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Norway’s Biggest Funds Warn Firms to Halt Amazon Damage (1)

Aug. 27, 2019, 7:21 PMUpdated: Aug. 27, 2019, 7:37 PM

Norway’s biggest investors, with combined asset under management of about $170 billion, are telling companies to make sure they don’t contribute to environmental damage in Brazil’s Amazon as fires roar through the rainforest.

Financial services firm Storebrand ASA and pension fund KLP are now reaching out to companies and intensifying their research to map out who is responsible for any potential damage.

The fires in the Amazon are the latest signs of how critical deforestation has become, where clearing of land for palm oil, cattle, soy and timber are the greatest driver, Storebrand said.

Smoke rises as a fire burns in the Amazon rainforest in the Candeias do Jamari region of Porto Velho, Brazil, on Aug. 24.

“We have an ambition to ...