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To illustrate our broad expertise, covering many different economic sectors, commodities, sustainability themes and countries, this page gives an overview of the different projects executed by Profundo over the years. In the menu, you can filter the projects by thematic area. Each project is described briefly and where available the project portfolio - such as reports, brochures or presentations - is provided. Attention is also given to the exposure generated by the project in the media, in politics and elsewhere.


We analyse the financial parameters of companies and assess how companies and their financiers could be affected in different scenarios by Environmental, Social and Governance (ESG) risks related to deforestation, climate change emissions, human rights abuses, resource depletion, health impacts and other sustainability issues.
We analyse the various human rights and other sustainability risks in international commodity supply chains and identify what different stakeholders can do to foster sustainable development of value chains in agriculture, forestry, livestock, energy, fisheries and mineral sectors.
We analyse how companies are financed by banks, shareholders and others financiers, to assess what financiers could do to foster sustainable corporate practices. Also, we dig into ownership structures and the schemes companies have set up to minimise tax payments.
We assess and benchmark responsible investment and credit policies of banks and investors and we advise on how policies can be improved and implemented through screening, voting, engagement and exclusion strategies.

September 2023

September 20, 2023
Training fair finance Indonesia
Profundo was in Jakarta, Indonesia to conduct training on Fair Finance. Together with Responsibank Indonesia and the PRAKARSA, they discussed the Just Energy Transition (JET) in Indonesia. The first session was about the "Just Energy Transition in the Indonesian Context". Participants learned about the importance of JET in Indonesia and how it can be implemented. The second session continued with discussing "The Role of the Financial Sector in a Just Energy Transition", including the JET financing mechanism, the advantages and disadvantages of this mechanism, and how the financial sector can encourage JET through government policy.
September 14, 2023
Support Fair Finance Indonesia
This report assesses policies from Indonesian banks on various aspects according to international financial guidelines/methodologies developed by Fair Finance Guide International (FFGI). This assessment was conducted on 11 banks in Indonesia, representing the largest group of commercial banks in Indonesia in terms of total assets and core capital. Profundo supported with the policy assessment and did the quality review.
September 12, 2023
Disposable paper-based food packaging
Paper-based packaging remains the largest source of packaging waste in the European Union (41.1%), higher than the total of the two next largest materials combined - plastic (19.4%) and glass (19.1%). As a reaction to the environmental and socio-economic impacts associated with plastics - paper-based packaging is increasingly marketed as a sustainable alternative. Evidence shows however that paper-based substitutes present many new as well as similar challenges, such as deforestation and high water usage. Furthermore, paper is nearly always combined with plastics and chemical coatings. Therefore, marketing single-use paper based products as sustainable alternatives to plastics is misleading.
September 4, 2023
Banks financing fossil fuels and industrial agriculture in Global South
This report looks at the role played by major international banks in financing fossil fuels and industrial agriculture in the Global South. Bank financing provided to the fossil fuel industry in the Global South reached an estimated US$3.2 trillion in the seven years since the Paris Agreement on Climate Change was adopted. Bank financing provided to the largest industrial agriculture companies operating in the Global South amounted to US$370 billion over the same period. The report also examines the current role of public financing in supporting fossil fuels and industrial agriculture, and how public finance could instead support a transition towards a more sustainable future based on renewable energy and agroecology.
September 15, 2023
Rabobank’s accountability share in Brazilian deforestation
Profundo previously calculated the total costs of damage linked to the climate devastating cash flows from Rabobank to Brazil. In a follow-up study, Profundo calculated which damage claim accrues directly to Rabobank. This shows that Rabobank is responsible for at least 9.5 billion euros of the total damage, and in the worst-case scenario that responsibility even rises to 61 billion euros. When calculating Rabobank's share, Profundo looked at a.o. the profit made and the knowledge of the chain players involved.
September 13, 2023
Costs scope 3 deforestation emissions
Deforestation emissions from raw materials imported into the United States present material financial risks for investors and concerns for importing companies. Scope 3 emissions from deforestation for the production of commodities imported to the U.S. totaled 21.24 mtCO2 in 2019. The total value at risk for imported forest-risk commodity deforestation emissions ranges from USD 7.28 billion to USD 114.98 billion. Maintaining a business-as-usual approach to imported forest risk commodities (FRCs) leaves investors in the dark regarding future financial risk, potentially exposing their broader portfolios to harsher impacts from climate change.
September 6, 2023
Cambodian garment sector living wages
Cambodian garment sector workers’ conditions are declining. A study with CNV International's Fair Work Monitor, in collaboration with Cambodian unions, and written by Profundo shows a further decline in the Cambodian garment sector workers' conditions since the 2022 survey. The average wage of Cambodian garment workers is $260, while average costs are $500. About 40% of surveyed workers have taken secondary jobs due to low wages and frequent overtime. 77% of workers borrow money for daily expenses, implying a lack of living wages. This shows action by brands and governments is needed. Bridging living cost gaps, and addressing the gender pay gap is vital. Stakeholder cooperation, including employers, government, trade unions, and buyers, is essential for sector recovery and to assure living wages for the Cambodian sector workers.
September 4, 2023
Ireland's role in the banking in climate change
Profundo analysed financial institutions headquartered and registered in Ireland financing agribusinesses and fossil fuel industries. The study reveals that Ireland is a significant channel for global institutional investment in fossils fuels and industrial agriculture, with €5.7 billion in climate-harming investment to the Global South. The report also reveals that as of January this year Irish financial institutions held €12.1 million of investments in fossils fuels. Of this figure the Ireland Strategic Investment Fund (ISIF) held €10.4 million, mostly in bonds issued by Chinese electric utility company State Grid Corporation of China. It is by design that Ireland acts as a channel for global institutional investors to profit from their fossil fuel investments in the Global South. Ireland needs to address this and ensure policy coherence.

August 2023

August 30, 2023
Dutch pension funds and insurers financing high-risk arms trade
The study shows that large Dutch investors continue invest in arms producers that supply weapons to states where there is a high risk of the weapons being used in violation of humanitarian norms. Dutch Pension funds and insurance companies’ investments, including Allianz, Aegon Life, Pensioenfonds ABP, and Pensioenfonds Zorg & Welzijn (PFZW), surpassed 5.7 billion in total. The financial research was carried out by Profundo. Profundo analysed the portfolios of the pension funds and investments in the selected fifteen companies. Twelve financial institutions have no investments in these companies, most of them because of concern for the risk of human rights violations. Four investors are engaging the company they invest in with the aim to change the company’s behaviour around the sale of military goods. Some of high-risk countries are involved in serious violations of human rights and/or international humanitarian law. The conduct of Saudi Arabia and the United Arab Emirates (UAE) in Yemen, for example, shows the possible consequences of arms sales to states that pay little attention to human rights and human dignity. Over the past few years, both states have been involved in the bombing of hospitals, schools and residential areas in Yemen. Recent estimates say the war in Yemen has cost 377,000 lives.
August 18, 2023
Shareholders analysis of hydro-electric company (Ecuador)
Hidrotambo S.A., the hydroelectric company has harmed dozens of farming communities and destroyed the Dulcepamba river in Ecuador. Profundo provided financial research into the company and mapped all shareholders to get a full corporate structure.
August 29, 2023
Benchmark Deforestation and Conversion-free Soy in Europe
On behalf of WWF Germany and IUCN NL Profundo developed a benchmarking report which compares the European Feed Manufacturers' Federation Soy Sourcing Guidelines (FEFAC SSG) and 20 Voluntary Standard Systems (VSS) against a set of 49 basic provisions and 11 additional requirements that cover the most important sustainability topics in the soy industry. Assessment criteria focus on deforestation and ecosystem conversion, landscapes and biodiversity, social issues and human rights, traceability, and governance and assurance. They are based on EU Deforestation Regulation (EUDR), Accountability Framework Initiative (AFi) Core Principles, the upcoming EU Corporate Sustainability Due Diligence Directive (CSDDD), FEFAC SSG, and WWF conservation agenda. Almost all standards have become more robust since 2019, when the previous benchmark was published. 20 of them already go beyond legality in their no-deforestation requirements, and 17 also cover other ecosystems beyond forests. Despite the general improvement in all standards, independent multi-stakeholder initiatives outperform corporate schemes across an array of environmental and social criteria and are better prepared for the EUDR. The report also showed that voluntary standards are part of a bigger toolbox for companies. They can be used for compliance with legislative regulations, but in fact offer so much more: comprehensive ecological and social requirement that can help companies to take on their responsibility for understanding their supply chains and making them more sustainable for the benefit of our societies and the environment. Based on the conversations with the standard holders, we already see that those who have an ambition to become EUDR-compliant are actively adapting their requirements and implementation guidelines. To better reflect this process and its outcomes, this benchmark will be updated on the EUDR-readiness in the first half of 2024.

July 2023

July 27, 2023
Nuclear weapon exclusion policies of the financial sector
The report profiles financial institutions with policies that restrict or completely exclude investments in the companies involved in nuclear weapon production. Of the 109 profiled institutions, 55 comprehensively exclude any financial involvement with nuclear weapon producing companies. The other 54 institutions have a policy that is not all-inclusive. Since last year, 11 new institutions have been added, of which 6 have complete exclusion policies in place. Financial institutions worldwide get a thorough assessment. Policies are checked if they apply to all types of nuclear weapon producers from all locations, and excluding them from all the institutions’ financial products and services. Furthermore an implementation check is carried out to check if there are no outstanding investments in nuclear weapon producers.
July 20, 2023
Financing wildlife tourism & exploitation
Wild animals like elephants, dolphins, primates and tigers in captivity suffer chronically from poor and insufficient conditions that inherently comprise their welfare. Wildlife tourism attractions have not only substantial negative effects on animal welfare, they also impact public health, biodiversity, and climate change. An assessment of financial links showed that seven Dutch financial institutions have financial links to selected tourism companies. At the most recent filing date in February 2023, Dutch financial institutions invested US$ 38 million in TUI Group,, and SeaWorld through share- and bondholdings. ING Group is the largest investor, with US$ 23 million invested in SeaWorld. Between January 2016 and December 2022, ING Group was also identified as a provider of loans and underwriting services (totaling a value of US$ 436 million) to TUI Group. For GetYourGuide, Klook, Traveloka and Aspro Ocio no financial links with Dutch financial institutions were identified. Of the seven identified financial institutions, three do not mention animal welfare in their sustainability or responsible investments policies (ABP, PFZW and Shell Asset Management Company).
July 6, 2023
Investing in the Myanmar Military Cartel
Research on ongoing investment by French financial institutions in companies that are linked to the Myanmar junta shows that Five private French financial groups - Crédit Agricole, Groupe BPCE, BNP Paribas, La Banque Postale, Société Générale - and a public fund - Fonds de Réserve pour les Retraites - invest more than 6 billion USD in companies linked to the Myanmar military cartel. More than 75% of these investments are related to fossil fuels. Profundo provided shareholding data for selected companies with links to the military in Myanmar.
July 20, 2023
Investor and company climate and plastic commitments
A review of investors’ and companies’ climate commitments showed that 11 of 12 investors and 25 of 28 companies do not include plastics in their climate commitments. Also, there is no transparency on how these companies and investors plan to mitigate the climate impacts of their value chains. Moreover, Climate target-setting guidance and frameworks often omit the greenhouse gas emissions from plastics and, in some cases, incentivise continued plastics growth. Plastic is a major contributor to pollution, climate change and health issues. Therefore, it is important these companies and investors act upon their climate commitments and include plans on mitigating plastics in their policies. This report includes 10 First Principles for Incorporating Plastics into Climate Commitments to help them out.
July 10, 2023
Vegetable Seed Trade Between India and the Netherlands
This research assessed the corporate social responsibility (CSR) policies of ten Netherlands-based vegetable seed companies against fundamental, internationally accepted human and labour rights guidelines. The results show that corporate efforts are falling short in their adequacy to prevent and mitigate labour rights breaches in the supply chain, such as living wages, child labour, and women’s rights. Several of the assessed seed companies have no CSR policies in place. Companies with a CSR policy in place still fall short of describing how those commitments are brought into practice. There are close trade links between the Indian and Dutch vegetable seed sectors, consisting of both local companies and subsidiaries of multinational businesses. India plays an important role in the trialling and propagation of hybrid vegetable seeds due to favourable growing conditions, a large market, and cheap labour for the intense manual work. Important seeds traded with the Netherlands include tomatoes, sweet pepper, and cucumber.
July 5, 2023
Rabobank’s financing of deforestation in Brazil
Dutch Rabobank financed sectors that contribute to deforestation and environmental destruction in Brazil on a large scale. In the period 2000-2022, Rabobank provided nearly $10 billion in loans and other financial services to companies in the beef, soy and pulp and paper sectors in Brazil. That yielded at least €700 million in profit. This is offset by enormous damage to climate, nature and health of at least €66 billion.
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