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Reuters
02-05-2025
- Business
- Reuters
Environmental groups blast JBS's US listing approval; Wall Street praises it
SAO PAULO, May 2 (Reuters) - The U.S. financial regulator's approval last month of a proposal by the world's largest meatpacker JBS ( opens new tab to list on the New York Stock Exchange is drawing strong criticism from climate and animal rights groups but praise from Wall Street. In multiple statements after April 22, when Brazil's JBS said the U.S. Securities and Exchange Commission (SEC) greenlit its dual-listing plan to broaden its investor pool and raise its valuation closer to peers, environment activists and animal rights lobbies have unleashed a campaign condemning it. here. They cited sprawling criminal investigations into JBS or its controllers in Brazil and in the U.S., as well as concerns over the deforestation of the Amazon and the company's outsized role as a large global emitter of greenhouse gases in the course of its operations. "Given the company's long rap sheet of illegal and corrupt conduct, it's hard to see how the SEC could have confidence that JBS won't deceive U.S. investors," Glenn Hurowitz, CEO of Mighty Earth, a Washington D.C.-based advocacy group, said in a statement. JBS was deeply implicated in a bribery scandal in 2017 that shook Brazil's political and economic landscape. In the U.S., the company or related parties were fined millions of dollars in 2020 for corruption in Brazil, opens new tab and for bribery, opens new tab related to its 2009 acquisition of Pilgrim's Pride (PPC.O), opens new tab, another top U.S. meat company. U.S. lawmakers have also raised concerns over the listing and JBS's criminal and environmental track record. The SEC did not respond to several requests for comment. JBS said it believes its U.S. listing presents a compelling investment option and increased opportunities for farmers and ranchers, employees, consumers and the communities where it operates. The company, which partly funded its aggressive global expansion by issuing bonds traded internationally, pointed out that it has been subject to the information and reporting requirements of the U.S. Securities Exchange Act of 1934 and other U.S. federal securities laws for years. Global Witness, a London-based organization which investigates industries' links to climate change, called SEC's approval of the listing "a disaster" for both the planet and its people. Other groups have alleged that JBS purchases cattle grazed on deforested areas of the Amazon. In a statement to Reuters, JBS rejected that claim, citing a "rigorous, zero-tolerance agricultural commodity sourcing policy with strong anti-deforestation measures." But climate activists are unimpressed. "Allowing it to list on the world's largest stock exchange —unlocking vast opportunities for expansion and profit— shows the deep failures of the U.S. financial regulatory system," Global Witness said. SUPER VOTING SHARES This year, JBS stock rose some 24% on the Sao Paulo Stock Exchange on expectations that the SEC would approve the U.S. listing, something the company has been seeking in various forms since 2009. The company announced the structure of the current listing proposal in July 2023. For Brazilian investment bank BTG, access to a larger pool of investors after listing in the U.S. would offer JBS "unprecedented firepower to drive growth." Citi and other banks have repeatedly said the move will close a valuation gap with rivals, like Tyson Foods (TSN.N), opens new tab. Under the plan, the meatpacker's shares will be primarily listed in New York through a Netherlands-based company, but the stock will also continue to trade in Sao Paulo via Brazilian Depositary Receipts (BDRs), which are certificates representing shares of foreign companies traded in Brazil. JBS NV, the Dutch company created for the dual listing, will issue Class A and Class B shares. The Class B shares will have 10 times the voting power of Class A shares, and only Class A shares will be publicly traded. All shareholders will be able to convert Class A into Class B shares through December 2026. That will define JBS' final free float on the NYSE and voting power distribution. On May 23, an extraordinary assembly of JBS shareholders will vote on the dual listing plan. JBS' second largest shareholder, the equity arm of Brazil's development bank, BNDESPar, said it would abstain from voting. JBS shares could start trading on the NYSE as soon as June. After all steps are complete, the controlling shareholders could end up with 85% of voting power in one potential scenario, said Genial Investimentos, a Sao Paulo-based investment firm. Global Witness said such power concentration would limit opportunities for minority shareholders to steer the company on environmental, social and governance (ESG) issues.
News24
23-04-2025
- Politics
- News24
Indonesia food plan risks 'world's largest' deforestation
Indonesia's plans to plant vast tracts rice to ensure food security and sugar cane for biofuel could be the wprld's largest deforestation project, warn environmentalists. Deforestation is already underway, by late last year, an area larger than Paris had been cleared. Indonesia's government says the land targeted is degraded, already cultivated or in need of "optimisation". For climate change news and analysis, go to News24 Climate Future. An Indonesian soldier gives a thumbs up as he crosses a rice field on a combine harvester in remote Papua, where a government food security mega-project has raised fears of mass deforestation. Keen to end its reliance on rice imports, Indonesia wants to plant vast tracts of the crop, along with sugar cane for biofuel, in the restive eastern region. But environmentalists warn it could become the world's largest deforestation project, threatening endangered species and Jakarta's climate commitments. And activists fear the scheme will fuel rights violations in a region long plagued by alleged military abuses as a separatist insurgency rumbles on. The project's true scale is hard to ascertain; even government statements vary. At a minimum, however, it aims to plant several million hectares of rice and sugar cane across South Papua province's Merauke. One million hectares is around the size of Lebanon. Deforestation linked to the plan is already under way. By late last year, more than 11 000 hectares had been cleared - an area larger than Paris - according to Franky Samperante of environmental and Indigenous rights NGO Yayasan Pusaka Bentala Rakyat. That figure has only increased, according to analysis by campaign group Mighty Earth and conservation start-up The TreeMap. Their work shows areas cleared include primary and secondary natural dryland and swamp forest, as well as secondary mangrove forest, savanna and bush. READ | Tentative tree planting 'decades overdue' in sweltering Athens "Usually, deforestation is a product of government not doing its job," said Mighty Earth chief executive Glenn Hurowitz. "But in this case, it's actually the state saying we want to clear some of our last remaining forests, carbon-rich peatlands, habitat for rare animals," he told AFP. Indonesia's government says the land targeted is degraded, already cultivated or in need of "optimisation", dismissing some areas as little more than swamps. Tragedy Environmentalists argue that misunderstands the local ecosystem. "In South Papua, the landscape and the ecosystem is lowland forest," said Samperante. "There are often misconceptions or even belittling" of these ecosystems, he added. Mapping done by Mighty Earth shows the project threatens a broader ecosystem range - including peatlands and forests the group says should be protected by a government moratorium on clearing. "The tragedy in this project," said Hurowitz, "is that Indonesia has made so much progress in breaking the link between agricultural expansion and deforestation." "Unfortunately, this single project threatens to undermine all progress." Indonesia has some of the world's highest deforestation rates and Papua retains some of the largest remaining untouched tracts. Indonesian think-tank CELIOS says cutting down so much forest could derail Jakarta's plan to reach net-zero by 2050. READ | Global warming is a security threat and armies must adapt - experts For President Prabowo Subianto's government, criticism of the project ignores Indonesia's agricultural and economic realities. He has made the scheme a priority, visiting soon after taking office. In January, he said the country was on track to end rice imports by late 2025, and reiterated its energy independence needs. The agriculture ministry did not respond to AFP's request for comment. In Papua, planting is in full swing. In the region's Kaliki district, AFP saw farmers supported by soldiers tending rice paddies in recently-cleared land. "This location used to be like the one on the right here. Non-productive and neglected land," said Ahmad Rizal Ramdhani, a soldier serving as the agriculture ministry's food resilience taskforce chief, at an event lauding the project. That characterisation is disputed by Mighty Earth's satellite analysis, which found that at least two areas in the region cleared for rice overlap with government-designated peatland. Indonesia's military is heavily involved in the project. Local farmer Yohanis Yandi Gebze told AFP soldiers gave him "tools, agricultural equipment and machinery" for rice cultivation. Speaking not far from Ramdhani's event, he praised the military. "I see them cooperating with the people very well," he said. Cannot refuse Others say that is only part of the story. Indonesia officially seized Papua, a former Dutch colony, in a widely criticised but UN-backed vote in 1969. It has since been accused of abuses in a decades-long separatist conflict in the region. "The community feels intimidated," said Dewanto Talubun, executive director at Merauke-based environmental and rights group Perkumpulan Harmoni Alam Papuana. "Not all members of the community agree with this project, and they cannot directly refuse," he told AFP. Samperante too reported local fears. "Almost every day a human rights violation occurs," he said. The defence ministry told AFP the military had the resources and "high discipline" to accelerate the food project while securing "stability and security" in the region. However, there are significant doubts about the project's viability. "Soils in Merauke are likely too acidic and the climate too extreme... to grow rice," said David Gaveau, founder of The TreeMap. He warned that draining Merauke's wetlands for agriculture risks turning the area "into a tinder box" - a fate seen elsewhere in Indonesia. Critics do not dispute Jakarta's food security needs, but said crops should be grown elsewhere on abandoned agricultural land. "It should be done in places that are capable of absorbing it," said Hurowitz.
The Star
23-04-2025
- Politics
- The Star
High cost of massive food plan
A SOLDIER gives a thumbs up as he crosses a rice field on a combine harvester in remote Papua, where a government food security mega-project has raised fears of mass deforestation. Keen to end its reliance on rice imports, Indonesia wants to plant vast tracts of the crop, along with sugar cane for biofuel, in the restive eastern region. But environmentalists warn it could become the world's largest deforestation project, threatening endangered species and Jakarta's climate commitments. And activists fear the scheme will fuel rights violations in a region long plagued by alleged military abuses as a separatist insurgency rumbles on. The project's true scale is hard to ascertain; even government statements vary. At a minimum, however, it aims to plant several million hectares of rice and sugar cane across South Papua province's Merauke. One million hectares is around the size of Lebanon. Deforestation linked to the plan is already under way. By late last year, more than 11,000 hectares had been cleared – an area larger than Paris – according to Franky Samperante of environmental and Indigenous rights NGO Yayasan Pusaka Bentala Rakyat. That figure has only increased, according to analysis by campaign group Mighty Earth and conservation start-up The TreeMap. Their work shows areas cleared include primary and secondary natural dryland and swamp forest, as well as secondary mangrove forest, savanna and bush. 'Usually, deforestation is a product of government not doing its job,' said Mighty Earth chief executive Glenn Hurowitz. 'But in this case, it's actually the state saying we want to clear some of our last remaining forests, carbon-rich peatlands and habitat for rare animals,' he said. Indonesia's government says the land targeted is degraded, already cultivated or in need of 'optimisation', dismissing some areas as little more than swamps. Environmentalists argue that misunderstands the local ecosystem. 'In South Papua, the landscape and the ecosystem is lowland forest,' said Franky. 'There are often misconceptions or even belittling' of these ecosystems, he added. Mapping done by Mighty Earth shows the project threatens a broader ecosystem range – including peatlands and forests the group says should be protected by a government moratorium on clearing. 'The tragedy in this project,' said Hurowitz, 'is that Indonesia has made so much progress in breaking the link between agricultural expansion and deforestation. 'Unfortunately, this single project threatens to undermine all progress.' Indonesia has some of the world's highest deforestation rates and Papua retains some of the largest remaining untouched tracts. Indonesian think-tank CELIOS says cutting down so much forest could derail Jakarta's plan to reach net-zero by 2050. For President Prabowo Subianto's government, criticism of the project ignores Indonesia's agricultural and economic realities. He has made the scheme a priority, visiting soon after taking office. In January, he said the country was on track to end rice imports by late 2025, and reiterated its energy independence needs. In Papua, planting is in full swing. In the region's Kaliki district, farmers were seen supported by soldiers tending rice paddies in recently-cleared land. 'This location used to be like the one on the right here. Non-productive and neglected land,' said Ahmad Rizal Ramdhani, a soldier serving as the agriculture ministry's food resilience taskforce chief, at an event lauding the project. That characterisation is disputed by Mighty Earth's satellite analysis, which found that at least two areas in the region cleared for rice overlap with government-designated peatland. Indonesia's military is heavily involved in the project. Local farmer Yohanis Yandi Gebze said soldiers gave him 'tools, agricultural equipment and machinery' for rice cultivation. Speaking not far from Ahmad Rizal's event, he praised the military. 'I see them cooperating with the people very well,' he said. Others say that is only part of the story. Indonesia officially seized Papua, a former Dutch colony, in a widely criticised but UN-backed vote in 1969. It has since been accused of abuses in a decades-long separatist conflict in the region. 'The community feels intimidated,' said Dewanto Talubun, executive director at Merauke-based environmental and rights group Perkumpulan Harmoni Alam Papuana. 'Not all members of the community agree with this project, and they cannot directly refuse,' he said. Franky too had reported local fears. 'Almost every day a human rights violation occurs,' he said. The defence ministry said the military had the resources and 'high discipline' to accelerate the food project while securing 'stability and security' in the region. However, there are significant doubts about the project's viability. 'Soils in Merauke are likely too acidic and the climate too extreme ... to grow rice,' said David Gaveau, founder of The TreeMap. He warned that draining Merauke's wetlands for agriculture risks turning the area 'into a tinder box' – a fate seen elsewhere in Indonesia. Critics do not dispute Jakarta's food security needs, but said crops should be grown elsewhere on abandoned agricultural land. 'It should be done in places that are capable of absorbing it,' said Hurowitz. 'Without destroying Indonesia's gorgeous, beautiful natural heritage and community lands.' — AFP
Malay Mail
22-04-2025
- Politics
- Malay Mail
Indonesia food plan risks ‘world's largest' deforestation
JAKARTA, April 23 — An Indonesian soldier gives a thumbs up as he crosses a rice field on a combine harvester in remote Papua, where a government food security mega-project has raised fears of mass deforestation. Keen to end its reliance on rice imports, Indonesia wants to plant vast tracts of the crop, along with sugar cane for biofuel, in the restive eastern region. But environmentalists warn it could become the world's largest deforestation project, threatening endangered species and Jakarta's climate commitments. And activists fear the scheme will fuel rights violations in a region long plagued by alleged military abuses as a separatist insurgency rumbles on. The project's true scale is hard to ascertain; even government statements vary. At a minimum, however, it aims to plant several million hectares of rice and sugar cane across South Papua province's Merauke. One million hectares is around the size of Lebanon. Deforestation linked to the plan is already under way. By late last year, more than 11,000 hectares had been cleared—an area larger than Paris—according to Franky Samperante of environmental and Indigenous rights NGO Yayasan Pusaka Bentala Rakyat. That figure has only increased, according to analysis by campaign group Mighty Earth and conservation start-up The TreeMap. Their work shows areas cleared include primary and secondary natural dryland and swamp forest, as well as secondary mangrove forest, savanna and bush. 'Usually, deforestation is a product of government not doing its job,' said Mighty Earth chief executive Glenn Hurowitz. 'But in this case, it's actually the state saying we want to clear some of our last remaining forests, carbon-rich peatlands, habitat for rare animals,' he told AFP. Indonesia's government says the land targeted is degraded, already cultivated or in need of 'optimisation', dismissing some areas as little more than swamps. 'Tragedy' Environmentalists argue that misunderstands the local ecosystem. 'In South Papua, the landscape and the ecosystem is lowland forest,' said Samperante. 'There are often misconceptions or even belittling' of these ecosystems, he added. Mapping done by Mighty Earth shows the project threatens a broader ecosystem range—including peatlands and forests the group says should be protected by a government moratorium on clearing. 'The tragedy in this project,' said Hurowitz, 'is that Indonesia has made so much progress in breaking the link between agricultural expansion and deforestation.' 'Unfortunately, this single project threatens to undermine all progress.' Indonesia has some of the world's highest deforestation rates and Papua retains some of the largest remaining untouched tracts. Indonesian think-tank CELIOS says cutting down so much forest could derail Jakarta's plan to reach net-zero by 2050. For President Prabowo Subianto's government, criticism of the project ignores Indonesia's agricultural and economic realities. He has made the scheme a priority, visiting soon after taking office. In January, he said the country was on track to end rice imports by late 2025, and reiterated its energy independence needs. The agriculture ministry did not respond to AFP's request for comment. In Papua, planting is in full swing. In the region's Kaliki district, AFP saw farmers supported by soldiers tending rice paddies in recently-cleared land. 'This location used to be like the one on the right here. Non-productive and neglected land,' said Ahmad Rizal Ramdhani, a soldier serving as the agriculture ministry's food resilience taskforce chief, at an event lauding the project. That characterisation is disputed by Mighty Earth's satellite analysis, which found that at least two areas in the region cleared for rice overlap with government-designated peatland. Indonesia's military is heavily involved in the project. Local farmer Yohanis Yandi Gebze told AFP soldiers gave him 'tools, agricultural equipment and machinery' for rice cultivation. Speaking not far from Ramdhani's event, he praised the military. 'I see them cooperating with the people very well,' he said. 'Cannot refuse' Others say that is only part of the story. Indonesia officially seized Papua, a former Dutch colony, in a widely criticised but UN-backed vote in 1969. It has since been accused of abuses in a decades-long separatist conflict in the region. 'The community feels intimidated,' said Dewanto Talubun, executive director at Merauke-based environmental and rights group Perkumpulan Harmoni Alam Papuana. 'Not all members of the community agree with this project, and they cannot directly refuse,' he told AFP. Samperante too reported local fears. 'Almost every day a human rights violation occurs,' he said. The defence ministry told AFP the military had the resources and 'high discipline' to accelerate the food project while securing 'stability and security' in the region. However, there are significant doubts about the project's viability. 'Soils in Merauke are likely too acidic and the climate too extreme... to grow rice,' said David Gaveau, founder of The TreeMap. He warned that draining Merauke's wetlands for agriculture risks turning the area 'into a tinder box'—a fate seen elsewhere in Indonesia. Critics do not dispute Jakarta's food security needs, but said crops should be grown elsewhere on abandoned agricultural land. 'It should be done in places that are capable of absorbing it,' said Hurowitz. 'Without destroying Indonesia's gorgeous, beautiful natural heritage and community lands.' — AFP
Arab News
22-04-2025
- Politics
- Arab News
Indonesia food plan risks ‘world's largest' deforestation
JAKARTA: An Indonesian soldier gives a thumbs up as he crosses a rice field on a combine harvester in remote Papua, where a government food security megaproject has raised fears of mass deforestation. Keen to end its reliance on rice imports, Indonesia wants to plant vast tracts of the crop, along with sugar cane for biofuel, in the restive eastern region. But environmentalists warn it could become the world's largest deforestation project, threatening endangered species and Jakarta's climate commitments. And activists fear the scheme will fuel rights violations in a region long plagued by alleged military abuses as a separatist insurgency rumbles on. The project's true scale is hard to ascertain; even government statements vary. At a minimum, however, it aims to plant several million hectares of rice and sugar cane across South Papua province's Merauke. One million hectares is around the size of Lebanon. Deforestation linked to the plan is already under way. By late last year, more than 11,000 hectares had been cleared — an area larger than Paris — according to Franky Samperante of environmental and Indigenous rights NGO Yayasan Pusaka Bentala Rakyat. That figure has only increased, according to analysis by campaign group Mighty Earth and conservation start-up The TreeMap. Their work shows areas cleared include primary and secondary natural dryland and swamp forest, as well as secondary mangrove forest, savanna and bush. 'Usually, deforestation is a product of government not doing its job,' said Mighty Earth chief executive Glenn Hurowitz. 'But in this case, it's actually the state saying we want to clear some of our last remaining forests, carbon-rich peatlands, habitat for rare animals,' he told AFP. Indonesia's government says the land targeted is degraded, already cultivated or in need of 'optimization,' dismissing some areas as little more than swamps. Environmentalists argue that misunderstands the local ecosystem. 'In South Papua, the landscape and the ecosystem is lowland forest,' said Samperante. 'There are often misconceptions or even belittling' of these ecosystems, he added. Mapping done by Mighty Earth shows the project threatens a broader ecosystem range — including peatlands and forests the group says should be protected by a government moratorium on clearing. 'The tragedy in this project,' said Hurowitz, 'is that Indonesia has made so much progress in breaking the link between agricultural expansion and deforestation.' 'Unfortunately, this single project threatens to undermine all progress.' Indonesia has some of the world's highest deforestation rates and Papua retains some of the largest remaining untouched tracts. Indonesian think tank CELIOS says cutting down so much forest could derail Jakarta's plan to reach net-zero by 2050. For President Prabowo Subianto's government, criticism of the project ignores Indonesia's agricultural and economic realities. He has made the scheme a priority, visiting soon after taking office. In January, he said the country was on track to end rice imports by late 2025, and reiterated its energy independence needs.
