and sand mining.
- The crisis also threatens to undo hard-earned gains and undermine future commitments, such as programs on emissions reduction, ending deforestation, and achieving the Sustainable Development Goals.

Funding, titling project for Indigenous-led organizations launched
- One of the latest conservation funding mechanisms, the Community Land Rights and Conservation Finance Initiative (CLARIFI), plans to channel funds directly to Indigenous and locally-led organizations and title at least 400 million hectares (988 million acres) of land to reduce deforestation.
- According to organizers, this will avoid 1.1 to 7.4 GtCo2e (gigatons of carbon dioxide equivalent) of emissions as 33% of the Earth’s tropical forest carbon is at risk without recognizing community rights to land.
- At least $10 billion is needed to boost legally recognized territories, but much is required to attain the other goals of the initiative, says Dr. Solange Bandiaky-Badji, coordinator of Rights and Resources Initiative.
- Organizers will be holding planning meetings in the Congo Basin and Latin America in May and June to deliver a total of $25 million to Indigenous-led initiatives and test its funding project.

Canadian miners get high-level lobbying boost for Brazilian Amazon projects
- Canadian bank Forbes & Manhattan appears to be aided in pushing its mining interests in Brazil thanks to lobbying efforts by an old army acquaintance of the country’s vice president.
- F&M has been trying to secure environmental licenses for two of its companies, Belo Sun and Brazil Potash, for more than 10 years; both companies’ projects have been criticized for threatening Indigenous groups and traditional riverside communities in the Amazon.
- But F&M has managed to secure several private meetings with top government officials, which all appear to feature the same individual acting in a consulting or advisory role: Cláudio Barroso Magno Filho, a retired brigadier general in the Brazilian Army.
- Barroso Magno attended the military academy alongside Hamilton Mourão, who in 2019 took office as Brazil’s vice president in the administration of President Jair Bolsonaro.

Funding for women-led conservation remains tiny, but that’s changing fast
- Of all the philanthropic funding to tackle climate change, 90% goes to organizations led by white people, and 80% to organizations led by men; only 0.2% of all foundation funding focuses explicitly on women and the environment.
- Initiatives such as the Wild Elements Foundation, Women’s Earth Alliance, Daughters for Earth and WE Africa are supporting women-led efforts around the world to protect and restore the environment through providing funding and publicity, as well as technical, entrepreneurial, and leadership skills.
- The Global Alliance for Green and Gender Action (GAGGA), which in 2021 received approximately $41 million for five years from the Dutch government, also provides flexible financial support to 24 funds, 30 NGOs and 400 grassroots groups and social movements from around the world.

International funding nowhere near enough for Indonesia to cut emissions: Study
- Indonesia will have to come up with its own funding schemes to have any chance of achieving its carbon emissions reduction target by 2030, a new study says.
- The government has calculated that it needs $323 billion in funding from the international community to slash emissions by 41%, but received just $6.4 million between 2007 and 2019, the study found.
- It found that Indonesia faced difficulties accessing international climate grants, with donors often prioritizing their own interests or preferring countries with lower incomes than Indonesia.
- A potential source of funding could be the sale of government debt that’s a combination of environmental (green) bonds and Islamic-compliant bonds, known as sukuk, the study says.

How many orangutans does $1 billion save? Depends how you spend it, study finds
- A recent study evaluating spending on orangutan conservation, calculated to amount to more than $1 billion over the past 20 years, found wide variations in the cost-effectiveness of various conservation activities.
- The study found habitat protection to be by far the most effective measure, followed by patrolling.
- By contrast, habitat restoration; orangutan rescue, rehabilitation, and translocation; and public outreach were found to be less cost-effective.
- The study relied on building a model that correctly accommodated numerous factors, something both the researchers and outside experts highlight as a challenge.

Indonesia’s gasification plans could be costly for budget and environment
- Indonesia has broken ground on a $2.1 billion coal gasification plant, and plans to build 10 more.
- In supporting coal gasification, Indonesian officials aim to bolster coal production even if export demand diminishes.
- A new analysis by the Institute for Energy Economics and Financial Analysis concludes that coal gasification will require massive government subsidies to be commercially viable in Indonesia.
- Advocates for renewable energy say any funds that might be used to support coal gasification would be better spent on supporting renewable energy projects.

NGOs alert U.N. to furtive 2-million-hectare carbon deal in Malaysian Borneo
- Civil society organizations have complained to the United Nations about an opaque “natural capital” agreement in the Malaysian state of Sabah on the island of Borneo.
- The agreement, signed behind closed doors in October 2021, involved representatives from the state government and Hoch Standard Pte. Ltd., a Singaporean firm. But it did not involve substantive input from the state’s numerous Indigenous communities, many of whom live in or near forests.
- The terms ostensibly give Hoch Standard the right to monetize carbon and other natural capital from Sabah’s forests for 100 years.
- Along with the recent letter to the U.N., the state’s attorney general has questioned whether the agreement is enforceable without changes to key provisions. An Indigenous leader is also suing the state over the agreement, and Hoch Standard may be investigated by the Singaporean government after rival political party leaders in Sabah reported the company to Singapore’s ambassador in Malaysia.

‘No planet B’: Groups call for $60bn increase in annual biodiversity funding
- A group of international conservation and environmental organizations is calling on wealthy countries to provide an extra $60 billion in funding a year to protect the planet’s species.
- They argue that the amount compensates for the toll exacted on biodiversity by international trade, which largely benefits rich nations.
- At a March 1 press conference, representatives of the organizations said the inclusion of Indigenous communities, known to be “nature’s best stewards,” would be critical, and they advocated for the bulk of the financing to be in the form of grants to these communities and other “grassroots” organizations.

Moore Foundation pledges extra $300m to boost conservation of Amazon
- The Gordon and Betty Moore Foundation has allocated an additional $300 million toward the Andes-Amazon Initiative to continue biodiversity and forest conservation efforts in the region until 2031.
- To date, the initiative has been successful in conserving 400 million hectares (988 million acres) of land, about half the size of Brazil, since its establishment in 2003.
- New targets include ensuring 100 million hectares (247 million acres) of freshwater and forest ecosystems, as well as Indigenous and local communities’ lands, are effectively managed.
- To safeguard the resilience and health of the Andes-Amazon region’s ecosystems, at least 70% of its historic forest cover must remain intact, a threshold the initiative will exceed if it hits its new targets, says Avecita Chicchón, program director of the Andes-Amazon Initiative.

Banning high-deforestation palm oil has limited impact on saving forests: Study
- Import bans on palm oil produced through deforestation haven’t had as strong an effect in preventing forest loss as might be expected, according to a new study.
- The paper’s modeling looked at what impact restrictions in Europe on imports of high-deforestation palm oil from Indonesia would have had from 2000-2015.
- They found these restrictions would have reduced deforestation by just 1.6% per year, and emissions by 1.91% per year compared to what actually occurred.
- The study authors and other researchers say the findings underscore the point that demand-side restrictions are only one tool in addressing commodity-driven deforestation, and should be part of a wider suite of incentives and disincentives.

From Wall Street to the Amazon: Big capital funds mining-driven deforestation
- Major U.S. and Brazilian financial institutions continue to underwrite the destruction of the Amazon by financing mining companies pushing to operate in Indigenous territories, a new report says.
- The top financiers include BlackRock, Capital Group and Vanguard from the U.S., along with Brazilian pension fund PREVI, all of which have a stake in, have issued loans to or are otherwise financially invested in nine mining companies to the tune of $54.1 billion.
- The mining companies, which include Vale, Anglo American and Rio Tinto, have records of environmental destruction and human rights violations in Brazil and elsewhere, and several already operate close to Indigenous lands in Brazil, polluting rivers and harming the health of native communities.
- A bill currently before Brazil’s parliament could allow mining in Indigenous territories, which is currently prohibited under the country’s Constitution; the national mining authority, meanwhile, continues to register applications to mine in areas that overlap into Indigenous territories.

Indigenous Comcáac turtle group saves sea turtles in Mexico’s Gulf of California
- The Grupo Tortuguero Comcáac, the Sea Turtle Group of the Comcáac people, in El Desemboque de los Seris is fighting to increase the population of sea turtles, a sacred animal, in the Gulf of California.
- In the past five years they have managed to release more than 8,000 olive ridley sea turtles (Lepidochelys olivacea) hatchlings along 14 kilometers (9 miles) of the Mancha Blanca and El Faro beach.
- State funding for the project is limited, however the turtle rescue group does not see this as a stumbling block, at times working 12 hour shifts to guard turtles, monitor the area and manage logistics.

Gates Foundation among investors backing troubled DRC palm plantation
- The Oakland Institute has named the Bill & Melinda Gates Foundation along with the endowments of the University of Michigan, Northwestern University, and Washington University in St. Louis as among the top investors in Kuramo Capital Management (KCM).
- KCM is the majority owner of Plantations et Huileries du Congo (PHC), which operates three oil palm plantations in the northern Democratic Republic of Congo.
- According to the Oakland Institute, Congolese police and PHC security forces have been repeatedly accused of violence against local villagers over the past year.

Liberian villagers threaten to leave mining agreement, citing broken promises
- Communities in Liberia have threatened to withdraw from an agreement they made with a mining company two years ago, on the grounds that none of the promised benefits have materialized.
- Much of the dispute hinges on the interpretation of the agreement, which mandates Switzerland-headquartered Solway Mining Incorporated to make payments to communities, but doesn’t make clear how or when to do so.
- Solway denies any wrongdoing, while the mining ministry has questioned the relevance of the agreement, saying it’s not legally required for exploration to proceed.
- But community members say the company is “proceeding wrongly”: “Solway is a big disappointment. We don’t see the schools and health centers they promised us.”

Mongabay’s Top 10 Indigenous News Stories of 2021
- To date, 2021 has proved to be one of the most consequential years for Indigenous rights and participation in global climate and conservation efforts.
- In some parts of the world, Indigenous communities saw support for their rights increase, while in others, threats to their land rights by extractive industries continued unabated.
- To end the year, Mongabay rounds up the top 10 Indigenous news stories of 2021.

Conservation projects in Mesoamerica make the case for Indigenous climate funding
- Research shows that national governments, investors and development organizations consider direct funding to Indigenous-led organizations as too risky, though a new report shows that Indigenous communities with good project management skills exist.
- The report from El Salvador-based nonprofit PRISMA showcases examples of how Indigenous peoples and local communities (IPLCs) in Mesoamerica have successfully managed limited financial resources to conserve forests, revive traditional nature-based solutions and respond to rising sea levels.
- In light of growing recognition of the role of IPLCs in mitigating and adapting to climate change, a Mesoamerican Territorial Fund is providing a mechanism for climate funding to be directly received by Indigenous organizations and rapidly allocated to organizations on the ground.

Questions over who gets the billions pledged to Indigenous causes at COP26
- Private, public and philanthropic donors pledged billions of dollars to strengthen Indigenous land tenure and forest management at COP26, notably donating $1.7 billion as part of efforts to reverse forest loss.
- Some Indigenous leaders are skeptical about how this will play out given that most previous financial support was not addressed to Indigenous organizations and communities, but to intermediate NGOs, government agencies and regional banks.
- Indigenous organizations say increasing direct funding to Indigenous-led initiatives and transparency in the flow of funds can increase effectiveness of the pledges and build trust.
- Funding for forest monitoring technology is increasingly having a role in how some Indigenous communities safeguard biodiversity and map out their territories.

Forest declarations are nice, but profitability determines land use in the Amazon (Book excerpt)
- Nearly 130 nations last week agreed to “halt and reverse forest loss and land degradation” by 2030. Accompanying that declaration was a commitment to allocate $19.2 billion toward that goal. But how will these resources be deployed in the Amazon?
- Some of that money is expected to go toward reforming the production systems that drive deforestation. That money would likely matched by even larger amounts of private capital in search of so-called “green investments.” How that money is channeled and who benefits will determine whether Amazonian societies address the long-standing social inequality that is also a key driver of deforestation.
- In “A Perfect Storm in the Amazon Wilderness”, Tim Killeen provides an overview of rural finance with a special focus on mechanisms designed to support smallholders. Killeen also takes a critical look at the emerging market for “green bonds”
- This post is an except from a book. The views expressed are those of the author, not necessarily Mongabay.

Bornean communities locked into 2-million-hectare carbon deal they don’t know about
- Leaders in Sabah, a Malaysian state on the island of Borneo, signed a nature conservation agreement on Oct. 28 with a group of foreign companies — apparently without the meaningful participation of Indigenous communities.
- The agreement, with the consultancy Tierra Australia and a private equity-backed funder from Singapore, calls for the marketing of carbon and other ecosystem services to companies looking, for example, to buy credits to offset their emissions.
- The deal involves more than 2 million hectares (4.9 million acres) of forest, which would be restored and protected from mining, logging and industrial agriculture for the next 100-200 years.
- But land rights experts have raised concerns about the lack of consultation with communities living in and around these forests in the negotiations to this point.

$1.7 billion pledged in support of Indigenous and local communities’ land tenure
- Several governments and private funders have pledged US $1.7 billion in support of Indigenous and local communities’ tenure rights in recognition of their global contributions to climate change mitigation.
- Funds will be used to support activities that will aid Indigenous and local communities to improve capacity building and secure, strengthen, and protect their land and resource rights.
- COICA, a leading Amazonian Indigenous rights organization, remains skeptical of the fund’s promise to reach Indigenous territories and support communities but says it will monitor the actualization of these new commitments.

Forest finance expected to advance under new TREES standard and LEAF Coalition
- The latest edition of the TREES standard for forest carbon crediting attempts to bring together the best of what the private sector can do and the best of what governments can do to protect forests. It is explicit about how projects can be integrated into jurisdiction-level accounting.
- While effectively directing capital to forest communities on the ground, REDD+ projects have been dogged by methodological problems and what in some cases appear to be spurious claims of climate impact.
- The designers of TREES say that with its jurisdictional scale and transparent carbon accounting guidelines, it will better address the main credibility risks so far associated with REDD+ carbon credits.
- Almost 15 years after the original REDD framework, many regard TREES and the LEAF Coalition announced in April 2021 as the first real attempt at credible REDD+ implementation at scale.

Links to coal mining add to Indonesian palm oil sector’s risk for buyers
- Six of the top 10 palm oil conglomerates in Indonesia have coal mining businesses, and five of the top 10 coal miners have oil palm businesses, a new report shows.
- This substantial overlap means that consumer goods giants like Nestlé and PepsiCo that buy palm oil from Indonesia are potentially exposed to mining risk too, including deforestation and pollution.
- While most of the palm oil companies have zero-deforestation policies and sustainability commitments, the affiliated mining companies aren’t scrutinized as closely and have often been associated with environmental degradation, human rights abuses, and worsening climate change.
- The report authors say this poses reputational and financial risks for the consumer goods companies that buy from the palm oil firms, and for the banks and investors that fund them.

11 Mongabay investigations in two years. Here’s what we found
- Two years ago, Mongabay and its partners launched a project dedicated to revealing corruption and collusion at the core of many natural resource industries around the world via its investigative journalism program.
- The result was observable impacts in multiple sectors including government agencies, international financial institutions, local communities and civil society organizations.
- The project supported investigations focused on cattle, fisheries, minerals, palm oil, soybeans, sunflower oil, and timber.
- Some findings include exposing contradictory actions from sustainability statements of financial institutions, mining encroachment on Indigenous lands, suspicious payments made to unnamed consultants by palm oil conglomerates and broken promises of land rights acknowledgements.

China joins the foreign fleets quietly exploiting Madagascar’s waters
- For decades, fleets of industrial vessels from several nations have fished in Madagascar’s waters.
- Now China appears to have joined the fishing spree, sending at least 14 industrial longliner fishing vessels in the last several years, new evidence shows.
- Clues from official documents indicate that Madagascar’s government may have authorized these vessels to fish, at least since 2019.
- If so, the authorization process was not public, raising renewed concerns about the lack of transparency in Madagascar’s offshore fishing sector.

Debt deal with deforester BrasilAgro puts UBS’s green commitment in question
- Despite its sustainability rhetoric, Swiss bank UBS has financed controversial land developer BrasilAgro with a bond issuance that raised $45.5 million. The operation is part of a broader strategy to profit from Brazilian agribusiness, including the consolidation of a joint venture with the Brazilian bank.
- BrasilAgro is allegedly responsible deforesting nearly 22,000 hectares (54,000 acres) of native vegetation in its farms in Brazil’s Cerrado region and was fined $1.1 million by Brazil’s environmental protection agency for illegal deforestation.
- The financial product chosen to raise money for BrasilAgro, a CRA or “agribusiness receivable certificate,” is backed by future harvests and has been a favored tool used to raise record amounts of money from the capital markets for Brazilian agribusiness firms over the past several years.
- Although there are hopes that CRAs could support sustainable practices in Brazil, financial data reviewed by Mongabay show that the largest issuances in recent months have all been for highly controversial companies such as BrasilAgro, JBS and Minerva.

For Norway salmon farms giving up deforestation-linked soy, Cargill proves a roadblock
- Two major salmon producers in Norway have eliminated all links to deforestation in their soy supply chains, according to new analysis from eco-watchdog Rainforest Foundation Norway.
- This is due in large part to a ripple effect down the value chain, after Brazilian soy suppliers to the European salmon industry made no-deforestation commitments earlier this year.
- However, at least seven of the biggest salmon producers in Norway have yet to become fully deforestation-free, according to the report.
- This is because they buy feed from Cargill Aqua Nutrition, whose parent company, U.S.-based Cargill, has been linked to deforestation in South America.

Myanmar junta’s growing reliance on extractives for cash raises concerns
- Following the military coup on Feb. 1 and a forceful crackdown on protesters, activists are calling on companies that operate in Myanmar to sever links with the military junta.
- As the U.S., U.K., EU and Canada impose increasingly tough sanctions on the junta, future sanctions targeting revenues from the oil and gas sector are likely to have the greatest impact.
- Alongside the humanitarian crisis, advocates say they fear a return to direct military rule could also lead to a backslide in environmental protections.
- Further concerns include a surge in illegal rare earth mining in northern regions and the potential for the military to resume issuing permits for gemstone mining.

Banks increased deforestation-linked investments by $8B during Covid-19: report
- A new analysis of financial data by Forests & Finance, a coalition of NGOs, has found that weak policies and continued major investments in forest-risk sectors are driving deforestation in Southeast Asia, Latin America and West and Central Africa.
- The group compared the environmental commitments of the world’s 50 top financial institutions against their investments, lending and guarantees to more than 200 companies operating in deforestation-linked industries such as palm oil and beef.
- The group found an increase of more than $8 billion of investments in deforestation-linked companies compared to the previous year.
- The Forests & Finance database was made publicly searchable last year and includes data going back to 2013.

Chinese banks pouring billions into deforestation-linked firms, report says
- New analysis from Global Witness has revealed that Chinese banks and investors provided more than $22.5 billion to deforestation-linked companies worldwide from January 2013 to April 2020.
- Global Witness found that five of the biggest Chinese commercial banks accounted for 45% of all funds provided by Chinese financiers during this period.
- With the Chinese law regulating commercial banks set to be revised later this year, the eco-watchdog is calling for policymakers to prohibit Chinese banks from financing businesses linked to environmental and social damage.

98% of Bunge shareholders back proposal to reduce deforestation
- The proposal by activist investment funds Green Century Capital Management and Storebrand Asset Management was approved with 98% of the votes.
- Bunge’s decision follows those recently made by other big companies such as Procter & Gamble’s, Archer-Daniels-Midland Company, and JPMorgan Chase.
- According to Green Century, the measure would help the Brazilian Cerrado, a savanna ecosystem known as “reverse forest” due to its extensive root system that stores large amounts of carbon.

Behind the buzz of ESG investing, a focus on tech giants and no regulation
- Despite its exponential growth in the last few years, environment, social and governance (ESG) investment is still very unclear and controversial, which makes it hard to define what it means.
- According to a study by financial markets data provider Refinitiv, the largest and best-known ESG funds invest most of their clients’ money in big tech companies like Google, Microsoft, Amazon, Apple and Facebook — companies with a small carbon footprint and high returns for shareholders.
- Some experts say this focus on carbon means the financial market often ignores other ESG issues like data security and labor rights, where big-tech companies have tended to fall short.
- There are some initiatives, mainly in Europe, to create rules and standards for ESG financial products, but for now, almost any company can be bundled into an ESG index and sold as sustainable.

JPMorgan Chase expanding deforestation policies under shareholder pressure
- JPMorgan Chase has agreed to expand its policies addressing deforestation after pressure from shareholders, led by the investment group Green Century Capital Management.
- Green Century used a shareholder proposal strategy to request that JPMorgan Chase “issue a public report, within a reasonable time, outlining if and how it could improve efforts to reduce negative impacts and enhance positive impacts on natural ecosystems and biodiversity across its banking and investment portfolios.”
- In response, JPMorgan Chase stated its intentions to require all growers or refiners related to the palm oil sector who are its clients to confirm that they are compliant with “No Deforestation, No Peatland, No Exploitation” (NDPE) principles.
- Changes will also be made around timber, pulp and paper, and mining.

European farmed salmon sector to use only deforestation-free Brazilian soy
- Three Brazilian salmon-feed supply growers CJ Selecta, Caramuru and Imcopa/Cervejaria Petrópolis will produce and harvest only deforestation- and conversion-free soybean supply chain products.
- The change is a result of the first large-scale, protein-producing sector that’s eliminated links to tropical deforestation throughout the supply chain.
- Under the international agreement, no soybean crops produced on land converted after August 2020 will be allowed into supply chains, and the new standards will apply to future purchase contracts.

Seven financial firms key to rooting out deforestation, report finds
- Exchange-traded funds (ETFs) and index funds are some of the most popular investment tools available, popular among individual and institutional investors alike.
- Just a handful of asset management firms control between 60% and 70% of these funds, according to a recent report from the financial think tank Planet Tracker.
- Planet Tracker’s analysis found that $9.3 billion from ETFs is invested in a set of 26 companies engaged in the soybean trade and linked to deforestation.
- The report concludes that the financial firms in which ETFs and index funds are concentrated are critical in addressing financial support for deforestation.

Environmental assassinations bad for business, new research shows
- After years of research, economics experts say they can prove that financial markets respond swiftly and definitively when multinationals are publicly named in connection with the assassination of an environmental defender.
- The researchers analyzed 354 assassinations over two decades connected to mining and extractive minerals projects around the world, noting particularly significant violent action in the Philippines and Peru.
- Once a company is named, the data show that within 10 days the markets respond, hitting the company with a median loss in market capitalization of more than $100 million.

To fund biodiversity conservation, redirect subsidies from these three industries (commentary)
- Funding for conservation has been decimated by the COVID-19 pandemic, from sharp dips in ecotourism to decreases in charitable donations.
- Rather than pursuing new sources of biodiversity funding, countries should consider eliminating taxpayer-funded subsidies for agriculture, forestry and fishing, which are the top industries driving species extinctions.
- In 2019, subsidies for these economic activities exceeded the global total spend on biodiversity conservation by a factor of at least two.
- This article is a commentary. The views expressed are those of the author, not necessarily Mongabay.

Pulp producers pull off $168 million Indonesia tax twist, report alleges
- TPL and APRIL, two major pulp and paper producers in Indonesia, may have deprived the country of $168 million in taxes from 2007-2018 by mislabeling a type of pulp that they exported to China, a new investigation alleges.
- The companies, affiliated with the Singapore-based Royal Golden Eagle (RGE) group, recorded their exports as paper-grade pulp, even though they were purchased by factories in China as higher-value dissolving pulp.
- Paper-grade pulp is used to make paper and packaging, while dissolving pulp is used to make viscose for clothing; Zara and H&M were among the reported buyers of the viscose made from the mislabeled pulp from Indonesia during that time. Both companies have since eliminated controversial sourcing from their supply chains.
- The NGOs behind the investigation say it emphasizes the importance of enforcing greater corporate transparency to prevent companies from using offshore tax havens and secrecy jurisdictions to minimize their domestic tax obligations.

‘Nature is next’: Q&A with Finance for Biodiversity’s Simon Zadek
- The Finance for Biodiversity Initiative wants to get governments, companies and the financial sector to factor nature and biodiversity, and not just carbon emissions, into their decision-making.
- Simon Zadek, the group’s chair, says the COVID-19 pandemic may prove the tipping point toward that end, even if the unprecedented wave of stimulus programs being rolled out now doesn’t reflect that focus yet.
- Zadek says there are multiple routes to greener finance, including linking environmental outcomes to debt relief, but that it will take radical transparency in the financial sector to move in that direction.
- He also says the conservation community must move away from a narrow focus on fundraising and realize that the real challenge is not finance for conservation, but aligning global finance — with its $30 trillion a year in public finance spending — with conservation objectives.

Brazilian and international banks financing global deforestation: Reports
- According to a new report, some of the world’s biggest Brazilian and international banks invested US$153.2 billion in commodities companies whose activities risked harm to forests in Brazil, Southeast Asia, and Central and West Africa since 2016 when the Paris Climate Agreement was signed.
- These investments were made primarily in forest-risk commodities companies that include beef, soy, pulp and paper, palm oil, rubber and timber producers. The big banks are failing to scrutinize and refuse loans to firms profiting from illegal deforestation, said several reports.
- Banco do Brasil offered the most credit (US$30 billion since 2016), for forest-risk commodity operations. BNDES, Brazil’s development bank, provided US$3.8 billion to forest-risk companies. More than half of that amount went to the beef sector, followed closely by the pulp and paper industry.
- “Financial institutions are uniquely positioned to promote actions in the public and private sector and they have an obligation with their shareholders to mitigate their growing credit risks due to the degradation of natural capital and their association with industries that intensively produce carbon,” said one report.

Philippines declares no new coal plants — but lets approved projects through
- The Philippines’ energy department says it will issue a moratorium on new coal-fired power plants, but will allow projects that have already been approved to be built.
- Coal accounts for nearly half of the Philippines’ energy mix, and is expected to increase to 53% by 2030, when the 22 proposed plants that have already been approved come online.
- No new coal power plants have been built in the country since 2017, amid massive community pushback, excess energy supply, and a Supreme Court ruling that voids power supply agreements.
- Despite the new moratorium, the Philippines is continuing to exploit its coal resources: days after the announcement, it opened the bidding to mine two new coal blocks in the country’s south.

‘Digital land grab’ deprives traditional LatAm peoples of ancestral lands: Report
- South American nations, including Brazil and Colombia, are increasingly using georeferencing technology for registering land ownership.
- However, if this high-tech digital technique is not backed up by traditional ground truthing surveys, it can be used by landgrabbers and agribusiness companies to fraudulently obtain deeds depriving traditional communities of their collective ancestral lands, according to a new report.
- The georeferenced process is being partly funded by the World Bank, which has provided US $45.5 million for digital registration of private rural properties in Brazil. Georeferencing is allowing the international financial sector to play a key role in converting large tracts of rainforest and savanna into agribusiness lands.
- To prevent this form of land theft, prospective landowners’ claims need to be independently verified via a centralized governmental land registration system organized to resolve land conflicts and to detect and eliminate local and regional corruption.

Madagascar reopens national parks shuttered by COVID-19
- On Sept. 5, Madagascar began reopening all its national parks. They’d been closed since March because of the COVID-19 pandemic.
- The pandemic has been devastating for local economies, which depend heavily on tourism.
- Madagascar authorities also announced further easing of restrictions throughout much of the island nation and the resumption of limited international flights.

How Morgan Stanley is linked to deforestation in the Amazon
- Investigation shows new cases of illegal deforestation among suppliers of Marfrig and Minerva, in which the bank holds major stakes
- Increasing deforestation in the Amazon in 2020 has prompted banks and funds to promise changes in investments that affect the region.
- But some investors with strong influence in the Amazon have resisted the calls for reform, including Morgan Stanley, a shareholder in two of the three largest beef producers in Brazil.

Experts question integrity of Indonesia’s claim of avoided deforestation
- The $103.8 million is payment for 20.3 million tons of avoided emissions from 2014-2016, but observers, including on the GCF board, have questioned the way the Indonesian government arrived at that figure.
- Among the contentious points: a reference level that may be inflated, possible double counting, and persistent state neglect of Indigenous rights.
- The government says the process was transparent, and may be eligible for even more funding once it starts accounting for peatland fires in its baseline calculations.

$154b in capital has gone to 300 forest-risk companies since the Paris Agreement
- A database of global capital flows into forest-risk companies has been published by Forest and Finance, a joint project of six research and environmental advocacy groups.
- More than 50,000 financial deals were analyzed, showing that at least $153.9 billion in loans and investment were provided to 300 companies in Southeast Asia, Brazil, and West and Central Africa since 2016.
- Of the 15 banks with the largest overall loan portfolios in forest-risk industries, eight are signatories to the U.N.’s Principles for Responsible Banking, which calls for a halt to deforestation.

Rangers protecting Philippine tamaraws go hungry as pandemic bites
- Rangers tasked to protect the critically endangered Philippine tamaraw (Bubalus mindorensis) are facing a different kind of threat: hunger, as budget cuts caused by the COVID-19 pandemic bite into their already meager salaries.
- The tamaraw, also known as the dwarf buffalo, is a critically endangered species found only on the island of Mindoro, with an estimated population of just 480.
- The tamaraw’s island stronghold is Mounts Iglit-Baco Natural Park, which is protected by 24 rangers and Indigenous volunteers.
- But the tamaraw program has been chronically underfunded, and diversion of funds to help fight the pandemic has left some of the rangers unemployed and the rest going hungry, even as they continue to do their jobs.

World Bank-funded factory farms dogged by alleged environmental abuses
- The World Bank’s International Finance Corporation (IFC) has provided funding totaling $120 million to Ecuadoran pork and chicken producer Pronaca, despite widespread and evidence-backed concerns about the effects of industrial-scale livestock farming on water sources, air quality and the climate.
- IFC investments are intended to boost the economies of developing countries.
- But the Pronaca case and others described in a series by Mongabay in cooperation with The Guardian newspaper and the Bureau of Investigative Journalism raise questions about the impacts of these investments on local communities and the environment.
- Mongabay spoke with residents of the province of Santo Domingo de los Tsáchilas, where Pronaca has more than 30 farms, who said that complaints to the IFC’s Compliance Adviser/Ombudsman over the past decade have done little to improve the situation.

Groups demand financial, human rights probes into palm conglomerate Korindo
- Activists have called for a financial probe into the Korindo Group, a conglomerate that paid a $22 million “consultancy fee” for the permits to expand its oil palm operations in Indonesia’s Papua province.
- The circumstances around the payment were recently uncovered in an investigation by Mongabay, The Gecko Project, the Korean Center for Investigative Journalism-Newstapa and Al Jazeera.
- Activists want Indonesia’s anti-corruption agency to look into the possibility that the money was channeled as bribes to officials.
- They also want the government to ensure the safety of Papuan communities featured in the Al Jazeera documentary about the payment, in light of a record of rights abuses associated with Korindo’s operations.

For investors concerned about deforestation, there’s a guide for that
- The sustainability nonprofit Ceres has released a new Investor Guide to Deforestation and Climate Change intended for institutional investors who want to engage with the companies in their portfolios to address deforestation.
- Agricultural commodities such as palm oil, soy, beef, and pulp and paper are major drivers of deforestation. Identifying investments in these sectors is a first step for investors looking to address deforestation risks in their investment portfolios.
- The guide outlines key expectations for investors to look for in companies’ deforestation and climate commitments, provides investors with example questions for companies and gives action items to address deforestation risks.

Effective conservation science must shift away from doomsday views and toward solutions: Study
- Too much of conservation research focuses on describing the state of nature, in particular declines in biodiversity, and not on developing sustainable solutions to conservation challenges, say the authors of a new study.
- Studies that “ring the alarm bell” tend to dominate because of the challenges of doing the kind of complex multidisciplinary research needed to develop workable solutions, and the fact that professional and financial incentives are lacking for the latter kind of work.
- The researchers highlighted three cases in which the accumulated body of research on a particular conservation challenge took a solution-oriented trajectory and met with success: South Asian vultures, whooping cranes, and seabird bycatch.

Vietnamese agribusiness firm HAGL accused of clearing indigenous land in Cambodia
- HAGL, a publicly listed Vietnamese agribusiness giant, is at the center of allegations it illegally cleared land in Cambodia that was earmarked for local indigenous communities.
- The International Finance Corporation’s independent complaints watchdog has been involved in the dispute since 2014, when residents of 17 villages in Cambodia’s Ratanakiri province lodged a complaint against an HAGL investor in Vietnam; HAGL unilaterally withdrew from the process in January 2019.
- In March last year the Cambodian government announced it would return more than 700 hectares of the HAGL concession to local indigenous groups.
- But satellite images obtained by Mongabay from investigators in Cambodia show that in March, at the height of the coronavirus outbreak in Cambodia, land in these areas was clear-cut or burned.

Norway’s sovereign wealth fund drops major Brazil miner, utility from its portfolio
- Norway’s sovereign wealth fund, the world’s largest, has put Brazilian mining titan Vale and the utility giant Eletrobras on its exclusion list.
- The decision is a major blow to the two companies and a signal that European investors are taking a hard line against Brazil’s backsliding on environmental protections.
- Vale was excluded for “serious environmental damage” and Eletrobras for contributing to “serious or systematic human rights violations.”

As visitors vanish, Madagascar’s protected areas suffer a ‘devastating’ blow
- The country has lost half a billion dollars in much-needed tourism revenue since the start of 2020 because of the COVID-19 crisis, according to official estimates.
- Tourism contributes toward funding conservation efforts in Madagascar’s network of protected areas; those protected areas that rely heavily on foreign visitors have been hit worst by the crisis.
- There are also fears that international funding, the primary support for conservation efforts in Madagascar, could be jeopardized as big donors face economic crises in their home countries.
- Greater impoverishment could hurt communities living near the protected areas and lead to even more unsustainable exploitation of forests and natural resources.

China held water back from drought-stricken Mekong countries, report says
- Eyes on Earth studied data from a 28-year period to determine the extent that dams in China on the Upper Mekong River impact natural water flow.
- While these dams have disrupted the river’s natural systems for years, 2019 saw a particularly damaging situation, as downstream countries faced a severe drought while the Upper Mekong received above-average rainfall.
- China’s water management practices and lack of data-sharing with neighboring countries threaten the livelihoods of roughly 60 million people.

Green groups target South Korea’s bailout of coal power plant builder
- Environmental groups are seeking an injunction against a 1 trillion won ($825 million) bailout by the South Korean government for Doosan Heavy Industries & Construction Co., a builder of coal-fired power plants.
- They say the company’s financial woes predate the COVID-19 crisis that the bailout is meant to address, and also that the rescue goes against South Korea’s climate and public health commitments.
- Eighty percent of Doosan’s revenue comes from building coal power plants, including highly polluting ones in South and Southeast Asia, where it is subject to less stringent air pollution standards than in South Korea.
- The injunction seeks to force the government to condition the bailout on Doosan transitioning away from coal and toward renewable energy technologies; but at a shareholder meeting days after the bailout decision, the company said it wanted to maximize revenue from its core business — coal — before expanding into new activities.

As COVID-19 spreads, commodity markets rumble
- Projections of a construction slowdown caused the price of lumber to plummet on global markets.
- While palm oil prices have dropped by 15 percent on lower demand for biofuels, most agricultural commodity prices have remained relatively stable so far.
- Economists say the impact of the Covid-19 pandemic on the environment is hard to forecast, but warn that the global economy could be on the brink of collapse.

Wealth fund divests from Peruvian firm after indigenous group complaint
- Norges Bank Investment Management (NBIM) withdrew more than $12 million from Alicorp SAA on March 5, 2020.
- In 2019, the Shipibo-Konibo indigenous group said a palm oil company in Alicorp’s supply chain had destroyed 70 square kilometers (27 square miles) of community forest.
- NBIM said it expects the companies it invests in to have strategies in place to mitigate deforestation but that reasons for divestment are usually financial.

Drones in the canopy: Project aims to save the Amazon with technology
- In seeking an alternative to the develop-or-conserve dichotomy that governs policymaking over the Amazon, Brazilian scientists have come up with the Amazonia Third Way, a plan to preserve the region’s biodiversity by supercharging sustainable forestry practices with technology.
- In the second half of this year, three communities in Pará state will receive the first creative laboratories — mobile units that will bring technologies such as blockchain and drones to the cocoa and cupuaçu production processes. Future laboratories will focus on Brazil nuts, acai berries, essential oils and other products.
- The project will also rely on the help of business accelerators and the Rainforest Business School to support so-called bioeconomy start-ups and offer training courses for forest communities under this new development paradigm.

Versace, Amazon, Samsonite among companies listed as deforestation ‘laggards’
- In its annual Forest 500 report, the environmental organization Global Canopy reports on the most influential companies and financial institutions that deal in key commodities linked to deforestation.
- The six commodities that drive deforestation worldwide are leather, beef, palm oil, soybeans, timber, and pulp and paper.
- The report identifies 140 companies as having made no public commitments to ending deforestation, and 100 as having done so but not reporting on the implementation or progress of these commitments.
- It also finds that 68% of 150 financial institutions assessed have zero commitments to deforestation.

Mortgaging the future: Report details risks of resource-backed loans
- A recent report by the Natural Resource Governance Institute finds that billions of dollars in loans backed by the value of a country’s natural resources may be putting these often-developing economies at risk.
- China is a major player in providing such “resource-backed loans,” which can help countries finance critical infrastructure projects.
- But the terms of these loans are frequently unclear, potentially saddling the borrowing countries with untenable debt levels.
- The hasty push to extract resources could also sideline the input of local communities, and it may lead to harming the environment.

BlackRock’s commitment to responsible investing must include human rights (commentary)
- As the financial world wakes up to the climate crisis, it should understand that addressing the crisis is as much a human rights issue as an environmental one.
- Following sustained pressure from activists, BlackRock CEO Larry Fink announced last month that his firm would place climate at the center of its investment strategy. The declaration, which included a decision to divest from coal in $1.8 trillion of actively managed funds, sent shockwaves through the investment world. The move conveys a clear message that business as usual is no longer viable.
- But climate justice is as much about defending basic human rights as it is about protecting the planet — and BlackRock’s record on either isn’t very convincing.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

Investors drop demands after Tyson Foods commits to no deforestation
- Impact investment group Green Century Capital Management has withdrawn a shareholder proposal compelling Tyson Foods Inc. to address sustainability in its supply chain.
- The withdrawal comes after Tyson, the world’s No. 2 meat processor, announced last October that it would commit to a policy of “No Deforestation, No Peatland, No Exploitation,” or NDPE.
- Investors are increasingly pressing companies to adopt sustainable practices; though while many companies have done so, few are on track to meet their self-imposed deadlines.

Brazil’s Bolsonaro creates Amazon Council and Environmental Police force
- Brazil has formed a new Amazon Council headed by Vice President Hamilton Mourão, a retired general and supporter of Amazon mining development. The council will oversee “the activities of all the ministries involved in the protection, defense and development and sustainable development of the Amazon.”
- A new Environmental Police force is also being created made up of military police from state forces, which will have the potential to put thousands of agents into the field for Amazon operations.
- Meanwhile, Bolsonaro slashed the budget for IBAMA, Brazil’s environmental enforcement agency, cutting it by 25% as compared to 2019. IBAMA has been recognized internationally for its key role in enforcing Brazil’s laws against illegal loggers and land grabbers, for reducing deforestation and fighting Amazon fires.
- Critics are concerned over Bolsonaro’s militarization of Amazon environmental, development, and security administration, seeing it as a throwback to the days of Brazil’s military dictatorship from 1964 to 1985, when new highways and other infrastructure projects greatly benefited land grabbers and wealthy landowners.

The role of sustainable finance in Forest Landscape Restoration (commentary)
- To finance the major investments in Forest Landscape Restoration, help from the private and financial sector is needed.
- To increase investors’ willingness to write checks, public- funded grants play a crucial role. To get institutional investors on board, sustainable finance must mature, providing proven track records so investors can better understand risk.
- If the ambitious goals of Initiative 20×20 or the Sustainable Development Goals are to be met, all capital must be engaged, whether it’s private, public, or philanthropic.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

South Korea funding coal plants overseas that would be banned at home
- South Korean government-owned financial institutions are funding the construction of coal-fired power plants across less-developed countries that wouldn’t meet the stringent pollution standards imposed domestically.
- That’s the finding of a new Greenpeace report, which also warns that pollution from these plants could lead to up to 150,000 premature deaths over the life cycle of the plants.
- Domestically, South Korea has banned the construction of new coal plants and is moving toward phasing out existing ones.
- The report’s authors have denounced the double standard and called on the governments in countries hosting these new plants to eschew coal altogether and invest in renewable energy.

Biodiversity ‘not just an environmental issue’: Q&A with IPBES ex-chair Robert Watson
- The World Bank and IMF meetings from Oct. 14-20 will include discussions on protecting biodiversity and the importance of investing in nature.
- A recent U.N. report found that more than 1 million species of plants and animals face extinction.
- In a conversation with Mongabay, Robert Watson, who chaired the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services that produced the report, discusses the economic value of biodiversity.

Seeking justice against palm oil firms, victims call out banks behind them
- Individuals from Indonesia and Liberia embroiled in land disputes with oil palm plantations have visited the Netherlands to call on the Dutch banks facilitating these companies’ operations to take action.
- The companies in question are PT Astra Agro Lestari in Indonesia and Golden Veroleum Liberia, both of which are owned by conglomerates based in secrecy jurisdictions and which have financial links to Dutch banks ABN AMRO and Rabobank.
- The banks say their relationship with the companies is only indirect, and as such they say there is little they can do to influence them.
- Friends of the Earth, which arranged for the affected individuals to go to the Netherlands, is pushing for the European Union to adopt more stringent regulations that would disincentivize banks and other institutions from investing in environmentally and socially unsustainable businesses.

Madagascar: Opaque foreign fisheries deals leave empty nets at home
- Malagasy fishers blame shrimp trawlers that ply coastal waters for their declining catches.
- However, the bulk of industrial fishing in Madagascar’s waters takes place far from shore and out of view. It’s conducted by foreign fishing fleets working under agreements that critics say lack transparency.
- Conservationists argue that these foreign vessels are also depleting the country’s fish stocks and marine ecosystems.
- With negotiations to renew a fisheries deal with the European Union having flopped late last month and uncertainty lingering over an enormous and controversial fisheries deal with a Chinese company, much is at stake for Madagascar’s small-scale fishers.

The unrecognized cost of Indonesia’s fires (commentary)
- As Indonesia’s forests go up in smoke, the world may be losing a lot more than we currently understand, argues Mongabay founder Rhett A. Butler in this commentary that was originally published in Singapore’s Straits Times on September 30, 2019.
- In one instance, deforestation in Borneo nearly eradicated a potential anti-HIV drug before it was discovered. The near-miss with the drug, Calanolide A, provides one vivid illustration of what is at risk of being lost as Indonesia’s forests are cleared and burned.
- Other local and regional impacts from continued large-scale destruction of Indonesia’s forests may include hotter temperatures, more prolonged droughts, and increased incidence of fires.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

New UN report takes stock of renewable energy’s decade-long growth spurt
- 2018 was the ninth year in a row in which renewable energy capacity investments exceeded $200 billion and the fifth year in a row in which they exceeded $250 billion, according to a report released by the UN ahead of the Climate Action Summit to be held in New York City later this month.
- That means that, by the time it’s over, the current decade — 2010 to 2019 — will have seen a total of $2.6 trillion in renewable energy investments and a four-fold increase in global renewable energy capacity (excluding large hydroelectric dams, i.e. those with electricity generation capacity of 50 megawatts or more).
- Of all the major generating technologies, including those that burn fossil fuels, solar accounts for 638 GW of new power capacity installed since 2010, the largest single share claimed by any technology. Coal-fired power comes in second at 529 GW, wind in third at 487 GW, and gas in fourth at 438 GW.

Chinese banks risk supporting soy-related deforestation, report finds
- Chinese financial institutions have little awareness about the risks of deforestation in the soy supply chain, according to a report released May 31 from the nonprofit disclosure platform CDP.
- China imports more than 60 percent of the world’s soy, meaning that the country could play a major role in halting deforestation and slowing climate change if companies and banks focus on stopping deforestation to grow the crop.
- Around 490 square kilometers (189 square miles) of land in Brazil was cleared for soy headed for China in 2017 — about 40 percent of all “converted” land in Brazil that year.
- As the trade war between the U.S. and China continues, China may increasingly look to Latin America for its soy, potentially increasing the chances that land will be cleared to make way for the crop.

’Green’ bonds finance industrial tree plantations in Brazil
- The Environmental Paper Network (EPN), a group of some 140 NGOs with the goal of making the pulp and paper industry more sustainable, released a briefing contending that green or climate bonds issued by Fibria, a pulp and paper company, went to maintaining and expanding plantations of eucalyptus trees.
- The report suggests that the Brazilian company inflated the amount of carbon that new planting would store.
- The author of the briefing also questions the environmental benefits of maintaining industrial monocultures of eucalyptus, a tree that requires a lot of water along with herbicides, pesticides and fertilizer that can impact local ecosystems and human communities.

Report finds World Bank’s coal divestment pledge not stringent enough
- Six Indonesian coal miners received funding from banks that were in turn funded by the World Bank’s International Finance Corporation.
- The World Bank pledged in 2013 to end direct financing for coal, and while these instances highlighted in a new report constitute a form of indirect financing, watchdogs say the institution needs to do more.
- The IFC’s Green Equity Strategy is seen a good start toward ending the lender’s coal exposure, both direct and indirect, but the report identifies what it says are loopholes that could render the strategy ineffective.

Investors warn soy giants of backlash over deforestation in South America
- Investors have called on the world’s biggest soy companies to make firm commitments to end deforestation in wildlife-rich areas of South America such as the Cerrado and Gran Chaco.
- Those that fail to do so risk being exposed by environmental activists to consumer boycotts, legal action and falling profits, experts warn.
- Investors are leading the way as companies fail to appreciate the scale of the crisis, campaigners say.

Fears of a dire precedent as Brazil seeks results-based REDD+ payment
- Critics worry that Brazil’s reference level for deforestation and the lack of guarantee that the carbon will stay locked up could set an unsustainable precedent for future payments.
- The forest reference levels currently used in the proposal are high enough that deforestation in the Brazilian Amazon could double and Brazil would still qualify for “results-based” payments.

US senators warn fund managers over palm oil
- Investment firms managing trillions of dollars of assets are falling short in eliminating environmental harm, such as deforestation from the operations of the palm oil companies in which they hold a stake, say U.S. senators.
- The legislators are pointing to the world’s largest fund manager, BlackRock, among others as choosing words over action in their environmental oversight.
- The companies identified will find it hard to ignore the politicians’ demand for greater transparency, a campaigner says.

Asian banks give billions to firms linked to deforestation, study finds
- According to a recent analysis and report, financial backing for palm oil, pulp and paper and other industries associated with forest loss in Southeast Asia is estimated to have topped $60 billion over the past five years.
- Many Asian banks, the biggest funders of palm oil and similarly damaging activities, have no standards that restrict the harm their clients cause.
- The Forests and Finance campaign may extend its scrutiny to include the soy sector, a significant factor in the loss of rainforest and grasslands in South America.

In funding palm oil giants, banks may share in ‘sins of the companies’
- The recently signed moratorium on new oil palm plantation permits mandates a review of all current licenses.
- In a sector rife with illegality, this may have far-reaching implications, including for financiers of palm oil companies.
- For the banking sector, a major palm oil investor, this highlights the need to improve due diligence and sustainability policies, experts suggest.

Local fishers oppose $2.7 billion deal opening Madagascar to Chinese fishing
- Two months ago, a little-known private Malagasy association signed a 10-year, $2.7 billion fishing deal — the largest in the country’s history — with a group of Chinese companies that plans to send 330 fishing vessels to Madagascar.
- Critics of the deal include the country’s fisheries minister, who said he learned about it in the newspaper; environmental and government watchdog groups; and local fishers, who are already struggling with foreign competition for Madagascar’s dwindling marine stocks.
- Critics say no draft of the deal has been made public and the association that signed it did not conduct an environmental impact assessment or any public consultation.
- The issue has drawn media attention in the run-up to the presidential election on Wednesday. The incumbent and a leading candidate, Hery Rajaonarimampianina, was present at the fisheries deal’s signing, although he later claimed not to be familiar with it.

Top Madagascar shrimp co. moved millions among tax-haven shell companies
- Aziz Ismail, 85, a French citizen born in Madagascar, bought into Madagascar’s shrimp business in 1973. His empire, known generally as Unima, now includes at least eight privately held companies in Europe and Africa that are mainly involved in seafood from Madagascar, where operations are centered.
- Ismail has also owned a British Virgin Islands-based shell company called Ergia Limited since 2000. In the last decade, Ergia appears to have had financial transactions totaling several million dollars with another apparent shell company in Mauritius that has close ties to Unima, and with Unima companies in Europe.
- Although owning and using offshore companies is generally legal, tax and law enforcement officials are increasingly scrutinizing transactions through tax havens like the British Virgin Islands and Mauritius. Tax inspectors from Madagascar and other experts said Unima’s use of multiple offshore companies raises the risk of lost taxes for one of the world’s poorest countries.
- Files obtained from the now-defunct Panama-based law firm Mossack Fonseca as part of the “Panama Papers” were the basis for this investigation by Mongabay and the International Consortium of Investigative Journalists.

Improving rural credit in Brazil: More production, better environment (commentary)
- One of the biggest challenges for the global economy is to use natural resources more efficiently, increasing food and energy production while preserving the environment.
- Brazil is at the center of this process, since it has abundant natural resources and is one of the largest agricultural producers in the world—the fourth largest according to FAO (2016). Controlling deforestation and greenhouse gas emissions and strengthening the agribusiness should occur together.
- The primary public policy for Brazilian agriculture is rural credit. A thorough analysis of the rural credit system shows the need to reform the policy, simplify the rules, improve distribution channels, and more closely align it with the Brazilian Forest Code.
- This post is a commentary. The views expressed are those of the author, not necessarily Mongabay.

Indonesia turns to green finance for development projects
- Indonesia, one of the world’s biggest greenhouse gas emitters, is turning to green finance markets to fund new development projects it promises will be both environmentally and socially friendly.
- In issuing these ‘green’ and ‘sustainable’ bonds, Indonesia joins a growing number of developing countries seeking to appeal to ecologically and socially conscious international investors.
- But critics question just how green and sustainable these bonds really are, highlighting concerns about greenwashing.

Private sector leaders seek to ramp up investment in sustainable landscapes with help of public partners
- At the Global Landscapes Forum’s third investment case symposium, held at the World Bank Group’s International Finance Corporation in Washington, D.C. on Wednesday, top investors, business leaders, and policymakers gathered to present their efforts and advice on how to build a critical mass of work that will lead to a stronger investment case for sustainable landscapes and restoration.
- Over 200 people attended the symposium to discuss ways to speed up the pace of financial investments aimed at creating more resilient, fair, profitable, and climate-friendly landscapes. Conversations, disagreements, and challenges arose over how to combine efforts that will lead to lasting change.
- Accounting for natural capital, putting a price on carbon, and processes to secure land tenure rights emerged as key issues.

Indonesian billionaire using ‘shadow companies’ to clear forest for palm oil, report alleges
- Two plantation companies linked to Anthoni Salim, Indonesia’s third-richest man, are deforesting a peat swamp in Borneo, according to new research by Aidenvironment.
- In response to the findings, Citigroup said it was cancelling all lending agreements with IndoAgri, the Salim Group’s agribusiness arm.
- The Salim Group was previously accused of being behind four companies at the forefront of illegal oil palm expansion in Indonesia’s Papua region, employing a complex network of shared directorships and offshore companies to obfuscate its responsibility.
- “It is not just the Salim Group; most of the main palm oil groups have these ‘dark sides’ that continue to deforest,” said Selwyn Moran, founder of investigative blog awas MIFEE.

Nigeria pledges to restore nearly 10 million acres of degraded land
- The government of Nigeria has announced its plans to restore four million hectares, or nearly 10 million acres, of degraded lands within its borders.
- The West African nation is now one of 26 countries across the continent that have committed to restoring more than 84 million hectares (over 200 million acres) of degraded lands as part of the African Forest Landscape Restoration Initiative (AFR100), an effort that aims to bring 100 million hectares of land under restoration by 2030.
- The restoration of degraded forests and other landscapes was found to have the most climate mitigation potential of 20 natural climate strategies examined for a recent study.

$2 billion investment in forest restoration announced at COP23
- Last Thursday, at the UN climate talks in Bonn, Germany (known as COP23), the World Resources Institute (WRI) announced that $2.1 billion in private investment funds have been committed to efforts to restore degraded lands in the Caribbean and Latin America.
- The investments will be made through WRI’s Initiative 20×20, which has already put 10 million hectares (about 25 million acres) of land under restoration thanks to 19 private investors who are supporting more than 40 restoration projects.
- There’s a plethora of recent research showing that, while halting deforestation is of course critical, the restoration of degraded forests and other landscapes are a vital component to meeting the Paris Agreement’s target of keeping global warming below two degrees Celsius.

CETA: environmentally friendly trade treaty or corporate Trojan horse?
- As early as September 21st, the Comprehensive Economic Trade Agreement (CETA) could come into provisional effect, linking international commerce between Canada and all of the nations in the European Union (EU).
- Supporters claim CETA includes new mechanisms that make it a blueprint for future trade treaties, chief among them the replacement of the controversial Investor State Dispute System (ISDS), with the new investor court system (ICS).
- Opponents argue CETA’s rules guarantee numerous benefits for foreign investors and transnational corporations, while the agreement includes no enforceable rules to guarantee labor rights, environmental protection or food safety. “Profit comes before people and the planet,” argues one expert.
- Though it could come into provisional effect as early as this week, big roadblocks remain before CETA is fully approved, with resistance possible from the public, NGOs and government.

Honduran politicians, US aid implicated in killings of environmentalists
- An investigation by NGO Global Witness finds Honduras has one of the one of the world’s highest levels of violence against environmental activists, with more than 120 killed since 2010.
- Investigators say government corruption surrounding development projects like dams, mines, and oil palm plantations are largely to blame.
- Their report also highlights international finance institutions as playing a role in conflicts surrounding hydroelectric projects, as well as U.S. aid to Honduran military and police forces, which have been implicated in numerous human rights violations in the country.

Deforestation-free commodities represent a major investment opportunity: Report
- Agricultural commodities — especially beef, palm oil, soy, and pulp and paper — have become an increasingly important driver of deforestation over the past couple decades, particularly in the tropics.
- While there’s a lot of work left to be done, WEF and TFA 2020 see momentum building toward a sea change in the global supply chain for these much-in-demand commodities.
- Overcoming the barriers to sustainable production of the big four commodities and supporting the transition to deforestation-free supply chains represents an investment opportunity that will “roughly total US$ 200 billion annually” by 2020, per the report.

Private capital investments in conservation have taken off since 2013
- Conservation investing has undergone a period of dramatic growth over the past two years, the NGO Forest Trends found, as the total amount of private capital committed to conservation efforts since 2004 climbed 62 percent after 2013, from $5.1 billion to $8.2 billion.
- Investments in sustainable food and fiber account for the vast majority of total funds committed, some $6.5 billion. Meanwhile, $1.3 billion went to habitat conservation initiatives, and investments in efforts to improve water quality or quantity totaled another $400 million.
- Among for-profit investors, half expect returns of 10 percent or more, according to Forest Trends’ report, meaning that conservation investments are apparently performing well compared to traditional investment strategies.

Innovative tax credit takes aim at deforestation in Peru
- The credit line aims at combating deforestation while supporting economic stability.
- Peru’s San Martin region is home to the largest producers of rice and coffee in Peru.
- Production of key agricultural resources and the general expansion of agriculture are closely linked to Peruvian deforestation

These banks are pumping billions into Southeast Asia’s deforestation
- The new Forests and Finance database was launched on Tuesday by a coalition of research and campaign groups.
- The data show that in 2010-2015, banks in Asia and the West pumped over $50 billion into Southeast Asian forest-risk companies.
- Many banks lack policies to prevent their money from being used to harm the environment.
- Even the policies that do appear strong on paper are often of little effect, experts say.

Can conservationists overcome their differences to save life on Earth?
- Conservation, Divided is an in-depth series investigating how the field of conservation has changed over the last 30 years — and the challenges it faces moving into an uncertain future.
- The series explores how the world’s biggest conservation groups have embraced a human-centric approach known as “new conservation” that has split the field over how best to save life on Earth.
- It also investigates the role of big money in pushing conservation agendas, and the field’s changing relationship with people living in areas targeted for conservation.
- Jeremy Hance reported the Conservation, Divided series over the course of eight months. Stories ran weekly in April and May, generating intense interest from readers.

How big donors and corporations shape conservation goals
- In Part 2 of Conservation, Divided, veteran Mongabay reporter Jeremy Hance explores how major donors at foundations, governments, and corporations are pushing conservation groups to adopt a human-centric approach known as “new conservation” that some critics say leaves wildlife and wild lands out in the cold.
- Meanwhile, cozy relationships with environmentally destructive corporations have prompted long-running arguments that some of the world’s biggest conservation groups have lost sight of their environmental missions. Yet big conservation and corporations are closer than ever.
- Conservation, Divided is an in-depth four-part series investigating how the field of conservation has changed over the last 30 years — and the challenges it faces moving into an uncertain future. Hance completed the series over the course of eight months. Stories are running weekly between April 26 and May 17.

Do palm oil financiers care about sustainability?
- Sustainable finance has been touted as a solution to the palm oil industry’s links with forest destruction and rights abuses.
- The movement’s progress, however, has been hampered by the difficulty of measuring the environmental impact of things like green loans and bonds.
- Mongabay spoke to experts in the field to investigate how much investors and financiers in the palm oil sector care about their clients’ sustainability.

‘Trying to follow the money’: Opacity rules in Southeast Asia’s land rush, finds study

As the rush for land in Southeast Asia continues at breakneck speed, often bringing with it social and environmental destruction, a new study by a major environmental research group explores how well investors really know where their money is going, and the possibilities and limits of existing data in achieving greater accountability. The study by […]
Cajamarca: Let them Eat Gold

Mega-dam projects on the main stem of the Marañón River would drown Peru’s Breadbasket “No Chadín” read the graffiti painted crudely on the trunk of a lone tree standing astride a dirt road in the Peruvian outback. The tree adorned the front yard of a modest adobe home surrounded by a smattering of fruit trees […]
Brazilian firm’s mega-dam plans in Peru spark major social conflict

A mural in the town of Celendín opposing the proposed Conga mine. Many people believe dams like Chadín 2 and Rio Grande 1 and 2 are intended to supply electricity to mines such as Conga. Photo credit: David Hill OTHER REPORTING BY DAVID HILL Peru’s mega-dam projects threaten Amazon River source and ecosystem collapse “I […]
Help on the way for ‘green investment’ in Indonesia

A wind farm on the Indonesian island of Sumba. Photo: Antara The Indonesian government plans to expand the list of incentives for “green investment,” cabinet members said at a summit in Jakarta on Monday. On the table are tax breaks for imports of equipment that reduces pollution; and longer permits and favorable interest rates for […]
Peru’s mega-dam projects threaten Amazon River source and ecosystem collapse

‘The Marañón River in Peru where the government is proposing more than 20 dams on the main trunk.’. Photo credit: David Hill Peru is planning a series of huge hydroelectric dams on the 1,700-kilometer (1,056-mile) Marañón River, which begins in the Peruvian Andes and is the main source of the Amazon River. Critics say the […]
World’s largest sovereign wealth fund takes stand against deforestation

Norway’s Government Pension Fund Global — the world’s largest sovereign wealth fund — is adopting standards to avoid investing in companies linked to tropical deforestation, sending a strong signal that forest destruction is not an acceptable practice for responsible businesses, reports Rainforest Foundation Norway. Conducting an analysis of the Norway’s Government Pension Fund Global’s (GPFG) […]
Norway sovereign fund drops coal, tar sands, gold-mining companies

Alberta tar sands. Photo courtesy of Dru Oja Jay, Dominion. In its first-ever report on responsible investing, Norway’s pension fund announced last week that it has divested from 114 companies in the past three years due to concerns over global warming, deforestation, and sustainability as well as long-term financial viability. Worth a staggering $861 billion, […]
Accounting for natural capital on financial exchanges

Maliau Falls in Borneo. The global economy depends on natural capital such as freshwater. Photo by: Rhett A. Butler. Last month, Norway’s stock exchange, the Oslo Børs, introduced a way for investors to use their money to promote sustainability. A new list by the stock exchange highlights green bonds, financial products issued by companies to […]
The 90 Percent Diet: reducing our environmental impact by eating less meat

An interview with Brian Machovina, a part of our on-going Interviews with Young Scientists series. Brian Machovina and one of his drones, which he flew over banana plantations to study stressors and productivity. Photo by Brian Machovina. Not many students in their final year of a PhD program are running press events in Europe for […]
Uncovering the impact of big banks on the Amazon

Mongabay.org announces up to $30,000 environmental reporting grant: The Brazilian Development Bank & The Amazon Planned dams in the Tapajos basin and surrounding region in the Brazilian Amazon. Image courtesy of InfoAmazonia. In recent years the Brazilian Development Bank BNDES as emerged as a goliath financier of large-scale energy and infrastructure development in the Amazon […]
Stanford kicks coal out of its $18 billion endowment

The fossil fuel divestment campaign won a major victory today as Stanford University announced it would drop coal companies from its massive $18.7 billion endowment, the fourth largest of any American university. The action follows a petition by student group Fossil Free Stanford, five months of research by Stanford’s Advisory Panel on Investment Responsibility and […]
The real cost of conservation: cheap protection rarely succeeds

Conservation efforts in less-developed and politically unstable countries are full of risk, according to a study published in PLOS ONE. The study, which looks at how to best evaluate conservation priorities, argues that selecting priority countries based solely on economic factors may lead to failure in conservation projects and increase the likelihood of negative impacts […]
Zoos join fossil fuel divestment movement

Last month, over a hundred representatives from zoos and aquariums around the world joined climate activism group, 350.org, pledging that their institutions would take action against global warming, including the possibility of divesting from fossil fuel companies. The effort, dubbed Zoos and Aquariums for 350, was launched during the annual meeting of the Conservation Breeding […]
Divestment campaign could cause considerable damage to fossil fuel industry

A campaign to persuade investors to take their money out of the fossil fuel sector is growing faster than any previous divestment campaign and could cause significant damage to coal, oil and gas companies, according to a study from the University of Oxford. The report compares the current fossil fuel divestment campaign, which has attracted […]
Climate change policy is just good economics

For the majority of the new century, Americans have largely stopped caring about the environment. In that time, America has suffered 9/11, two of the nation’s four longest wars, the deepest depression in 80 years, increased inequality, and incompetent or fractured leadership. There’s been a lot on the public mind. Our political and economic instability […]
Tools against climate change: carbon tax and cap-and-trade

Climate-conscious folk agree that atmospheric carbon dioxide is a key greenhouse gas and a large factor in global climate change. However, there are discrepancies in the methods chosen to address the problem. Some say that carbon emissions should be banned. Some say fossil fuels should be priced. Others say that there are nuances within each. […]
In defense of the financial industry: stocking up to end climate change

On a cross-country bus trip through the American Midwest, I watch cool morning mist rise from patchwork fields. Between the fields stand groves of dark green mid-summer trees, I am reminded that this scene is in jeopardy. The region is cited for its vulnerability to desertification associated with climate change. Increased atmospheric carbon concentration and […]
In age of climate change, Australia’s vast coal fields could become worthless
Australia’s huge coal industry is a speculative bubble ripe for financial implosion if the world’s governments fulfill their agreement to act on climate change, according to a new report. The warning that much of the nation’s coal reserves will become worthless as the world hits carbon emission limits comes after banking giant Citi also warned […]
Indigenous groups protest hydropower congress as controversy hits meeting in Malaysia

The opening of the International Hydropower Association (IHA) World Congress in the Malaysian state of Sarawak was marred today by indigenous protests and controversy after a local indigenous leader was barred from attending a pre-conference workshop. Over 300 people from local indigenous people protested the ongoing construction of around a dozen mega-dams in the state […]
Ten U.S. cities pledge to kick fossil fuel investments to the curb

The cities of San Francisco and Seattle have pulled their money out of fossil fuel companies, taking a climate divestment campaign from college campuses to local government. The campaign group 350.org said on Thursday it had won commitments from a total of 10 cities and towns to divest from 200 of leading fossil fuel companies. […]
What if companies actually had to compensate society for environmental destruction?

The environment is a public good. We all share and depend on clean water, a stable atmosphere, and abundant biodiversity for survival, not to mention health and societal well-being. But under our current global economy, industries can often destroy and pollute the environment—degrading public health and communities—without paying adequate compensation to the public good. Economists […]
‘Carbon bubble’ could cause next global financial crisis

The world could be heading for a major economic crisis as stock markets inflate an investment bubble in fossil fuels to the tune of trillions of dollars, according to leading economists. “The financial crisis has shown what happens when risks accumulate unnoticed,” said Lord (Nicholas) Stern, a professor at the London School of Economics. He […]
Indigenous protester killed by masked assailants in Panama over UN-condemned dam

Barro Blanco hydroelectric dam under construction. Photo courtesy of Robin Oisín Llewellyn. A Ngäbe indigenous Panamanian, Onesimo Rodriguez, opposing the Barro Blanco hydroelectric dam project was killed last Friday evening by four masked men. His body was then thrown into a nearby stream where it was discovered the following day. Onesimo Rodriguez was attacked with […]
Investors beware: global land grabbing ends in ‘financial damage’ and human rights violations

A fence keeps locals from their traditional lands in Liberia, where Sime Darby has planted a contested palm oil plantation. Photo courtesy of the Rights and Resources Initiative (RRI). Investing in companies that flout local community rights in developing countries often leads to severe economic losses, according to a new report from the Rights and […]
Mr. Jeremy Grantham and Extreme Weather and The Financial Markets: Opportunities in Commodities and Futures

Hurricane Sandy last night over Georgia and Florida. Photo by: NASA. Mr. Jeremy Grantham, co-chair of the Grantham Foundation for the Protection of the Environment and co-founder and chief investment strategist at GMO, published an online column November 14, 2012 in Nature asking scientists to speak out forcefully, publicly and directly on strategies to mitigate […]
Cinderella animals: endangered species that could be conservation stars

Somali wild ass and mother in nature. The African wild ass could be a conservation flagship species according to a new paper. Photo by: Bigstock. A cursory look at big conservation NGOs might convince the public that the only species in peril are tigers, elephants, and pandas when nothing could be further from the truth. […]
Top 20 banks that finance big coal
- A new report from civil and environmental organizations highlights the top 20 banks that spend the most money on coal, the world’s most carbon-intensive fossil fuel.
- Released as officials from around the world meet for the 17th UN Summit on Climate Change in Durban, South Africa, the report investigated the funding practices of 93 major private banks, finding that the top five funders of big coal are (in order): JPMorgan Chase, Citi, Bank of America, Morgan Stanley, and Barclay’s.

Controversial Brazilian mega-dam receives investment of $1.4 billion
Brazil’s most controversial mega-dam, Belo Monte, which is moving full steam ahead against massive opposition, has received an extra infusion of cash from Vale, a Brazilian-run mining company. Vale, which has projects around the world, announced it would buy 9% of Norte Energia S.A. (NESA), the company contracted to construct the massive dam. “The plan […]
Judge suspends Brazil’s monster dam: contractor ‘imposing’ its interests
Construction on Brazil’s planned mega-dam, the Belo Monte, has been ordered suspended by a federal judge, citing unmet environmental and social conditions. Just last month, the hugely controversial dam, was handed a partial license from Brazil’s Environmental Agency (IBAMA). However, the judge, Ronaldo Destêrro, found that the partial license, the first of its kind in […]
2% GDP could turn global economy green

Investing around $1.3 trillion, which represents about 2% of the world’s gross domestic product (GDP), into ten sectors could move the world economy from fossil-fuel dependent toward a low carbon economy, according to report by the UN Environment Program (UNEP). In addition, the investments would alleviate global poverty and keep stagnating economies humming, while cutting […]
Chief financier of Belo Monte dam ties social and environmental requirements to controversial project
The Brazilian National Development Bank (BNDES) has announced it will not grant a $640 million loan for the hugely controversial Belo Monte dam until 40 social and environmental conditions are met. In response, the company contracted to build the dam, Norte Energia, S.A. (NESA), has stated it may drop the bank’s loan altogether and seek […]
Could industrial interests ruin payments for environmental services?

One of the biggest ideas in the conservation world over the past decade is Payments for Environmental Services, known as PES, whereby governments, corporations, or the public pays for the environmental services that benefit them (and to date have been free), i.e. carbon, biodiversity, freshwater, etc. For example, Reducing Emissions through Deforestation and Forest Degradation […]
Video: black list uncovers least transparent companies
Corporate Responsibility Magazine has released its first annual list of the 30 least transparent companies, dubbed the ‘black list’. Looking at corporations traded on the US stock market in the Russell 1,000—the top 1,000 stocks in the Russell 3,000 list—the magazine pinpointed the bottom 30, exposing those companies that choose to hide in the dark. […]
Could special bonds fund the green revolution and stabilize the climate?

There is no question that governments around the world are moving slowly and sluggishly to combat climate change, especially when placed against the measures recommended by climate scientists. Only a handful of nations have actually cut overall greenhouse gas emissions, and the past couple decades have seen emissions rise rapidly worldwide as nations like India […]
US moves talks forward in Copenhagen with pledge of 100 billion fund, now it’s China’s turn
Secretary of State Hillary Clinton brought some much need good news to Copenhagen with her. In an announcement this morning, Clinton announced that the United States was ready to join other industrialized nations in mobilizing 100 billion dollars a year in climate aid for developing and vulnerable nations by 2020 at the Climate Change conference. […]
Pope Benedict: environmental crisis requires review of world’s economic model

Pope gives advice on how to move forward at Copenhagen. Pope Benedict XVI has released a message linking world peace with preserving the environment for the World Day of Peace, which will be held on January 1st 2010. In it Benedict calls for a “long-term review” of the world’s current economic model, including “[moving] beyond […]
US think-tank: islands affected by global warming should wait for trickle-down money

Poor island nations threatened by rising seas should wait for money through trickle-down economics, according to the founder of the US-based Competitive Enterprise Institute. The free-market think tank believes that curbing greenhouse gas emissions to combat climate change will be too costly to the US and global economies. “If the focus in this century is […]
Gore, Moon, and Rasmussen attempt to regain trust after ‘Danish Text’ leak in Copenhagen
The head of the UN, Ban-Ki Moon; the Danish Prime Minister, Lars Lokke Rasmussen; and American climate change leader, Al Gore, all attempted to downplay the leak of the ‘Danish Text’ which has riled developing countries due to portions of its content, such as allowing a climate fund to be controlled by the World Bank, […]
Leaked document in Copenhagen seen as sidelining poor countries

A document leaked late in the day at Copenhagen has threatened to further divide developing nations from wealthy countries during the conference in Denmark. The document, labeled as the ‘Danish-text’, is seen by many as sidelining poor countries by handing over climate financing to the World Bank, requiring developing countries to cut total emissions, and […]
DR Congo, Indonesia, PNG, Tanzania, Vietnam win REDD funding for forest conservation

The United Nation’s REDD Program has approved $18 million in support of forest conservation projects in five pilot countries: Democratic Republic of Congo, Indonesia, Papua New Guinea, Tanzania, and Viet Nam. The UN-REDD Program — a collaboration between the Food and Agriculture Organization, the UN Development Programme and the UN Environment Programme — was launched […]
Biochar fund to fight hunger, energy poverty, deforestation, and global warming

Biochar fund to fight hunger, energy poverty, deforestation, and global warming The biochar revolution begins Biochar fund to fight hunger, energy poverty, deforestation, and global warming mongabay.com March 10, 2008 Biopact, a leading bioenergy web site, has announced the creation of a “Biochar Fund” to help poor farmers improve their quality of life without hurting […]

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