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A third of commodity-hungry firms have no deforestation policy - report

By Simon Jessop LONDON (Reuters) - A third of the 350 companies most exposed to commodities such as palm oil, beef and timber have no policies to ensure their products are not...
A third of commodity-hungry firms have no deforestation policy - report © Reuters. FILE PHOTO: Stacked logs are seen in a forest near the village of Barsuki, Belarus April 21, 2020. REUTERS/Vasily Fedosenko

By Simon Jessop

LONDON (Reuters) - A third of the 350 companies most exposed to commodities such as palm oil, beef and timber have no policies to ensure their products are not fuelling deforestation, a report by NGO Global Canopy showed on Thursday.

Protecting the world's forests is central to efforts to limit man-made global warming by mid-century, and at the COP26 climate talks in November, 141 countries pledged to halt and reverse forest loss by 2030.

At the same time, more than 30 financial institutions with nearly $9 trillion in assets said they would aim to eliminate commodity-driven deforestation from their portfolios by 2025.

Britain has already made it a legal responsibility for companies to ensure they have no illegal deforestation in their supply chains, and the European Union and United States are looking at similar legislation.

Companies also face direct threats from deforestation, as it exacerbates climate impacts, drives biodiversity loss and affects water supplies, potentially affecting growing conditions for commodity crops, supplies and prices.

In its annual 'Forest 500' report, Global Canopy said just 28% of companies that produce, use, trade or sell commodities had comprehensive policies covering all those they were exposed to.

Among 150 of the world's leading financial institutions that finance the companies to the tune of $5.5 trillion, just 38% had a clear policy on addressing deforestation, it added.

"Last year saw unprecedented political action as more than 140 governments recognised the urgent need to protect forests, yet most companies and financial institutions with the greatest ability to halt deforestation are doing little or nothing," said Niki Mardas, executive director of Global Canopy.

"As major consumer governments start to translate these commitments into hard and fast legislation, businesses which have not taken deforestation seriously are woefully unprepared and face real risks."

Among the companies flagged as having no policy were TJX Companies (NYSE:TJX), owner of the T.J. Maxx stores, and Capri Holdings (NYSE:CPRI), which owns the Versace, Jimmy Choo and Michael Kors fashion brands, the report said.

TJX said while it does not currently have a formal deforestation policy, it has work underway on the subject as part of its environmental sustainability program.

Capri Holdings did not immediately respond to a request for comment.

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27-01-2022 04:18:19 (UTC+7)

EUR/USD

1.1198

-0.0040 (-0.35%)

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↑ Sell

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EUR/USD

1.1198

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GBP/USD

1.3420

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USD/JPY

115.01

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AUD/USD

0.7085

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USD/CAD

1.2687

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EUR/JPY

128.79

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1.0380

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86.97

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Natural Gas Futures

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US Coffee C Futures

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67.875

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Bayer AG NA

51.91

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Allianz SE VNA O.N.

225.30

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Adidas AG

241.00

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Deutsche Lufthansa AG

7.022

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Siemens AG Class N

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11.856

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 EUR/USD1.1198↑ Sell
 GBP/USD1.3420Sell
 USD/JPY115.01↑ Buy
 AUD/USD0.7085Sell
 USD/CAD1.2687Buy
 EUR/JPY128.79↑ Buy
 EUR/CHF1.0380↑ Sell
 Gold1,813.30Neutral
 Silver23.277Sell
 Copper4.4675Buy
 Crude Oil WTI86.97Neutral
 Brent Oil88.34Buy
 Natural Gas4.101↑ Buy
 US Coffee C236.85↑ Sell
 Euro Stoxx 504,123.55Neutral
 S&P 5004,349.93↑ Buy
 DAX15,310.67↑ Buy
 FTSE 1007,469.00↑ Sell
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,971.72Neutral
 IBEX 358,615.87Neutral
 BASF67.875↑ Buy
 Bayer51.91Buy
 Allianz225.30Buy
 Adidas241.00↑ Sell
 Lufthansa7.022Neutral
 Siemens AG138.72↑ Sell
 Deutsche Bank AG11.856Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(5/ -5) # 1,257
SJC HCM6,195/ 6,255
(15/ 10) # 1,278
SJC Hanoi6,195/ 6,257
(15/ 10) # 1,280
SJC Danang6,195/ 6,257
(15/ 10) # 1,280
SJC Nhatrang6,195/ 6,257
(15/ 10) # 1,280
SJC Cantho6,195/ 6,257
(15/ 10) # 1,280
Cập nhật 27-01-2022 04:18:21
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ↀ Giá vàng thế giới
$1,814.69-7.47-0.41%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.52+0.360.42%
Brent$88.33+0.210.23%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
Cập nhật lúc 16:04:52 27/01/2022
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