The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Brazil’s local banks fight for the Amazon

The penny is finally dropping – and bankers in Brazil appear to be taking deforestation in the Amazon seriously.

Rob Dwyer Latin America COLUMN MAIN 1920px.jpg

In August, Itaú – along with the other two large private-sector banks Bradesco and Santander Brasil – established the Amazon Advisory Council, which has a 10-point plan on sustainability and is manned with credible academics and environmental experts.

The leading issue is preventing meat producers illegally deforesting swathes of land to raise cattle, but there are other aspects of the plan that make broad sense if the Amazon’s resources are to be used sustainably.

Unfortunately, the impetus for this belated action came from abroad.

I am outraged I have to use this argument
Candido Bracher, Itaú
Candido-Bracher-headshot-Itau-800.jpg

Candido Bracher, chief executive of Itaú, admits to feelings “close to humiliation” that it took foreign investors and companies pushing for greater effort on sustainability for local banks to take action.

Indeed,


Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree