While a majority of the world signed up to end deforestation at the United Nations climate conference in November, most of the globe’s most influential businesses and financial institutions are still lagging on the issue. That’s according to a report released by the U.K.-based nonprofit Global Canopy.
The report, known as the Forest 500, identifies 350 companies and 150 financial institutions that deal in commodities linked to deforestation, and assesses them annually based on their commitments to end deforestation. According to the report most of the identified businesses and financial institutions have not made commitments to eliminate deforestation-related products from their respective supply chains and investments, and those that have are doing little to meet those goals.
Ending deforestation is seen as a crucial step in limiting the impacts of climate change, as the world’s forests absorb roughly one-third of carbon emissions annually.
“Last year saw unprecedented political action as more than 140 governments recognized the urgent need to protect forests, ... Read more