5% Of Corporations Have Done Anything On Deforestation (21/484) So Here's A Wet Noodle For Brazil
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Last week saw the release of a strongly worded investor statement (Ed. - Oooh!!), published by Principles for Responsible Investment (PRI), the world’s leading proponent of responsible investment, and Ceres, a U.S. non-profit that works with investors to promote sustainability. The document — condemning supply chain linked deforestation — has been endorsed by an unprecedented number of major investors, 230 in total, who together represent US$ 16.2 trillion in assets.
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The investor statement refers to a report, entitled “Out on a Limb,” published by Ceres in June 2019. It shows that, while 484 companies have promised to address deforestation within their businesses as part of a global goal of ending deforestation by 2020, only 72 have committed so far to eliminating deforestation from their supply chains and, of these, only 21 have shown real, quantifiable progress.
Without naming companies involved in deforestation, that report warns: “This alarming commitment-to-action gap exposes companies and institutional investors to significant financial risks. Institutional investors increasingly recognize that deforestation creates material market and reputational risks for companies, and is also a source of systemic risk across investment portfolios given its contribution to climate change.”
This week’s statement is the first strong signal to companies who are heavily exposed to Amazon deforestation, that they must close this gap, or suffer investor action. The letter calls for “publicly disclosing and implementing a commodity-specific no deforestation policy with quantifiable, time-bound commitments covering the entire supply chain” and the establishment of “a transparent monitoring and verification system for supplier compliance.” Nash says that institutional investors are in a powerful position for effective action. “They have aligned interests with the companies they invest in and they want them to thrive,” she says. “They can tell their suppliers if they fail to take immediate action to eliminate deforestation from their supply chains, they may face a significant reputational risk that could impact their stock price.”
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https://news.mongabay.com/2019/09/prompted-by-amazon-fires-230-investors-warn-firms-linked-to-deforestation/