Swedish Banks slash investments of up to 99% in JBS
Farm animals
Swedish banks are cutting ties with JBS. A year after public pressure, the Second AP Fund has sold its shares, slashing Swedish investments in the meat giant by 99%.
In a significant move towards responsible finance, Swedish banks have drastically reduced their investments in JBS, the world’s largest meat company.
This follows the 2023 Cruel Investments report by World Animal Protection and Fair Finance Guide, which exposed JBS’s alarming animal welfare standards, links to deforestation, and substantial impact on the climate crisis.
The report prompted thousands of Swedish bank customers to demand their financial institutions cease investments in companies contributing to animal cruelty and environmental destruction.
A year later, a follow-up investigation confirmed a 99% reduction in Swedish investments in JBS, primarily due to the Second AP Fund, a Swedish pension fund, divesting its shares worth tens of millions of Swedish kronor (SEK).
Major international investors blacklist JBS
A growing number of financial institutions are distancing themselves from JBS due to sustainability concerns.
Currently, 25 international investors have blacklisted the company, including Swedish banks Nordea, Handelsbanken, and SEB.
Only Länsförsäkringar retains a minor investment in JBS.
Despite these positive steps, Swedish banks and pension funds still hold investments totalling SEK 1.1 billion (over $100 million) in five of the six major global meat producers.
However, this figure has decreased by 25% since 2023.
Nordea and Handelsbanken lead the divestment efforts
Nordea has taken the lead in divesting from the meat industry. In 2023, it was the largest investor, with SEK 720 million (more than $64 million) in meat companies, but it has now sold off almost all of its holdings.
Handelsbanken has also made significant cuts, reducing its investment by SEK 61 million; an 85% decrease since 2023.
However, some financial institutions, such as Swedbank and the Seventh AP Fund, have increased their investments in major meat companies, continuing to support an industry with significant ethical and environmental concerns.
Industrial meat production’s ongoing environmental impact
While Swedish banks are taking steps towards ethical investment, industrial livestock farming remains a major global challenge.
The industry is a leading driver of deforestation, biodiversity loss, and greenhouse gas emissions, contributing significantly to climate change.
Factory farming causes immense suffering to animals, keeping them in overcrowded and inhumane conditions.
To combat these issues, financial institutions worldwide must prioritise investment in sustainable agricultural systems and plant-based alternatives.
Shifting towards ethical finance and reducing reliance on factory farming is essential to building a more sustainable and humane global food system.
A shift in financial priorities towards sustainability
The large-scale divestment from JBS and other destructive meat companies signals a shift in financial priorities.
Funding companies with poor animal welfare standards and high environmental costs is becoming less acceptable.
While significant investments in the sector remain, the trend is clear: Swedish banks are moving away from destructive meat companies and towards more ethical and sustainable alternatives.
Join the movement for ethical investment
The fight for a world without animal cruelty needs your support.
Learn more about JBS and the harm they bring to animals, humans and our shared planet. Together, we can hold corporations accountable and push for a future that values compassion over profit.
