In a move that has sparked intense debate and scrutiny from lawmakers in both the United States and the United Kingdom, JBS, the world’s largest meatpacking company, is seeking a spot on the prestigious New York Stock Exchange (NYSE). The application, filed in July, would not only provide JBS with an influx of capital but also potentially enhance its global standing. However, this bid is met with significant opposition, as critics, including a bipartisan group of 15 U.S. senators, express concerns over the company’s environmental track record, particularly its role in the deforestation of the Amazon rainforest.

The legislators’ letter to the Securities and Exchange Commission (SEC), which supervises the NYSE, underscores a deepening apprehension about JBS’s environmental policies and actions. Despite JBS’s assertions of commitment to eradicating deforestation, critics argue that tangible steps toward this goal remain insufficient. This controversy underscores a broader conversation about the intersections of finance, climate change, and corporate accountability, highlighting the role of deforestation in exacerbating global warming. The Amazon, often referred to as the “lungs of the Earth,” is a vital carbon sink, and its destruction for cattle pasture—a significant portion of which is attributed to JBS—poses a dire threat to global climate stability.

The connection between JBS and illegal cattle farming is particularly alarming. Investigations and audits have linked the company to the purchase of thousands of cows raised unlawfully each year, with some cases involving cattle from protected areas severely damaged by illegal activities. Despite these controversies, JBS has vowed to improve its practices, pledging full traceability of its cattle purchases by 2025 and aiming for net-zero emissions by 2040. As part of its environmental commitment, JBS established the JBS Fund For the Amazon in 2020, promising to finance initiatives aimed at conserving the Amazon biome and promoting sustainable development.

Yet, the fund’s contributions, totaling $15 million to various projects over three years, pale in comparison to JBS’s vast net sales, which approached $209 billion from 2021 through the end of 2023. This discrepancy raises questions about the meat giant’s dedication to substantial environmental change. Critics argue that allowing JBS to raise capital on the NYSE could enable further environmental degradation, thus contradicting global efforts to combat climate change and preserve critical habitats.

JBS’s bid for NYSE listing also revives memories of the company’s troubled past, including a corruption scandal in 2017 and a significant fine by the SEC in 2020 for accounting irregularities at its U.S. subsidiary. These incidents contribute to the skepticism surrounding JBS’s current application and its environmental commitments.

Amid these controversies, some advisory board members of JBS’s sustainability fund express disillusionment with the company’s direction, particularly regarding projects supporting small livestock-producing families in the Amazon. These projects, they argue, contradict initial assurances and highlight the complex challenges of balancing economic development with environmental conservation. Critics within the environmental advocacy community, like Glenn Hurowitz of Mighty Earth, urge the SEC to deny JBS’s application, emphasizing the potential for increased deforestation, human rights abuses, and climate pollution.

This situation places the SEC at the center of a pivotal decision, one that could set precedents for how environmental considerations influence the financial operations of global corporations. As JBS awaits the SEC’s verdict, the debate over its NYSE listing continues to underscore the intricate connections between market forces, corporate behavior, and the urgent need for sustainable environmental practices.