Time for change: Delivering deforestation-free supply chains - Forest 500
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Time for change:
Delivering
deforestation-free
supply chains
Time for change: delivering deforestation-free supply chains | 2
Executive Summary 3
Introduction 5
Contents
Report findings 10
Financial institutions failing 10
to act on deforestation
Companies are still failing 15
to address deforestation
across their supply chains
Time for change 21
Defunding deforestation 21
Due diligence legislation 23
Getting the basics right 26
in 2021
Appendix: References 27
Appendix: The scores 28
Time for change: delivering deforestation-free supply chains | 3
There is no solution to the growing climate and nature crisis the
world faces without a solution to deforestation. Currently, two
Summary
Executive
thirds of tropical deforestation is driven by agricultural expansion
to produce commodities such as soy, palm oil, timber, and beef1.
Over the last decade leading companies,
financial institutions and governments took Key findings
on ambitious commitments to address
43%
deforestation in their supply chains and of the Forest 500
financing by 2020. companies and
financial institutions do not have any
But by the start of 2020 – the year the deforestation commitments for any
problem was to have been all but resolved of the forest-risk commodities they
– even the leaders have fallen well short of are exposed to.
their targets, and tropical primary forest loss
had increased by 44%2 since the signing The finance sector is particularly
of the landmark New York Declaration on lagging behind, 63% of the 150
Forests, announced by the Secretary General assessed by Forest 500 do not
at the UN General Assembly in 2014. have any deforestation policies.
And 81% (122/150) have not published
Since that time, Forest 500 has annually a deforestation policy covering all
assessed the 500 most influential four high-risk commodity groups.
companies and financial institutions in key
forest-risk supply chains on the strength
and implementation of their voluntary $2.7 trillion
commitments and policies to address of financing into the most influential
deforestation, including their reporting high-risk companies comes from
on progress. Forest 500 financial institutions with
no deforestation policy.
Executive Summary | Time for change: delivering deforestation-free supply chains | 4
2021 can be a decisive year for action on
Key findings continued market driven deforestation - despite the
recent failure of the private sector to achieve
While 66% of the 350 companies the high-profile 2020 global goals.
assessed have at least one
deforestation commitment, only The Forest 500 assessment finds that
25% have published
a deforestation
43% of the 500 companies and financial
institutions in forest-risk supply chains do
commitment for all of the high-risk not have a commitment on deforestation.
commodities they are exposed to.
43%
There is momentum behind due diligence
34%
of companies legislation to address market-driven
with at least one deforestation in major markets. This is vital
deforestation commitment have not and is in the interests of companies that
reported on their progress towards have led the way through voluntary action
the commitment in the last two years. as it creates a level playing field, raising the
bar for the poorest performing companies.
of companies and financial
Financial institutions also have huge
institutions do
influence over the global supply chains
not have deforestation driving deforestation. Yet the great majority
commitments – including some who make high-profile
claims to be leaders on climate change –
have remained silent on this issue.
$2.7 trillion of financing into the most
influential high-risk companies comes
from Forest 500 financial institutions
with no deforestation policy.
Executive Summary | Time for change: delivering deforestation-free supply chains | 5
Global Canopy calls on:
● Exposed financial institutions and
companies, as an absolute minimum
to publish a strong deforestation policy
or commitment covering all of their
exposure to deforestation by the end
of 2021. Those in the Forest 500 that
position themselves as leaders on climate
change at meetings like the forthcoming
Climate Summit (COP26), cannot be
taken seriously if they have no policy
on deforestation.
● Those with policies already in place
to focus on robust engagement with
portfolio companies and suppliers,
with the threat of divestment or exclusion
for those not making progress.
● Consumer governments to introduce due
diligence laws, recognising that existing
proposals need to be strengthened and
accelerated. Due diligence legislation
needs to have clear requirements
and sanctions; covering standardised
reporting, conversion of all ecosystems,
human rights, and the finance sector.
Time for change: delivering deforestation-free supply chains | 6
Context
Introduction
2020 was the year in which deforestation should have been
eliminated from the production of agricultural commodities
such as palm oil, soy, beef and paper, in line with a set of
ambitious global deforestation goals.
2020 global deforestation goals behalf of their 400 members,
Over the last decade, several major aimed to “achieve zero net
collective commitments were made deforestation by 2020 in key
by companies, financial institutions commodity sectors (soy, palm oil,
and governments aiming to eliminate paper & pulp/timber and beef)”4.
commodity driven deforestation by
2020. Many individual organisations ● The Amsterdam Declarations of
followed suit and set their own goals seven countries aimed to support
aiming for the same date. A few of the the “private-sector goal of zero
key initiatives are: net deforestation and, in particular,
the commitments expressed in the
● The New York Declaration on New York Declaration on Forests”
Forests (NYDF) signed by over 200 to support “the private sector
governments, companies, financial commitment for a fully sustainable
institutions and NGOs includes ten palm oil supply chain by 2020”5.
goals. Goal 2 aimed to “eliminat[e]
deforestation from the production ● The Banking Environment Initiative’s
of agricultural commodities such Soft Commodities Compact signed
as palm oil, soy, paper, and beef by 12 global banks aimed to “help
products by no later than 2020”3. transform soft commodity supply
chains and help the banks’ clients
● The Consumer Goods Forum (CGF) (companies) achieve zero net
deforestation resolution, made on deforestation by 2020”6.
Introduction | Time for change: delivering deforestation-free supply chains | 7
Yet two thirds of tropical deforestation is still There is some cause for optimism
linked to forest-risk commodities. The past post-2020.
two years of surging fires in the Brazilian
Amazon have seized global attention. Many companies have made some
Deforestation in the Amazon has now progress over the seven years of Forest
reached a level not seen since 20087. 500 assessments. And a smaller group
continue to lead the way by engaging
The companies and financial institutions with their peers, suppliers and portfolio
with the greatest influence on tropical companies like never before through new
deforestation have shown that they are initiatives, like the Forest Positive Coalition9.
63%
still either unable or unwilling to act with Leading companies are now even calling for
the urgency required to halt commodity- mandatory due diligence laws to level the
driven deforestation. playing field10.
Nearly half, 43% (215/500), of the companies Leaders in the finance sector continue
and financial institutions assessed by to build collective capacity and engage
Forest 500 do not have a publicly available via initiatives under the UN Principles for
of financial institutions with the deforestation commitment for any of the Responsible Investment11 and Ceres12.
greatest influence on deforestation forest-risk commodities they are exposed Some have gone further, collectively
have not published a to. Those that do have commitments engaging with the Brazilian government on
deforestation policy. struggle to implement them, and progress concerns about the level of deforestation in
is inconsistent and unclear. the Amazon, and forming an ambitious new
Investors Policy Dialogue on Deforestation
The finance sector in particular is lagging Initiative13. Others have supported moves
behind. While some financial institutions to establish a Taskforce for Nature-related
are becoming more vocal on this issue8, Financial Disclosure (TNFD), recognising the
63% (95/150) of those with the greatest material risk represented by the destruction
influence on deforestation have not of nature.
published a deforestation policy for
their financing activities.
Introduction | Time for change: delivering deforestation-free supply chains | 8
The Taskforce on which is then planned to be tested and
Nature-related Financial refined in year two, leading to launch and
dissemination from mid-2023 onwards.
Disclosures (TNFD)
Building on the Task Force on Climate- Standardised reporting on nature-related
related Financial Disclosures (TCFD), the risks will improve transparency and
initiative to bring together an equivalent accountability linked to deforestation,
for nature – a TNFD14 – rapidly gained and both enable and incentivise financial
interest in the second half of 2020. Its institutions to deliver on zero deforestation
Informal Working Group has 73 members, commitments. Initially, aligning with the
including over 40 financial institutions TNFD’s reporting framework is expected
from across five continents. In its first to be voluntary, but over time reporting in
year, the TNFD aims to develop a draft line with TNFD recommendations could
framework for nature-related reporting, become mandatory.
The transparency of notoriously complex Meanwhile the UK government has
supply chains linked to deforestation is announced plans to introduce due diligence
also improving. New tools like trase.finance, legislation in the forthcoming Environment
which tracks over a trillion dollars in investment Bill15, and in the European Union, the
and lending linked to deforestation, help to Commission is working towards regulatory
increase accountability for financial flows. measures which may include mandatory
Lack of access to data can no longer be an due diligence for companies exposed to
excuse for inaction. deforestation in their supply chains.
Going into 2021, political momentum Time for change in 2021
is strong. Deforestation is increasingly
understood to be central to resolving both There is a real opportunity to make 2021
the climate and nature crises. As such, it a year of decisive progress. Global Canopy
is high on the agenda for the UN Climate believes it would be unproductive to extend
Summit (COP26) at the end of the year. the strategies that characterised the long
Introduction | Time for change: delivering deforestation-free supply chains | 9
run up to 2020. A purely voluntary approach year, aligned with the principles and guidance
has failed. It is time for change. of the Accountability Framework17. The whole
database, containing over a million data points
Our analysis suggests that there are two spanning seven years of assessments, can be
critical levers to accelerate progress: a move explored and downloaded at Forest500.org.
from rhetoric to action by the finance sector,
and mandatory due diligence legislation. Companies are expected to set and
implement clear commitments on how they
Both would help to force action by the many will address deforestation risks and social
high-risk companies that have remained below and human rights issues in their supply
the radar. This is essential if we are to move chains, while financial institutions’ policies
beyond positive action by a small number should set out how they will address these
of leaders towards the systemic change in their portfolios. Both are expected to
necessary to help eliminate deforestation. include a clear timeframe and progress
reporting for their commitments.
Forest 500 assessments This report pulls out a snapshot of the entire
database and highlights key findings from
Forest 500 assesses companies and financial the latest assessments, as well as a series
institutions on the strength and implementation of conclusions and recommendations for
of their voluntary commitments and policies to the year ahead.
address deforestation, including their reporting
on progress. Global Canopy is now working closely
with partners that conduct complementary
Since 2014, Forest 500 has identified the assessments to align and connect our
350 most influential companies in forest risk datasets, resulting in even wider and deeper
commodity supply chains and the 150 financial coverage of companies and financial
institutions that provide the most finance to institutions. This unified dataset will be
those companies, and annually assessed them aligned with the sector-leading guidance of
on their publicly available14 commitments and the Accountability Framework Initiative18, and
policies to tackle deforestation in their supply will be a resource that can be drawn upon
chains or portfolios. They are assessed against to improve mainstream ESG ratings, which
more than 20 indicators per commodity each remain weak on deforestation and biodiversity.
Time for change: delivering deforestation-free supply chains | 10
In 2020, 63% (95) of financial institutions had not published any
deforestation policies for their financial portfolios, and 34% (120)
of companies didn’t have a deforestation commitment, showing
Findings
Report
very little progress since the 2019 Forest 500 assessments19.
Financial institutions failing Financing policies
to act on deforestation
Of the 150 financial institutions assessed,
The majority of banks, asset managers, 63% (95/150) have not published a
pension funds, and insurance companies deforestation policy20 for any of the key
that provide the most finance to companies forest-risk commodities for their financing
in forest-risk supply chains have so far activities, including Bank of China,
failed to act on the risks related to funding BlackRock, and Legal & General.
deforestation.
While 32% of financial institutions had at
These financial institutions provide over least one commodity-specific policy in 2019,
$5.5 trillion of finance to the 350 most in 2020 this had increased to only 37%.
influential companies in forest risk supply
chains – a powerful lever for change. As a minimum, financial institutions should
By using their influence they could play publish commodity-specific policies that
a transformational role in achieving cover at least the key forest-risk commodities:
deforestation-free supply chains. palm oil, cattle products, soy and timber
products. While some of the financial
institutions have policies for individual
commodities, the Forest 500 assessments
found that 81% (122/150) have not published
a deforestation policy covering all four
high-risk commodity groups.Report Findings | Time for change: delivering deforestation-free supply chains | 11
50% Financial institutions need to publish a
policy to lay out their strategic commitment
to removing deforestation from all of their
40% investments and lending. By establishing
an overarching policy that covers all
commodities, financial institutions ensure
30% that they are taking a systematic approach
across their portfolios, and send a clear
message to companies that deforestation
20%
is not acceptable.
Only 36 of the 150 financial institutions have
10%
an overarching policy including Barclays,
Credit Suisse, and Norges Bank Investment
0% Management. While this does not mean
their financing activities are currently
32% 24% 20% 32% deforestation-free, it is a critical step in the
right direction.
In 2020, only one financial institution,
Out of the four commodities assessed, Italian financial service group UniCredit,
Graph 1: The percentage of financial financial institutions are least likely to have a published a new overarching deforestation
institutions with deforestation policies for deforestation policy covering their investments policy that also specifically applies to all
each high-risk commodity. in activities linked to cattle (20%) or soy (24%) four commodities, although it only applies
– even though cattle ranching is the biggest to transactions which are directly linked to
driver of tropical deforestation globally21. rainforests – not all transactions.
Despite the overall slow progress, It is clear that the majority of the 150
22 financial institutions have published a financial institutions are not taking a
new commodity-specific deforestation policy systematic approach and are putting policies
since the last annual assessment. Most of in place on an opportunistic basis, looking
these were for timber (14), followed by palm only at one commodity at a time, rather than
oil (10) and soy (9), and cattle products (4). taking a holistic view of deforestation risk.Report Findings | Time for change: delivering deforestation-free supply chains | 12
Implementing policies
There is still a marked absence of policy
coverage across the finance sector, and the
33% rate of progress does not match up to the
urgency of the nature and climate crises.
36 Policies are also only the first step, policies
need to be effectively implemented and
81% 63% progress transparently reported.
64 43 To make a meaningful difference, financial
institutions must set about systematically
implementing their policies. This includes
embedding this policy in their products
and processes, including loan and bond
57% covenants, Know Your Client procedures,
and fund mandates. Similarly, financial
7 institutions need to monitor the companies
in their portfolios for their strategies and to
check progress towards deforestation-free
commodities. This will provide essential
information about compliance with the
financial institution’s policy.
Asia Pacific
Financial institutions should set a process
Map 1: The proportion of financial % financial
institutions without for engaging with companies that have
institutions headquartered in each region policies in region Europe not set or not achieved deforestation
with no deforestation policies for any of the
Total number commitments, and actively report on
high-risk commodities. Latin America
of financial outcomes of engagement and rates of
institutions
assessed North America compliance in their financial portfolios.Report Findings | Time for change: delivering deforestation-free supply chains | 13
Monitoring, engaging and reporting risk. Companies with commitments still need
to be monitored by financial institutions to
Of the 55 financial institutions with at least one ensure that they are effectively implementing
deforestation policy, almost a fifth (16%) including and making progress, but companies that
Goldman Sachs, Standard Life Aberdeen, and do not even have a commitment are clearly
BTG Pactual have failed to publish a process lagging behind.
describing how they identify and deal with
non-compliance in their financial portfolios. HSBC, Santander, Deutsche Bank, and BNP
Paribas all have some commodity-specific
Monitoring their portfolios for compliance with deforestation policies for their financial
their policies enables financial institutions to portfolios, but also provide the largest
identify and engage companies which may amount of finance to Forest 500 companies
be linked to deforestation, and encourage which have not published any deforestation
them to make and implement deforestation commitments .
commitments. In cases of repeated non-
compliance, this process should lead to As these financial institutions do not report
sanctions including divestment. on implementation, rates of compliance,
or engagement and outcomes for all
Of the 55 financial institutions with a companies and commodities covered by
commodity-specific deforestation policy, their policies, it is unclear whether they
56% (31) reported on compliance within their have raised this issue with every exposed
financial portfolios. But for the other 44% company, or whether they are simply failing
(24) financial institutions, it is impossible for to implement their commitments. Financial
external stakeholders to assess whether institutions need to engage all companies
policies are being implemented. in their financial portfolios that have high
exposure to deforestation risk – including
Issues of non-implementation those with deforestation policies – to ensure
they are acting on deforestation. Reporting
Our data shows that some of the financial on all actions that they are taking is key in
institutions with deforestation policies are demonstrating that they are systematically
continuing to finance companies that have not implementing their policies across all exposed
published deforestation commitments, leaving companies, and demonstrating the progress
them exposed to financial and reputational they are making towards their policies.Report Findings | Time for change: delivering deforestation-free supply chains | 14
Banks with policies financing companies
exposed to deforestation
Deutsche
HSBC BNP Paribas Santander
Bank
ccommitment
Commodity
How much
provided ?
financing
$54 $4.4 $505 $193
million billion million million
Financed by which Fis?
Company
Name of
China State
Caramuru China Resources Construction Nine Dragons Pertamina TJX
Bata Ltd. Cencosud Cresud S.A. Cyrela Brazil Japfa Ltd
Alimentos National Corp. Engineering Paper Holdings Persero PT Companies
Realty
Corp.
institution's policy
by the financial
exposed to that
Commodities
are covered
0
0.6 million 12.2 million 2.5 million 0.418
30 million 112.229 21.9 millionReport Findings | Time for change: delivering deforestation-free supply chains | 15
Companies are still failing And most of the companies with
to address deforestation commitments are not addressing the risk
of deforestation across all of their high-risk
across their supply chains forest commodity supply chains for palm
oil, soy, timber, pulp and paper, beef, and
Deforestation commitments leather. A quarter of the 350 companies (87)
have published a deforestation commitment
At the end of 2020, our analysis finds that for all of the high-risk commodities they
120 (34%) of the most influential companies are exposed to - including Unilever, Marks
in forest risk supply chains still do not have and Spencer, and Colgate-Palmolive. Of
any deforestation commitments23 for any of those that have, less than half (41) are only
the high-risk commodities they are exposed exposed to one of these commodities.
to through their supply chains.
This means that a third of the companies
with the largest exposure to tropical
deforestation are still failing to take the
first step to achieve deforestation-free
supply chains; including Groupe Savencia
S.A. (which manufactures dairy products
including St Agur, Coeur de Lion and the
Brazilian snack cheese, Polenghi), Groupe
Lactalis (owners of Président, Rachel's
Organic and Parmalat), Capri Holdings
(owner of Versace, Jimmy Choo and
Michael Kors), and Yakult Honsha Ltd
(which makes Yakult yoghurt drinks).Report Findings | Time for change: delivering deforestation-free supply chains | 16
100% Overall, 33 companies have made at
least one new deforestation commitment
since 2019. Six companies (17%), including
80% Tyson Foods, RELX Group, and Brazilian
beef company, Frialto, made a new
commitment for all of the commodities
60% they are exposed to.
Twenty companies introduced new policies
40%
for at least one commodity, but are still
exposed to other forest-risk commodities
which are not covered by commitments.
20%
For example, Starbucks introduced a new
commitment for pulp and paper, but the
0% company has failed to make a commitment
for soy, despite using millions of gallons of
71% 31% 28% 25% 66% 48% milk a year. Soy is a major component of the
animal feed used in dairy production.
Without having deforestation commitments
for all of the forest-risk commodities they
Companies are most likely to have are exposed to, companies cannot be
Graph 2: The percentage of companies commitments for palm oil (71%) and timber reliably addressing all of the deforestation
with deforestation commitments for each (66%), followed by paper (48%). Far fewer linked to their sourcing. Companies need
high-risk commodity. companies have commitments for soy to systematically address their exposure to
(31%), beef (28%), and leather (25%). tropical deforestation, starting by making
commitments for all forest-risk commodities.
Despite increased awareness of the influence But the majority have shown that they are
of cattle products (beef and leather) and soy unwilling to do so on a voluntary basis.
production on deforestation in recent years,
action on these three commodities continues
to lag behind – as it has done since the first
Forest 500 assessment in 2014.Report Findings | Time for change: delivering deforestation-free supply chains | 17
Spotlight: indirect soy
130 companies in the Forest 500 are
exposed to deforestation-risk through
their use of animal products that contain
hidden soy.
Soy is a common ingredient in animal
feed, and so soy is embedded in the
130
production of meat, fish, dairy and egg
products. Some of these companies may
also use soy directly as an ingredient
in products like chocolate and biscuits,
but the volumes are relatively small
in comparison to the use of indirect
soy. Therefore we assess companies
companies in the Forest 500 on whether their deforestation
are exposed to deforestation- commitments apply to all soy in their
risk through their use of animal supply chains.
products that contain This means that 103 companies,
hidden soy. Only 27 (21%) of the companies including Dunkin’ Brands (owner of
indirectly exposed to soy through their Dunkin’ Donuts and Baskin-Robbins),
purchase of dairy or meat products Yildiz Holding (owner of McVities biscuit
had a deforestation commitment manufacturer, United) and Kraft Heinz
which explicitly includes indirect soy, (manufacturer of salad cream, ketchup
including Aldi Group, Restaurant Brands and tinned foods), are not recognising
International (owners of Burger King), their links to deforestation through soy
and Nestle. used in animal feed.Report Findings | Time for change: delivering deforestation-free supply chains | 18
Social commitments Our assessment shows that the majority
of companies do not have public
Companies in forest-risk commodity supply commitments to address human rights
chains also face the risk that their supplies issues in their forest-risk supply chains,
may be linked to human rights abuses, with 99% of companies failing to make
which often occur alongside deforestation. comprehensive commitments across all
commodities and all issues.
Because of these related risks, Forest
500 also assesses companies on their Companies including Samsonite
1%
commitments to address and protect International S.A., Yakult Honsha Co.
human rights in their supply chains. Ltd., and Domino’s Pizza Inc. haven’t
made any commitments on social issues.
The assessment criteria focus
specifically on labour rights, gender Of the 350 companies assessed, only
rights, the Free, Prior and Informed 23 (7%) scored for all of the criteria for
Consent (FPIC) of local communities at least one of the commodities they are
of companies have affected by agricultural expansion, exposed to.
commitments for all criteria the inclusion of smallholders in
across commodities. supply chains, and whether or not Just three companies (1%) had
the company commits to provide commitments covering the five issues for
remediation for any harms associated all of their commodities – though all are
with deforestation. assessed for only one commodity.
Commitment implementation Monitoring compliance
and reporting
Monitoring to check compliance with
Deforestation commitments must be their deforestation commitments enables
implemented if they are to drive progress companies to ensure that their commitments
towards deforestation-free supply chains. are achieved.Report Findings | Time for change: delivering deforestation-free supply chains | 19
While upstream companies (producers Only 68% (150) of the 221 downstream
and processors) need to monitor their companies with at least one deforestation
own operations, plantations, or processing commitment described a process to
facilities for compliance with their monitor their suppliers for compliance
commitments, downstream companies across the relevant commodities. This
(traders, manufacturers, retailers) need means 71 of the companies with the
to monitor the control systems of their greatest exposure to tropical deforestation
suppliers for assurance that their sourcing in do not commit to check whether their
turn is in line with the buyer’s commitments. suppliers are operating in line with all of
their commitments, including Adidas Group
for leather, Kraft Heinz for palm oil, and
Yum! Brands Inc. for soy.
Graph 3: The percentage of downstream
companies (traders, manufacturers, and
retailers) with deforestation commitments
which monitor their suppliers for compliance,
broken down by high-risk commodity.
100%
80%
60%
40%
20%
0%
74% 65% 95% 61% 74% 63%Report Findings | Time for change: delivering deforestation-free supply chains | 20
Reporting on commitments While it is promising that two thirds of
companies with a deforestation commitment
Transparency on whether a company are voluntarily reporting, 34% (78) of
is making progress in delivering on its companies with commitments are failing to
commitments allows downstream companies be transparent about their progress towards
in the same supply chain, investors and any of their commitments.
lenders, and other stakeholders such as civil
society to hold companies to account for their Those which are reporting do not do so
commitments. It also allows customers and uniformly. It is not always clear how close
Only
financial institutions to monitor and implement a company is to achieving its commitment,
46%
their own commitments and policies. or possible to compare progress between
companies or commodities. Standardised
We found that only 66% (152/230) of and publicly available information on
companies with a deforestation commitment progress across companies is vital for
had reported on their progress towards all downstream companies and financial
of their deforestation commitments in the institutions which need to use company
last two years. reporting to understand their own exposure,
reported on their implementation and progress.
progress for Reporting rates were lower for beef and
deforestation-free leather. Only 26% (5/19) of companies with
beef commitments reported on their progress
to deforestation-free leather, and only 46%
(11/24) did so for beef. In comparison 91%
(128/140) of companies reported on their
progress for palm oil.
Just over half of companies (129/230)
verified their reporting through an internal
traceability mechanism, certification
scheme, or third-party audit, for all of their
deforestation commitments. Verification was
particularly low for beef, leather, and soy.Time for change: delivering deforestation-free supply chains | 21
Defunding deforestation
The finance sector is waking up to climate risks24, but there is no
Time for
solution to climate change which does not include eliminating
change
deforestation. With greater transparency on financial flows as
well as supply chain links, lack of data is no longer an excuse for
inaction. In this context, having a strong policy on deforestation is
a minimum requirement for financial institutions to begin tackling
this issue and to be taken seriously on the climate and nature crisis.
Yet the majority of financial institutions They are not alone. Of the 150 financial
are silent on this issue. Four of the world’s institutions with the greatest influence on
five biggest asset managers – BlackRock, tropical deforestation, 95 are still without
Vanguard, State Street and Fidelity a single deforestation policy. Of the 235
Investments – which provide US$1.1 trillion to investors that signed a strongly-worded
the most influential companies in forest risk call to action after the dramatic Amazon
supply chains – still have no policy in place fires of 2019, 202 have still not published
to tackle this problem in their portfolios25. any deforestation policies26. To avoid
greenwashing, these investors need to
rapidly put in place policies and report on
the action and engagement they are taking
on deforestation.Time for change: delivering deforestation-free supply chains | 22
The need for strong deforestation policies
The top 10 financiers without deforestation policies
Deforestation policies from financial
The top 10 financial institutions without deforestation policies that provide the most institutions are important because they:
financing to the 350 most influential companies in forest-risk supply chains.
● Send a clear signal to the market and
Financial institutions without HQ Country Total amount of funding given to companies that the financial institution
deforestation policies to 350 companies is committed to action on deforestation
as a strategic priority.
Vanguard USA US$ 417.7 billion
BlackRock USA US$ 394.1 billion ● Encourage a systematic approach to
engagement and risk assessment across
State Street USA US$ 209.5 billion their entire portfolio – not just focusing on
Wells Fargo USA US$ 148.7 billion a few high-profile companies or regions.
Capital Group USA US$ 111.6 billion
● Provide clarity on their expectations
Fidelity Investments USA US$ 106.7 billion of companies and their approach to
engagement.
Royal Bank of Canada Canada US$ 77.0 billion
T. Rowe Price USA US$ 72.9 billion Financial institutions must then implement
their deforestation policies throughout their
Northern Trust USA US$ 67.8 billion
portfolios, including by:
Geode Capital Holdings USA US$ 65.8 billion
● Monitoring companies in their financial
portfolios for compliance and progress
Together, the 95 financial institutions ● Engaging with the companies taking
without any public policies on deforestation too little action, or taking action too
provide $2.7 trillion dollars in financing to slowly, and
the world’s most influential companies in
forest-risk supply chains. A great majority ● Divesting from non-compliant companies
of the world’s largest financial institutions who have failed to take action following
are ignoring this critical issue. engagement.Time for change: delivering deforestation-free supply chains | 23
Policies are not sufficient without effective Due diligence legislation
implementation throughout portfolios. But
they are a necessary statement of strategic While some leading companies continue
intent – not only to those they invest in to make progress towards voluntary
and lend to, but also to governments in commitments, seven years of Forest 500
countries where rates of deforestation assessments have shown that legislation
are accelerating. is now an essential next step to achieve
systemic change.
One fifth of the financial institutions with
the greatest influence on tropical Some consumer governments are
deforestation, including Rabobank and already starting to look at how they can
UBS, have set policies for all of the key use legislation to reduce their impact on
forest-risk commodities. deforestation overseas. In the European
Union, the Commission is working towards
Once strong policies have been adopted, regulatory measures for companies
they must be implemented. Financial exposed to deforestation in their supply
institutions can use their unique leverage chains, and the UK government has
to influence companies to improve announced plans to introduce due
practices and eliminate commodity-driven diligence legislation in the forthcoming
deforestation – this includes due diligence Environment Bill.
and onboarding of new clients and engaging
with existing portfolio companies. Such measures would mean that companies
operating in the UK and potentially the
EU would need to monitor, mitigate and
report on the risks that they are sourcing
commodities linked to deforestation.Time for change: delivering deforestation-free supply chains | 24
The Forest 500 assessment of voluntary They should also join calls for legislation
policies and commitments has shown that to cover the finance sector. Due diligence
the devil will be in the detail. legislation is needed to drive sector-wide
change, and bring those financial institutions
without any policies up to a common
To be effective baseline, levelling the playing field across
legislation needs to: the financial sector.
1. Require standardised reporting But to drive change across all sectors,
2. Include all forms of deforestation other markets also need to act. While the
3. Include human rights EU market is important (the EU is the second
4. Apply to financial institutions biggest market for forest-risk commodities
5. Have sanctions for non-compliance from tropical countries), the agricultural
commodity trade is global.
For the poorest performers, due diligence Of the companies headquartered in the
legislation would force them to identify their EU and UK, 85% (69/81) had a deforestation
exposure to deforestation, and to take the commitment for at least one of their
first steps to address this. commodities, while only 23% (6/26) of
those headquartered in China, the largest
For the leaders, there is an opportunity market for forest-risk commodities, had a
to advocate for change. Many will already deforestation commitment.
be taking the steps that mandatory due
diligence will require, and legislation will
ensure that their peers are required to follow
suit, beginning to level the playing field.
Leading financial institutions should add
their voices to growing calls for mandatory
due diligence. Legislation for companies
would ensure greater access to data for
financial institutions trying to implement
and monitor their own policies.Time for change: delivering deforestation-free supply chains | 25
Due diligence Include all forms of deforestation Apply to financial institutions
recommendations
While the UK proposal currently only covers Requiring financial institutions to identify
Require standardised reporting illegal deforestation, it is vital that this is and address their exposure to deforestation-
extended to include all deforestation - and risk through the companies they finance
Due diligence should require companies ideally conversion of all ecosystems. Forest would place further pressure on companies
to transparently report on their exposure 500 data shows that 85% of companies to ensure their supply chains are not
to deforestation through their supply operating in both the UK and EU markets contributing to tropical deforestation.
chains, and set requirements to have already made commitments on
ensure that reporting is standardised. deforestation or conversion, going beyond Forest 500 found that only 37% of the
Standardised public reporting ensures illegal deforestation. But only 23% have financial institutions providing $5.5 trillion to
that information on progress is made at least one commitment to zero- the companies with the greatest exposure
comparable across companies and net or zero-gross conversion, extending to deforestation have policies to limit
can be used by downstream companies beyond only key forest types. deforestation in their financial portfolios -
and financial institutions to identify due diligence on deforestation needs
high-risk companies, implement and Include human rights to extend to financial institutions too.
monitor progress against their own
commitments. It also allows civil society Any efforts to remove deforestation from Have sanctions for non-compliance
to effectively hold companies and supply chains must also address human
financial institutions accountable. rights and social justice issues. Significant sanctions should be put in
place for those who fail to act to address
Currently a third of the Forest 500 Forest 500 found that currently only three the deforestation-risk in their supply
companies with a commitment are not of the 350 companies with the greatest chains, going beyond fines that simply get
reporting their progress. To be effective, influence on tropical deforestation have factored into the cost of doing business
companies need to report on their progress policies on labour and gender rights, by companies and financial institutions
at least annually, regardless of how much Free, Prior and Informed Consent, unwilling to take action.
or how little progress has been made. This inclusion of smallholder producers in
should be quantitative, clearly indicating supply chains, and to remediate any
the proportion of their volumes which are harms associated with deforestation.
compliant with their commitments, and All three companies are only exposed
should be independently verified. to one high-risk forest commodity.Time for change: delivering deforestation-free supply chains | 26
Getting the basics right in 2021
As we enter 2021, momentum to decisively tackle market-
driven deforestation is strong. The European Commission and
UK government are working towards regulatory measures
for companies, and the Taskforce for Nature-related Financial
Disclosure (TNFD) will be formally established to develop a
reporting framework for nature related risks.
This year, world leaders will turn their for the best part of a decade. Yet while For companies, the path forward is clearly
attention to the growing environmental deforestation continues to rise in many defined by the Accountability Framework
emergency at the UN Biodiversity Summit regions with devastating impacts four of Initiative (AFI).
(CBD COP15) in China, and the UN Climate the world’s five biggest investors have
Summit (COP26) in the UK. At these no policy on deforestation. Even those financial institutions and
meetings, many of the world’s most influential companies which are taking action on this
companies and financial institutions will seek issue are not yet free from deforestation
to position themselves as leaders in the fight First things first and need to do more. They are, however,
to tackle climate change and the systematic sending a clear message to the companies
destruction of nature. For those currently without deforestation that they are supplied by or finance,
policies or commitments, putting one demonstrating that they recognise and
But those with high exposure to deforestation in place for all high-risk commodities will act on the vital role of deforestation
– which includes whole business sectors, and is just the basic first step. Beyond this in tackling the climate and nature crises.
the world’s biggest investors – and who still minimum, financial institutions and
do not have a basic policy in place to address companies need to ensure that their But for the great majority who are lagging
these risks should no longer be taken policies are implemented effectively. behind, we have laid out what we believe
seriously, and should be called out. Financial institutions need to monitor is the absolute minimum to be achieved
the companies in their financial portfolios, this year.
Seven years have passed since the New and engage with them to support
York Declaration codified the 2020 global continuous improvement, with a clear There is no more time for silence or
goals on deforestation. This issue has been threat of divestment for those making greenwashing.
in the political and business mainstream too little progress.Time for change: delivering deforestation-free supply chains | 27
1
https://science.sciencemag.org/content/361/6407/1108
17
https://accountability-framework.org/
2
https://www.climatefocus.com/sites/default/ 18
https://accountability-framework.org/
References
files/2019NYDFReport.pdf
Appendix:
19
https://forest500.org/sites/default/files/forest500_
3
New York Declaration on Forests, Goal 2 annualreport2019_final_0.pdf
4
https://www.theconsumergoodsforum.com/press_releases/ 20
For financial institutions a deforestation policy is defined as
consumer-goods-industry-announces-initiatives-on-climate- a commodity-specific policy focused on forest protection, or
protection/ a policy to protect primary, intact or high conservation value
forests, or commits to a credible certification scheme that
5
https://ad-partnership.org/about/
protects these.
6
https://www.cisl.cam.ac.uk/business-action/sustainable- 21
https://www.worldwildlife.org/magazine/issues/summer-2018/
finance/banking-environment-initiative/programme/restore-
articles/what-are-the-biggest-drivers-of-tropical-deforestation
nature/soft-commodities
22
Based on active financing data from Profundo, including
7
https://www.bbc.co.uk/news/world-latin-america-55130304
financing provided to Forest 500 companies between March
8
In 2019, 235 investors demanded action from companies 2015 and October 2020.
linked to deforestation following the catastrophic fires in the 23
For companies, a deforestation commitment is one that
Amazon. Since then a smaller group has continued to engage
commits to zero-gross/zero-net deforestation or zero-gross/
with companies and the Brazilian government over continued
zero-net conversion, or at least protects priority forest types
deforestation.
including high conservation value forests or commits to a
9
https://www.theconsumergoodsforum.com/environmental- credible certification scheme that protects these.
sustainability/forest-positive/ 24
https://www.unepfi.org/banking/bankingprinciples/
10
https://www.retailsoygroup.org/wp-content/uploads/2020/10/ collective-commitment/
Letter-on-due-diligence-consultation_final.pdf 25
UBS is the third largest asset manager in the world, and has
11
https://www.unpri.org/ deforestation policies for all four commodities; palm oil, soy,
cattle products, and timber products.
12
https://www.ceres.org/
26
https://forest500.org/publications/fuelling-fires-why-investors-
13
https://www.tropicalforestalliance.org/en/ need-do-more-protect-amazon
collective-action-agenda/investors-policy-dialogue-on-
deforestation-ipdd-initiative/
27
https://accountability-framework.org/
14
The TNFD is being catalysed through a partnership between
28
https://accountability-framework.org/
Global Canopy, the United Nations Development Programme 29
https://forest500.org/publications/scoring-methodologies-2020
(UNDP), the United Nations Environment Programme Finance
Initiative (UNEP FI), and the World Wide Fund for Nature (WWF).
15
https://www.gov.uk/government/news/government-sets-out-
world-leading-new-measures-to-protect-rainforests
16
Companies and financial institutions must be transparent
on their actions on deforestation, as it sends a clear signal
to their suppliers, customers and to competitors that
deforestation is no longer acceptable in supply chains and
financial portfolios, as well as enabling others to hold them
accountable for their action on deforestation.Time for change: delivering deforestation-free supply chains | 28
Methodology changes
The scores
Appendix:
Two methodologies are used: one for The financial institution methodology has
companies and one for financial institutions, remained largely the same since 2019,
reflecting their different roles in the bar the addition of an indicator on anti-
deforestation economy. corruption policies.
This year we strengthened the company Financial Institutions are scored on: MAXIMUM
assessment methodology, aligning with the POINTS
Accountability Framework Initiative (AFI) Overall approach Out of 16
Common Methodology . Sixteen indicators Commitment strength Out of 42
were either added or adjusted compared to Social considerations Out of 22
the 2019 methodology with greater emphasis Reporting and Implementation Out of 20
on how companies report and implement TOTAL 100
their deforestation commitments.
More detail on the updated company and
Companies are scored on: MAXIMUM financial institution methodologies can be
POINTS found in the 2020 methodologies29.
Overall approach Out of 16
Content of Commitments Out of 30
Reporting and Implementation Out of 36
Social considerations Out of 18
TOTAL 100Appendix: The scores | Time for change: delivering deforestation-free supply chains | 29
Financial institutions (FI) FI name FI HQ Score FI name FI HQ Score
Employees Provident Fund IND National Australia Bank AUS
with with no policies Equitable Holdings USA Nationwide Mutual Insurance Co. USA
FI name FI HQ Score Export Import Bank of Thailand THA New York Life Insurance Co. USA
3G Capital USA Farm Credit Services USA Northern Trust USA
ABP NLD Fidelity Investments USA Northwestern Mutual Life USA
Insurance
Affiliated Managers Group, Inc. USA Fifth Third Bancorp USA
PNC Financial Services USA
Allstate USA Franklin Resources USA
Power Corp. of Canada CAN
American Century Investments USA Geode Capital Management USA
Prudential Financial (US) USA
American Equity Investment Life USA GIC SGP
Holding Co. Prudential (UK) USA
Government Savings bank THA
American International Group, Inc. USA Public Bank Bhd. MLY
Guggenheim Capital USA
Ameriprise Financial, Inc. USA Royal Bank of Canada CAN
ICICI Bank IND
AMMB Holdings Bhd. MYS Safra Group BRA
Indonesia Eximbank IND
AQR Capital Management LLC USA Schroders GBR
Industrial & Commercial Bank CHN
Atmos Capital Gestão de BRA of China Ltd Schweizerische Nationalbank CHE
Recursos Ltda Intesa Sanpaolo ITA Scotiabank CAN
Baillie Gifford GBR
Invesco Ltd. USA Siam Commercial Bank THA
Bangkok Bank THA
Itau Unibanco Holding S.A. BRA State Bank of India IND
Bank of China CHN
Janus Henderson GBR State Farm USA
Bank of Communications CHN
Jefferies Financial Group, Inc. USA State Street USA
Bank of New York Mellon USA
Kasikornbank THA Sun Life Financial CAN
Berkshire Hathaway, Inc. USA
KKR USA Temasek Holdings SGP
BlackRock USA
Kotak Mahindra Bank Ltd. IND Toronto-Dominion Bank CAN
BPCE Group FRA
Krung Thai Bank THA Travelers USA
Bradesco BRA
Kumpulan Wang Persaraan MYS T. Rowe Price USA
Capital Group Cos., Inc., The USA
Lazard Ltd. BMU Truist Financial Corp. USA
Charles Schwab USA
Legal & General GBR United Services Automobile USA
China Construction Bank CHN Association
Legg Mason USA
CIMB Group MYS Vanguard USA
Life Insurance Corp of India IND
Crédit Mutuel CIC Group FRA Venerable Holdings, Inc. USA
Lincoln National Corp. USA
Dimensional Fund Advisors USA Wellington Management USA
Macquarie Group AUS
Dynamo - Administração de BRA Wells Fargo USA
Magellan Financial Group AUS
Recursos Western & Southern Mutual USA
East West Banking Corporation PHL MassMutual Financial USA Holding Co.
Eaton Vance USA MetLife USA Yayasan Pelaburan Bumiputra MYSAppendix: The scores | Time for change: delivering deforestation-free supply chains | 30
Financial institutions (FIs)
with deforestation policies
for all commodities
FI name FI HQ Score FI name FI HQ Score
ABN Amro NLD Standard Chartered GBR
Aegon NLD UBS CHE
Australia & New Zealand AUS UniCredit ITA
Banking Group Ltd.
United Overseas Bank SGP
BNDES BRA
Westpac AUS
BNP Paribas FRA
Citigroup USA
Commerzbank DEU
Commonwealth Bank AUS
Of Australia
Credit Suisse CHE
DBS SGP
Deutsche Bank DEU
Goldman Sachs USA
HSBC GBR
JBIC JPN
JPMorgan Chase & Co. USA
Lloyds Banking Group GBR
Mitsubishi UFJ Financial JPN
Morgan Stanley USA
NatWest GBR
Norges Bank Investment NOR
Management
Oversea-Chinese Banking SGP
Corp. Ltd.
Rabobank U.A NLD
Santander ESPTime for change: delivering deforestation-free supply chains | 31 Financial institutions (FIs) with at least one policy but not all FI name FI HQ Score FI name FI HQ Score Agricultural Bank of China CHN Sumitomo Mitsui Trust JPN Allianz DEU TIAA USA Banco Bilbao Vizcaya ESP US Bancorp USA Argentaria (BBVA) Banco do Brasil BRA Bank of America USA Bank Negara Indonesia IDN Barclays GBR BMO Financial Group CAN BTG Pactual BRA California Public Employees USA Crédit Agricole FRA ING Groep NV NLD Landesbank Baden- DEU Württemberg (LBBW) Liberty Mutual Holding USA Co., Inc. Malayan Banking MYS Manulife Financial CAN Mizuho Financial JPN Nomura JPN Nordea FIN Norinchukin Bank JPN PT Bank Mandiri (Persero) IDN Tbk (Mandiri) Société Générale FRA Standard Life Aberdeen GBR Sumitomo Mitsui Financial Group JPN
Appendix: The scores | Time for change: delivering deforestation-free supply chains | 32
Companies with no Company HQ Score Company HQ Score
deforestation policies Coamo Agroindustrial Coop. BRA Future Group IND
Compañía Bernal S.A. ARG Granol BRA
Company HQ Score
Compañia Industrial Aceitera CRI Groupe Lactalis FRA
Aceitera Gral. Deheza S.A.I.C.A. ARG Coto Cincuenta y Cuatro S.A
Groupe Savencia S.A. FRA
Adient USA COMPAÑIA PARAGUAYA DE PRY
GRANOS S.A. Grupo Bom Retiro BRA
Advance Publications Inc. USA
Coop Col Multiactiva PRY Grupo Jari BRA
AFA (Agric. Federados Args.) ARG Fernheim Ltda GRUPO PILAR S A ARG
Allanasons Pvt Ltd. IND COOP FREIGHT TWN Grupo Viz MEX
Alpargatas SA BRA LOGISTICS LTD
Gruppo Mastrotto Spa ITA
Ameropa Ltd. CHE Corporación De VEN
Abastecimiento Y Servicios Gruppo Veronesi ITA
Amul IND Agrícolas S.A. (CASA) Guangdong Wens Foodstuff CHN
Aokang Group Co. Ltd. CHN Corpovex - Corporacion VEN Group Co., Ltd
Venezolana De Com. Exterior Guangzhou Highest Industrial CHN
Arre Beef S.A. ARG
Cresud S.A. ARG Co. Ltd.
Ashley Furniture Industries Inc. USA
Cyrela Brazil Realty BRA Guangzhou Liby Enterprise CHN
Bata Ltd. CHE Group Co Ltd
Dalian Huafeng Furniture CHN
Behshahr Industrial IRN Haid Group CHN
Co. Ltd.
Development Corp.
Danish Agro DNK Htoo Group MMR
Beidahuang Group CHN
Darmex Agro IDN Industrias Frigorificos Recreo ARG
Belle International Holdings Ltd. HKG SAIC
Deichmann Group DEU
BF Logistics BRA InVivo FRA
DIRECTA LINE LOGISTICA BRA
Bhartiya International Ltd IND Irmaos Goncalves Comercio BRA
Donto ARG E Industria Ltda.
Bricapar S.A. PRY
East Hope Group CHN Japfa Ltd IDN
Bright Food (Group) Co. Ltd. CHN
Emami Ltd. IND KAI BO FROZEN MEAT HKG
Camera Agroalimentos S.A. BRA
EURO AMERICA BRA SUPERMARKET
Capri Holdings Ltd USA
Evershining Ingredient THA Land O'Lakes Inc. USA
Caramuru Alimentos BRA
Fleury Michon, Groupe FRA Lear Corp. USA
CATTER MEAT SA ARG
Foshan Saturday Shoes CHN Le Gouessant FRA
Cencoprod Ltda PRY
Co. Ltd. Lenta OOO RUS
Cencosud CHL
F.R.I.A.R. S.A. ARG Li Ning Company Ltd. CHN
China Resources National Corp. HKG
Frigorifico Concepcion S A PRY Magnit Group RUS
China State Construction CHN
Frigorifico Gorina Sociedad ARG Makin Group IDN
Engineering Corp.
Anonima Industrial Y ComexAppendix: The scores | Time for change: delivering deforestation-free supply chains | 33
Company HQ Score Company HQ Score
MAR.VI SPED SRL ITA The Woodbridge Company Ltd CAN
Meredith Corporation USA TJX Companies USA
Mizkan Holdings JPN Total Enterprise Ltd HKG
Nanyang Hoo’s Furniture CHN Tradewinds (M) Berhad MYS
Manufacturing Co. Ltd.
Vicwood Group CHN
New Hope Group CHN (HKG)
Nice Group CHN Weltra ITA
Nine Dragons Paper Holdings HKG WH Group HKG
Nitori Holdings Co. Ltd. JPN Wings Corp IDN
Offal Exp S.A. ARG X5 Retail Group N.V. RUS
Parker-Migliorini International CHE Yakult Honsha Co. Ltd. JPN
Gmbh
Yamazaki Baking Co. JPN
Patanjali Ayurved IND
Yomiuri Group, The JPN
Pertamina Persero PT IDN
YPF ARG
Pou chen TWN
Zhejiang Tongtianxing Group CHN
Rezervnaja Prodovol'stvennaja RUS Joint-Stock Co Ltd
Kompanija
Rimbunan Hijau Group MYS
Rioverde OOO RUS
Sadesa ARG
Shanghai Construction Group CHN
Shuangbaotai Group CHN
(Twins Group)
Sinograin CHN
Sociedad Cooperativa PRY
Colonizadora Chortitzer
Komitee Ltda
Sodrugestvo Group S.A LUX
Soyuz Corporation RUS
Steve Madden Ltd USA
Strong OOO RUS
Suguna Foods IND
Tangrenshen Group (TRS) CHNAppendix: The scores | Time for change: delivering deforestation-free supply chains | 34
Companies with commitments Company HQ Score Company HQ Score
for all commodities J Sainsbury's PLC GBR Reckitt Benckiser Group PLC GBR
Kencana Agri Ltd SNG RELX Group GBR
Company HQ Score
Kering S.A. FRA Restaurant Brands International CAN
3M Company USA
Kimberly-Clark Group USA Royal Dutch Shell NLD
AAK AB SWE
Koninklijke FrieslandCampina NLD R. R. Donnelley & Sons Co. USA
Adecoagro S.A. LUX N.V.
Saint Gobain S.A. FRA
Aditya Birla Group IND Korindo Group PT IDN
Sampoerna Agri Resources SNG
Amaggi BRA L'Oreal S.A. FRA Pte. Ltd
Angelini Group CHL LOUIS DREYFUS NLD SC Johnson & Son Inc USA
Arla Foods DNK LVMH Moet Hennessy Louis FRA Schwarz Group DEU
Vuitton S.A.
Bertelsmann SE & Co. KGaA DEU Shandong Chenming Paper China
Marks & Spencer Group PLC GBR Holdings Co., Ltd.
Blondeau Group DEU
Mars Inc. USA Sipef Group BEL
Cargill USA
McDonald's Corp. USA Socfin Group LUX
Carrefour S.A. FRA
Mondi Group AUT Staples Inc. USA
Colgate-Palmolive Co. USA
Natura&Co BRA Stora Enso FIN
ConAgra Brands Inc USA
Neste Corp. FIN Sumitomo Forestry JPN
Dai Nippon Printing JPN
Nestlé S.A. CHE Suzano Group Brazil
Daio Paper Corporation JPN
New Balance Athletic Shoe Inc. USA Tangshan sanyou CHN
Danone FRA
News Corp. USA Tetra Laval CHE
DekelOil CIV
Nike Inc. USA Toppan Printing Co. Ltd. JPN
DuPont USA
Nippon Paper Industries Co. Ltd. JPN Triputra Group IDN
Empresas CMPC S.A. Chile
NordSud Timber DRC Tyson Foods Inc. USA
Essity SWE
Oji Holdings corporation JPN Unicharm Corp JPN
Frialto BRA
Orkla Group NOR Unilever PLC GBR
Genting Bhd. MYS
Pearson PLC GBR UPM FIN
Grupo SLC BRA
Perkebunan Nusantara IDN Vancouros Indústria e BRA
H & M Hennes & Mauritz AB SWE Comércio de Couros LTDA
Permata Hijau Group IDN
Harita Group IDN VF Corp. USA
Perum Perhutani IDN
Hengan International Group CHN Westrock USA
Co Ltd Precious Woods Holding AG CHE
Wm Morrison Supermarkets PLC GBR
International Paper USA PT Astra International TBK IDN
Yum! Brands Inc. USA
JBJ Investimentos BRA PT Rajawali Corp. IDNYou can also read
