How global firms are falling short on forest protection vows

Green forest view from the top of Sulphur Mountain in Banff, Alberta in Canada. European voters and consumers are making it increasingly clear that they no longer want to buy products that are responsible for deforestation or forest degradation. Photo: AFP

Global companies and financial institutions with the highest potential for curbing deforestation are largely failing to do so, undermining pledges to protect forests made at the COP26 climate summit last November, a report said recently.

The Forest 500 analysis by non-profit research group Global Canopy graded 350 companies most responsible for producing, using or trading commodities that drive deforestation, along with the 150 biggest banks, investment firms and pension funds that finance them.

One in three companies assessed had no forest commitments at all, and 72% addressed some but not all of the forest-related commodities in their supply chains.