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6 September 2018
LRAN

Harvard’s billion-dollar farmland fiasco

GRAIN and Rede Social de Justiça e Direitos Humanos

One of the world’s major buyers of farmland is under fire for their involvement in land conflicts, environmental destruction and risky investments. A new report by GRAIN and Rede Social de Justiça e Direitos Humanos1 presents, for the first time, a comprehensive analysis of Harvard University’s controversial investments in global farmland.

The report finds that:

  • Harvard’s endowment fund has spent around $1 billion to acquire control of an estimated 850,000 hectares of farmland around the world, making the University one of the world’s largest and most geographically diverse farmland investors.
  • Harvard’s farmland acquisitions were undertaken without proper due diligence and have contributed to the displacement and harassment of traditional communities, environmental destruction and conflicts over water. The consequences of these deals are particularly dire in Brazil, where Harvard’s endowment fund has acquired nearly 300,000 hectares of land in the Cerrado, the world’s most biodiverse savannah.
  • Harvard’s opaque farmland investments resulted in windfall remunerations for its fund managers and business partners but have failed as an investment strategy for the university.

The report urges Harvard’s students, faculty and alumni to:

  • Demand that the University’s endowment fund ceases all its investments in farmland;
  • Take immediate measures to resolve all land conflicts associated with its current land holdings, and
  • Ensure that affected communities are adequately compensated for damages.

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__Read the complete report__ : https://www.grain.org/article/entries/6006-harvard-s-billion-dollar-farmland-fiasco

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