Partner Letter to IFC: Samuda Food Products, Bangladesh (November 2024)
Stop Financing Factory Farming
1st January '25
In December 2024, Sinergia Animal and partners sent a letter to the the International Finance Corporation (IFC) expressing concerns about a proposed $40 million USD investment in soybean crushing plants at Samuda Food Products Ltd., Bangladesh.
The letter highlights significant environmental, social, and biodiversity risks, including:
- Soy sourcing for animal feed linked to deforestation, land degradation, and greenhouse gas emissions, with an estimated 354,000 hectares of land required annually for the crushing plant’s operations.
- Impacts on mangroves and mudflat habitats in Bangladesh, which are expected to degrade, affecting species composition and biodiversity in the area.
- Threats to endangered species, such as the Irrawaddy dolphin and black-tailed godwit, as well as critical wetland habitats within the Ganges-Brahmaputra-Meghna Delta Important Bird Area.
- Non-compliance with international biodiversity commitments, including the Convention on Biological Diversity and OECD guidelines for supply chain due diligence.
In the letter, members urged IFC to:
- Reject the proposal
- Reclassify the project as Category A
- Require thorough disclosure of greenhouse gas emissions
- Require a climate change assessment
Read the full letter below to learn more.
