Many companies and finance firms yet to set deforestation policy

By Simon Jessop
February 14, 2023
Category: Forestry
Region: International

LONDON — Almost half of the companies most reliant on the commodities responsible for deforestation, and the financial firms that back them, have no policy to rein it in, a report by Global Canopy says. Of 350 companies with the greatest exposure to palm oil, soy, beef, leather, timber and pulp and paper, and 150 banks and asset managers which lend to or invest in them, 201, or 40%, had no such policy. …Global Canopy said 100 of the companies had a deforestation commitment in place… yet only half were checking to ensure the policies were being followed. A further 109 had no deforestation commitments in place for any of the commodities. …While the number of companies pledging to get to net-zero carbon emissions by mid-century had grown five-fold in three years to 145, the lack of action on deforestation was hampering their ability to hit the target, the report said.

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