Activists accuse meat giant JBS of greenwashing

Activists from Mighty Earth, an advocacy group, have filed a complaint at the US Securities and Exchange Commission (SEC) against Brazilian meat processing company JBS. Mighty Earth claims that green bonds issued by JBS in 2021 are “misleading and fradualent”. JBS had raised $3.2bn through the sustainability-linked bonds and had stated that the proceeds would go towards meeting the company’s carbon neutrality targets. According to the complaint, the company’s emissions have increased following the issuance and Scope 3 emissions (which account for 97% of emissions) have been excluded from the company’s commitment. Mighty Earth’s CEO Glenn Hurowitz said: “The fact that the meat company arguably responsible for more climate pollution and deforestation than any other in the world was able to raise $3.2bn through green bonds is an indictment of the utter lack of safeguards in the world of ESG investing. JBS’s success in duping investors shows that SEC needs to step in right away to set clear rules about what does or doesn’t count as sustainable.”