New study raises red flags on tax haven role in environmental destruction

An analysis of Brazilian central bank data from 2000 to 2011 revealed that at least nine of the world’s largest producers of soy and beef, two industries considered to be main drivers of deforestation, use offshore subsidiaries to finance their operations in the Amazon forest, which Galaz called “a sleeping giant” in the climate change system. Scientists agree that deforestation is one of the main causes of global warming as the carbon dioxide that is typically absorbed by trees gets released in the atmosphere when they are cut or burnt.