BRASILIA,  (Reuters) – Seven major European investment firms told Reuters they will divest from beef producers, grains traders and even government bonds in Brazil if they do not see progress in resolving the surging destruction of the Amazon rainforest.

Deforestation of Brazil’s Amazon surged to an 11-year high in 2019, Bolsonaro’s first year in office, and has risen a further 34% in the first five months of 2020, according to preliminary data from government space research agency INPE.

He defended Brazil’s environmental record against criticism from world leaders last year as destructive fires in the Amazon drew global outcry.

However, the seven asset management firms that spoke to Reuters – Storebrand, AP7, KLP, DNB Asset Management, Robeco, Nordea Asset Management and LGIM – went further in laying out the threat of divestment if there is not progress.

The asset management arm of Nordea, one of the Nordic countries’ biggest banks, halted purchases of Brazilian sovereign debt last year after forest fires flared, putting its roughly 100 million euros ($112 million) of Brazilian government bonds in “quarantine.”