The world’s rainforests have been decimated over the past 20 years. The destruction is accelerating again as corporations are waving false flags of sustainability.
The Global Canopy Programme’s Forest 500, the world’s first rainforest ratings agency that analyses the most influential companies, investors and governments in the race towards a deforestation-free global economy, today launched its annual results. It revealed that while the corporate sector improved marginally overall, many laggards are yet to make public sustainability commitments.
The investment community has made even more limited progress, with the exception of BNP Paribas (France) who has become the first Forest 500 investor to make a commitment to zero net deforestation in their agricultural lendings.
The 2015 Forest 500, assessed and ranked 250 companies, with total annual revenues in excess of US $4.5 trillion; 150 investors and lenders; 50 countries and regions; and 50 other influential actors in this space. These 500 power brokers play a major role in supply chains for commodities fueling deforestation, which accounts for 10% of global carbon emissions, a key contributor to climate change.
Andrew Mitchell, Founder and Executive Director of the Global Canopy Programme said, “GCP’s Forest 500 holds the most influential global players to account for their role in the deforestation economy. Together, these 500 power brokers control the complex supply chains of key ‘forest risk commodities’ that are found in over 50% of packaged products in supermarkets.
“Through these commodities, we are all part of a hidden deforestation economy – from our toothpaste, to our pensions. At this crucial time leading up to the international climate change negotiations, GCP is calling on these companies and investors to take the first critical step in addressing tropical deforestation by adopting, strengthening and implementing deforestation policies in their value chains.”
Séverin Fischer, BNP Paribas, Head of Environment and Extra Financial Accountability, said, ‘BNP Paribas has taken the strategic decision to make a zero net deforestation commitment that will be implemented by 2020. This applies to all our lendings in agricultural commodities as it makes both commercial and environmental sense, we are managing risk over the long term. The Forest 500 is an important benchmarking tool that helps us recognise risk in our portfolios and we are delighted that our leadership position has been recognised, we hope others will follow.’
Tom Bregman, Project Manager of the Forest 500 said, ‘The Forest 500 platform now includes significant enhancements which enable users to compare progress across sectors and target their engagement with powerbrokers to incentivise change.
While there has been some improvement overall in the corporate sector, performance continues to be poor. Of the 31 companies that did not have any policy in year one, only four made a new public policy related to sustainable production/procurement of agricultural commodities this year. Furthermore, three companies dropped from one point to zero points due to a reduction in the amount of information that is publicly available (on their respective websites).
Performance of the investment community was even worse than the corporate sector.
Of the remaining power brokers that make up the 500, little has changed. Incremental progress has been made across forest, trading and subnational jurisdictions, with no countries releasing more comprehensive national policies focused on tackling deforestation.