As Belem prepares to host COP30, a new report by Global Canopy reveals that 80% of Brazil’s top beef and leather companies have failed to commit to ending deforestation.

The study highlights $100 billion in financial backing for these companies, a third of the annual climate finance pledged globally. JBS, the world’s largest meatpacker, was identified as a high-risk buyer of cattle from deforested lands despite its tracing systems.

Pará, home to Brazil’s second-largest cattle herd, has lost 35% of its land to deforestation, making it the nation’s top greenhouse gas emitter.

The report, funded by the Bezos Earth Fund, urges urgent action as parts of the Amazon have become carbon sources instead of sinks.