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Projects

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.

When you are looking for a specific report, we recommend to go to our Portfolio page.

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.

May 2019

May 13, 2019
Fair Finance Guide Germany, 3rd update
Using the methodology developed by Profundo together with the civil society organisations collaborating in the Fair Finance Guide International network, the German Fair Finance Guide coalition assessed and ranked the responsible credit and investment policies of the main German banks for the third time. Profundo provided training and advice to support their assessment. Want to learn about Fair Finance Guide? Watch this video: https://youtu.be/zdks3jqmvuw
May 2, 2019
Producing mass destruction: Private companies and the nuclear weapons industry
This report illustrates the relationship between the commercial sector and nuclear weapons. The report finds that nuclear armed governments have at least $116 billion in contracts with private companies to build nuclear weapons. Companies including Huntington Ingalls Industries, Lockheed Martin, Honeywell International, General Dynamics and, Jacobs Engineering are directly involved in the nuclear weapon industry, seeking profit from the production of weapons of mass destruction. This report is part of PAX's Don't Bank on the Bomb campaign.
May 9, 2019
Deforestation-Driven Reputation Risk Could Become Material for FMCGs
Many fast-moving consumer goods (FMCG) companies have publicly committed to a 2020 deadline to end deforestation in their supply chains. However, it is becoming increasingly clear that most FMCGs will not meet this deadline. NGO campaigns indicate increasing reputation risks for the sector. For an FMCG company, business risks related to tropical deforestation, such as market access risk, stranded asset risk, and the risk of higher costs of capital, contribute to only a small deviation in the total share value. However, reputation risk may become a much stronger value driver for them. This study explores the scientific knowledge on valuing this reputation risk.

April 2019

April 30, 2019
European Soy Monitor
This report provides insights on the use of certified and deforestation-free soy in the EU-28 member states, Norway and Switzerland (EU+). As the second largest importer of soy, Europe has a responsibility to solve the sustainability issues connected to its soy consumption.
April 15, 2019
GPA’s (Casino Group) Beef Supply Chain Exposed to Deforestation Risks
Casino Group is a French multi-banner food retailer, with a controlling share in Grupo Pão de Açúcar (GPA) in Brazil. This report analyses GPA’s deforestation risk exposure based on beef samples collected through store visits. Chain Reaction Research (CRR) visited 50 GPA supermarkets in five Brazilian cities and inspected 500 randomly selected beef products. Data from the product labels establishes supply chain links between supermarkets and slaughterhouses located in the Legal Amazon.
April 1, 2019
Brazilian State of Tocantins: A Hotspot for Cerrado Deforestation
The Brazilian state of Tocantins is the latest hotspot for soy- and cattle related deforestation. In 2018, more land was cleared here than in any other state of the Brazilian Cerrado, a large tropical savanna biome that covers more than 20 percent of Brazil. Overall Cerrado deforestation rates have declined in recent years, but Tocantins continues to see high rates of forest loss. Soy sourced from Tocantins carries a high risk of being connected with legal and illegal land clearing. A close monitoring of the implementation of zero-deforestation commitments may mitigate risks for traders, investors and end-users of agricultural commodities from Tocantins.
April 25, 2019
Complicity in Destruction II: How Northern Consumers And Financiers Enable Bolsonaro’s Assault On The Brazilian Amazon
This report exposes the risks behind doing business with companies directly tied to illegal deforestation in Bolsonaro’s Brazil. Europe and United States-based companies and financiers were identified here have now been made aware of their roles within their supply chains and portfolios. They should swiftly act upon this information to minimize exposure to the risks they run.
April 5, 2019
Fair Finance Guide Thailand
Using the methodology developed by Profundo together with the civil society organisations collaborating in the Fair Finance Guide International network, the Thai Fair Finance Guide coalition assessed and ranked the responsible credit and investment policies of the main Thais banks for the first time. Profundo provided training and advice to support their assessment. Want to learn about Fair Finance Guide? Watch this video: https://youtu.be/zdks3jqmvuw
April 1, 2019
Belgian Arms bootcamp
Profundo researchers participated in the Belgian #EUarms bootcamp, organised by Lighthouse Reports and Bellingcat. In cooperation with Belgian journalists from Knack, Le Soir and VRT, the bootcamp investigated the sales of Belgian arms across the world, including to Saudi Arabia. The team used open-source intelligence to trace the arms in the conflict in Yemen.

Profundo

March 2019

March 20, 2019
Banking on Climate Change
This report reveals that 33 global banks have provided $1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord at the end of 2015. The amount of financing has risen in each of the past two years.

Report: Banking on Climate Change

BankTrack: Report finds global banks poured $1.9 trillion into fossil fuel financing since the Paris Agreement was adopted, with financing on the rise each year

Clean Technica: Banks Funneled $1.9 Trillion Into Fossil Fuels Since Paris Agreement

Digital Journal: Funding fossil fuels is 'cash cow' for Canada's major banks

El Périodoco de la Energia: Santander y BBVA, entre los 33 bancos ‘más sucios’ del mundo: suman más de 27.000 millones de inversión en compañías de combustibles fósiles desde 2016

Fast Company: Banks pumped $1.9 trillion into fossil fuels since the Paris climate deal

Financial Times: The week in energy: The Exxon Valdez spill 30 years on

Finews: Climate Change: Greenpeace Targets UBS and Credit Suisse

Global Capital: Green drive dwarfed by lenders $1.9tr fossil fuel financing

Global Capital: Green drive dwarfed by lenders $1.9tr fossil fuel financing

Green Tech Media: Report: Banks Have Invested $1.9 Trillion in Fossil Fuels Since 2015

High Country News: Can the tools of capitalism curb climate change?

Novethic: [Infographie] Depuis La Cop21, Les Grandes Banques Françaises Ont Encore Investi 124 Milliards D’euros Dans Les Énergies Fossiles

OECD: Tracking finance flows towards assessing their consistency with climate objectives

S&P Global: Banks' fossil fuel funding rises, environmental groups warn

Sierra: Is Your Bank Financing Climate Catastrophe?

Swiss Info: Banks accused of massive fossil fuel investments

Taz: Olaf Scholz, helfen Sie der Arktis

The Energy Mix: ‘Alarming’ Report Shows $1.9 Trillion In New Fossil Investment Since Paris Accord

The Guardian: 'Coal is on the way out': study finds fossil fuel now pricier than solar or wind

The Guardian: UK environmentalists target Barclays in fossil fuels campaign

The Guardian: UK environmentalists target Barclays in fossil fuels campaign

The Young Turks: Does The Green New Deal Go Far Enough?

Think Progress: The stunning hypocrisy of JP Morgan and CEO Jamie Dimon on climate change

US News: Global Banks Have Reversed Course on Climate Change Since Paris

March 14, 2019
Fair Pension Label
Assessment of the sustainability policies of ten Dutch pensionfunds. The aim is to make pension funds use their (financial) power to encourage companies to act responsibly.

February 2019

February 21, 2019
Research note on Dutch banks and corruption
Corruption has significant negative consequences in the political, social and environmental spheres. Banks have the responsibility and duty to address corrupt practices like bribery at the companies they are lending to or investing in. From 2014 until 2017, the Dutch banks ABN Amro, ING and Rabobank, provided loans for a total of USD 8.9 billion to four companies that are involved in severe corruption cases. In addition, as of March 2018, ABN Amro, Rabobank and Van Lanschot had invested a total of USD 566 million in shares of these companies
February 15, 2019
Environmental, social and economic sustainability of European eel management
Research for PECH Committee: The diversity of detrimental factors impacting the European eel and the number of involved stakeholders pose a challenge for an effective stock management. Knowledge on the economic consequences of single management measures is required to better assess their implications for the involved sectors.
February 15, 2019
Environmental, social and economic sustainability of European eel management
Research for PECH Committee: The diversity of detrimental factors impacting the European eel and the number of involved stakeholders pose a challenge for an effective stock management. Knowledge on the economic consequences of single management measures is required to better assess their implications for the involved sectors.
February 5, 2019
Carrefour May Face Financial Risks from Deforestation-Linked Beef Sourcing in Brazil
Carrefour SA holds a majority share in Atacadão SA/Carrefour Brasil, the largest retailer in Brazil. Carrefour’s size makes it a major buyer of Brazilian beef and may expose it to deforestation risks, as cattle contributes to deforestation in the Brazilian Amazon. This report analyses Carrefour’s deforestation risk exposure based on samples collected through store visits. Chain Reaction Research (CRR) visited 48 Carrefour supermarkets in five Brazilian cities, and inspected 480 randomly selected frozen beef products. Data from the product labels establishes supply chain links between Carrefour supermarkets and slaughterhouses located in the Legal Amazon.

January 2019

January 8, 2019
Rabobank's Meat Fever
Being a farmers' bank, Rabobank has invested a lot in the cattle industry - 85% of the Dutch agro industry is financed by this bank. Commissioned by Greenpeace Netherlands Profundo has analysed more than 80 (policy)documents of Rabobank.
January 25, 2019
AAK Lags in Implementation of NDPE Best Practices
AAK is a vegetable oils producer, with its headquarters in Malmö, Sweden. The company has 20 production facilities worldwide, sales offices in more than 25 countries and a total workforce of 3,500 employees. In 2017, its revenue was equivalent to USD 3.2 billion in 2017. Within the world’s palm oil supply chain, AAK is positioned midstream between the largest palm oil refiners/traders and the largest consumer goods companies. The company’s No Deforestation, No Peat, No Exploitation (NDPE) strategy relies on meaningful action from the traders and refiners that supply AAK with refined palm oil. This approach fails to follow industry best practices.
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