WASHINGTON/LONDON - U.S. and UK legislators are raising alarms over Brazilian meatpacker JBS's environmental practices, notably its role in Amazon (NASDAQ:AMZN) deforestation, casting a shadow over its plans to list on the New York Stock Exchange. The company is currently embroiled in a legal battle in Rondonia state, where it is accused of sourcing cattle from protected areas, a charge bolstered by audits from federal prosecutors.
Despite JBS's pledge to achieve net-zero emissions by 2040 and its promise to ensure complete traceability of its cattle supply by 2025, its environmental strategies are under fire. Critics argue that the company's efforts, including the JBS Fund For The Amazon, which has allocated $51 million for conservation, fall short in light of its substantial net sales totaling around $209 billion from 2021 to 2023.
The environmental initiatives of JBS are facing scrutiny not just from external observers but also from within its own ranks. Board member Carlos Nobre has openly expressed his discontent with the company's commitment to sustainability projects. Moreover, environmental groups are actively opposing JBS's prospective NYSE listing, cautioning about the possible escalation in deforestation and the broader implications for climate change. These developments put JBS at the center of a contentious debate as it seeks to expand its financial footprint in the global market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.