To start, investors should work to improve efforts led by the U.S. Private sector leaders must work with both governments to ensure the financial risks of deforestation are fully incorporated in government plans and regulations. In the U.S, 40% of GDP is exposed to climate-related risks from the land-use sector, which is responsible for most deforestation. The Central Bank of Brazil recently found that 70% of the nation’s exposure to climate transition financial risks comes from the beef, soy, and cargo transportation sector. Second, investors in the private sector should work with businesses and governments to establish feasible and useful disclosure rules on climate emissions and nature impacts. REUTERS/Amanda Perobelli Acquire Licensing Rights Indigenous people protest to mark Amazon Day in September 2022 in Sao Paulo, Brazil. Congress to prioritize ending global deforestation. tied to illegal deforestation in countries like Brazil, would encourage the U.S. Showing strong private sector support for bipartisan bills such as the FOREST Act, legislation that would make it illegal to import goods into the U.S. In the U.S., business leaders should work with President Biden and Congress to end financial incentives for deforestation in Brazil. Brazil’s membership in the OECD could ensure President Lula establishes policies to protect forests and people that businesses must adhere to for many years after his presidency ends. The OECD has recently established a roadmap for Brazil to join the forum, based on its achievement of business standards and policy goals that will end deforestation and protect indigenous peoples. This is unacceptable, and private sector leaders must work with both presidents to raise the floor, not just the bar, on what are acceptable private sector standards when it comes to deforestation.Ī strong start on these issues would include encouraging Brazil to continue its path to joining the Organisation for Economic Co-operation and Development (OECD). Recent analysis has found 40% of the businesses and investors most tied to deforestation have yet to set a single policy to end the practice. First, private sector leaders should work with both governments to establish more sustainable business practices in both countries.
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