by Theo Stanley
Companies have long been promising they will eliminate deforestation from their supply chains. But as the latest Forest 500 report finds, voluntary progress has failed. Now is the time for governments to ramp up their efforts to address tropical deforestation, by introducing strong regulations.
The message from the launch of the latest Forest 500 annual report couldn’t be clearer. Even as we hit 2020, the ambitious deadline set by many companies to remove deforestation from their supply chains, almost half of the most influential companies and financial institutions in these ‘forest-risk’ commodity supply chains do not have a public policy on deforestation.
This lack of progress is highlighted in the report’s key findings:
by James Hulse
All economic activity depends on natural assets — such as water, forests and clean air. Manufacturers must have access to water to build cars; the agriculture sector needs bees and other pollinators to grow crops without excessive costs.
These natural assets are increasingly being degraded by pressures such as pollution, deforestation and climate change. Financial institutions are in turn exposed to natural capital risks that affect the businesses that they invest in, lend to, or insure.
In 2020, for the first time, the World Economic Forum’s top five global risks were all environmental, including major biodiversity loss and ecosystem collapse. …