Green Century Laments Amazon Fires as Preventable, Man-Made Tragedy
Contact: Kyle W. Kempf, Green Century Capital Management, kkempf@greencentury.com, (617) 482-0800
Boston, August 29, 2019– The devastating fires ravaging the Amazon are an entirely preventable, man-made tragedy.
“As a leading global investor in the effort to protect tropical forests, Green Century is appalled by the fires ravaging the Amazon,” said Green Century President Leslie Samuelrich. “We have spent years working to end deforestation in Southeast Asia and, more recently, Latin America, and are committed to continuing that fight. Given Brazilian President Bolsonaro’s recent actions, pressuring companies that trade or buy soy and cattle is our best hope to prevent further catastrophe.”
More than 450 global corporations have made no-deforestation commitments. Green Century’s shareholder advocacy team is actively working to press the most relevant of those companies to recommit to the public and their suppliers that they will not purchase commodities linked to deforestation.
We also are asking companies to enhance and publicly disclose the traceability of their supply chains, so investors and consumers can be sure that they’re living up to their commitments.
Tropical forest destruction is the second largest driver of the climate crisis. It also contributes to biodiversity loss, soil erosion, disrupted rainfall patterns, land conflicts, and forced labor. Companies that do not adequately address and mitigate exposure to deforestation in their supply chains are vulnerable to material financial, operational, and reputational risks.
It is difficult to overstate the importance of tropical forests. They produce approximately 30% of the Earth’s oxygen; absorb harmful greenhouse gasses that cause climate change; regulate the natural cycle of water evaporation, condensation, and precipitation; and supply around 25% of the active ingredients in today’s cancer-fighting drugs.
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About Green Century Capital Management
Green Century is the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century invests in sustainable companies, hosts an award-winning and in-house shareholder advocacy program, and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 8/19
