Geopolitics

Private firms pledge to pay soy farmers more than $14mn not to deforest Brazil’s Cerrado

The Funding for Soy Farmers in the Cerrado Initiative (FSFCI) launched by Nutreco, Grieg Seafood and Tesco in December has already secured more than $14 million to provide savanna soy producers with financial incentives to ensure that future soy cultivation expansion in the Cerrado biome only is carried out on existing agricultural lands. The exact mechanism by which these funds will be disbursed has not yet been developed. In most of the area traditionally known as “the birthplace of waters”, private landowners under Brazil’s Forest Code can legally deforest up to 80% of their property, that’s as compared to Legal Amazonia, where only around 20% can be legally cleared.

Source: South Africa Today