Dear Barclays,
JBS is a risk to your business.
The Brazilian-headquartered company is notorious for environmental destruction, deforestation, corruption and human rights abuses.
And yet: Barclays is the world’s largest financier of JBS.
In the past seven years Barclays provided JBS over $6bn in financing – while JBS paid out more than $3.5bn in fines.
Other investors are walking away from JBS. Being associated with the highest emitting meat and dairy company with a track record of corruption just isn’t worth the risk. When will Barclays draw the line?
Drop JBS now.
Top 6 reasons to drop JBS now,
according to Barclays
Photo: © Priscila Tapajowara
1. Climate Change
Barclays commitment: “Addressing climate change requires a fundamental transformation of the global economy, so that society stops adding to the total amount of greenhouse gases in the atmosphere. At Barclays, we are determined to play our part. In March 2020, we announced our ambition to be a net-zero bank by 2050.”
Source: Barclays, 2020
The reality: If you’re serious about Barclays becoming a net-zero bank by 2050 and doing your bit to stop adding emissions to the atmosphere, why is Barclays the biggest European financial backer of JBS, the world’s top-emitting livestock company? A recent study revealed that the meat-giant’s net-zero target has failed to tackle 97% of its emissions.
2. Deforestation
Barclays commitment: Barclays has pledged to support global efforts to end deforestation by 2030, including the elimination of deforestation from agricultural commodities such as soy and beef by 2020, as part of the New York Forest Declaration.
Source: Barclays, 2020
The reality: JBS says it will end illegal deforestation by 2025 and become entirely deforestation-free in 2035. That’s 5 years after the cut-off date for the New York Declaration on Forests. Worse still, it’s 24 years after JBS’s own initial promise to end deforestation. Financially backing JBS is at odds with Barclay’s own policies and pledges and means you’re linked to a company that has essentially admitted it will break the law for at least another 3 years.
Photo: © Christian Braga / Greenpeace
3. Biodiversity
Barclays commitment: “Nature and biodiversity are intrinsically connected to efforts to mitigate and adapt to the effects of climate change and are vital to ensuring a sustainable economy and healthy society.”
Source: Barclays, 2022
The reality: Barclays could be a leader on nature by dropping JBS now. Deforestation is a leading cause of habitat and biodiversity loss, as well as climate change, and companies linked to nature destruction are set to become stranded assets. Don’t invest in companies like JBS that are actively driving nature destruction.
4. Corruption
Barclays commitment: “We will not tolerate any deliberate breach of financial crime laws and regulations that apply to our business and the transactions we undertake.”
Source: Barclays, 2022
The reality: Joesley and Wesley Batista – JBS senior executives, majority shareholders and sons of the company’s founder – pleaded guilty and were heavily fined for bribery. Barclays has known about this for years. How can Barclays continue to be the biggest financial backer in Europe of a company whose senior executives have admitted to committing crimes?
Photo: © REUTERS/Ueslei Marcelino
Photo: Piero Locatelli / Repórter Brasil
5. Logging, fires & slavery
Barclays commitment: “Barclays has no appetite for providing financial services to forestry, palm oil or soy companies that are involved in: 1. Illegal logging or trading activities. 2. Use of fire in forestry or plantation operations, including for land clearance and preparation. 3. Acts of violence against or exploitation of people and local communities, including through forced or child labour, modern slavery and human trafficking.”
Source: Barclays, 2020
The reality: Soy is an integral part of the livestock supply chain. And while the Barclays policy doesn’t explicitly cover the livestock sector, it should do, as JBS fails to meet your own criteria:
1. It has openly admitted that it will permit illegal deforestation in its supply chain for another 3 years.
2. Numerous fires have been linked to JBS operations in recent years.
3. Modern slavery has been found in JBS’s supply chain in Brazil.
It’s time to Drop JBS now.
6. Your customers care
Barclays: “With daily headlines about climate change, it’s perhaps not surprising that our research found that 45% of Brits say they actively seek out products and services that are environmentally friendly”
Source: Barclays, 2019
The reality: Barclays customers want you to tackle climate change. A poll of Barclays customers showed that two-thirds of your customers think the bank should avoid investing in fossil fuels. Livestock companies are no different, they are big extractive climate polluters. It’s time to Drop JBS now.
Photo: Twitter | Feedback.org
Drop JBS now
