“Some…business leaders are saying one thing – but doing another. Simply put, they are lying, and the results will be catastrophic.”UN Secretary General, Antonio Guterres, April 4, 2022
Washington DC, January 17, 2023 — Senior executives at Mighty Earth have filed a whistleblower complaint to the US Securities and Exchange Commission (SEC), calling for a full investigation into alleged misleading and fraudulent “green bonds” issued by the Brazilian meat giant JBS.
Evidence presented to the SEC details how JBS, the world’s largest meat processor with operations in over 20 countries, issued $3.2 billion in four separate debt issuances or “green bonds” in 2021, referring to them as Sustainability-Linked Bonds (SLBs) tied to its stated goal to cut its emissions and achieve “Net Zero by 2040.”
The heart of the complaint centers on the fact that JBS based the bond offerings on its commitment to achieve net zero emissions by 2040 – but that its emissions have in fact increased in recent years and it excluded ‘Scope 3’ supply chain emissions that comprise upwards of 97% of its climate footprint. It also omitted key information from investors about the actual number of animals it slaughters each year, denying US investors vital information to make fully informed decisions about JBS’s net zero and climate-related claims as they decided whether to purchase these SLBs.
Mighty Earth’s CEO Glenn Hurowitz said:
“JBS seduced investors with sustainability pledges, but those pledges had...
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