European investors threaten Brazilian government against Amazon destruction

Jair Bolsonaro’s administration heads Latin America's biggest economy, but in a huge recent development, seven major European investment firms have threatened the Brazilian government for withdrawal unless the environmental destruction of the Amazon forests is curbed. This will deeply affect Brazil's foreign trade, as well as put pressure on its key sectors.

An estimated 464 square miles of Amazon tree cover was slashed from January to April this year, a 55 per cent increase from the same period last year and an area roughly 20 times the size of Manhattan, according to Brazil’s National Institute for Space Research. Even in 2019, deforestation had reached levels not seen for over a decade.

Not only Jair Bolsonaro, the man whose entry into office has seen an inexplicable rise in illegal deforestation, but also Brazil's very own environmental minister, Ricardo Salles, has made controversial remarks, being caught implying that the pandemic was a good distraction and could be used to change some environmental policies. The government has made many anti-environmental policies, including removing checks on timber exports which have further fuelled illegal logging in the country.

The rising threats by investment firms come as a welcome breakthrough, considering the increasing concerns for natural preservation in the private sector. The Amazon rainforest is not only home to biodiversity, but also indigenous communities, many of who fear being wiped out with their habitat as well. This move by the investors will hopefully awaken the government so that it stops regarding environmental regulations as a hindrance to the economic growth of the country.

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Author: Mannat Kandal

Image courtesy: vox.com