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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.

April 2024

April 7, 2024
Their Gain, Our Loss: How polluting companies enrich shareholders at the expense of people and planet
Enriching major shareholders at the expense of society. That is the business model of big polluting companies. Milieudefensie, with contributions from Profundo and SOMO, investigated the profits, shareholder distributions and climate damage of 20 polluting companies and banks. These companies account for €761 billion in climate damage, but do far too little to prevent it. Indeed, since the Paris Climate Agreement, the companies collectively earned €317 billion of net profit that was almost entirely channelled to major shareholders rather than used to tackle the damage they are responsible for.
April 3, 2024
Climate damage caused by 20 large companies
This report calculates the value of the climate damage generated by 20 large companies in the year 2022, at € 761 billion per year. The 20 companies were selected by Milieudefensie (Friends of the Earth Netherlands) and belong to a list of large greenhouse gas (GHG) emitters with activities in the Netherlands. Two companies accounted for 72% of all emissions: British Petroleum (BP) and ExxonMobil. The group of 20 companies distributed 92% of their average annual net profit in 2016-2022 to shareholders through dividends and through share buybacks. They did this while the value of the climate damage they caused in 2022 amounted to 1,644% of their average net profit.
April 4, 2024
Bull in the Climate Shop: US Banks and Industrial Livestock Financing
A new study conducted by Profundo and Friends of the Earth examines U.S. banks’ financing of meat, dairy, and feed corporations and the sizable climate impact of that financing. Bank of America, Citigroup, and JPMorgan Chase (the “Big Three”) are responsible for more than half of the $134 billion in loans and underwriting examined in the report. According to the findings of the report, taking action to reduce financed and facilitated emissions from corporations involved in meat, dairy, and/or feed production could be one of the most effective measures major U.S. banks could take to make progress toward their climate commitments.

March 2024

March 26, 2024
Fair Finance Training Bangladesh
Profundo senior policy researcher Juliette Laplane facilitated a three-day training in March in Dhaka, Bangladesh on the topic of Fair Finance. The training which gathered around 20 participants, was organized by Fair Finance Bangladesh, a civil society coalition coordinated by Oxfam in Bangladesh, which is supported by Fair Finance Asia. During the training, participants discussed how financial institutions active in Bangladesh can accelerate sustainable policies and practices of companies which advance the interests and needs of local communities. Participants also discussed how the Fair Finance Guide International Methodology can be a useful tool to engage with the banks toward this goal.
March 26, 2024
The EU is Bankrolling Ecosystem Destruction
Through consumption of products from cleared and degraded land and through finance of companies profiting from this, the EU contributes to the destruction of forests and other ecosystems both within and outside its borders. This report, published by Greenpeace, Milieudefensie and Harvest, lays out the importance of EU regulation of the financial sector to align finance with the global 1.5°C and biodiversity targets, including ending any new provision of financial services to groups that contribute to nature destruction. Profundo conducted the financial research for the report.
March 18, 2024
Still Butchering the Planet
This report maps the global financial flows to the world’s largest 55 industrial livestock companies. These companies are some of the food system’s largest drivers of climate change, deforestation, human rights and labour violations, pandemic risks, and animal welfare abuses. In spite of this, this report, updating previous research done in 2020, reveals that finance for these companies is actually growing. The list of companies was based on research done by Profundo and Profundo conducted the research identifying the companies' financial backers.
March 14, 2024
Fossil fuel investments of German asset managers
Profundo provided Greenpeace Germany with a dataset of fossil fuel investments by the four top German asset managers.

Report: Climate-damaging investments despite climate promises

Augsburger Allgemeine: Greenpeace protestiert gegen Deutsche-Bank-Fondstochter DWS

City Wire: Deutsche Fondsriesen reagieren auf Klimavorwürfe von Greenpeace

Clean Energy Wire: Leading German investment funds continue to neglect climate targets in portfolio - Greenpeace

dpa international: Greenpeace protests outside headquarters of Deutsche Bank subsidiary

ECOreporter: Greenpeace-Studie: DWS, Deka & Co. investieren weiter stark in Öl und Kohle

FAZ: Greenpeace protestiert vor DWS-Zentrale

Focus: Greenpeace wirft größten Fondsgesellschaften Deutschlands Greenwashing vor

hessenschau: Greenpeace protestiert gegen Deutsche-Bank-Tochter DWS

manager magazin: So klimaschädlich investieren Deutschlands Vermögensverwalter

MarketScreener: Greenpeace protesteert voor het hoofdkantoor van Deutsche Bank fondsdochter DWS


onvista: Greenpeace protestiert gegen Deutsche-Bank-Fondstochter DWS

Stern: Protest vor Zentrale von Deutsche-Bank-Fondstochter DWS Greenpeace protestiert gegen Deutsche-Bank-Fondstochter DWS

t-online: Greenpeace protestiert vor Zentrale von Deutsche-Bank-Fondstochter DWS


Traunsteiner Tagblatt: Grasfütterung für Kühe macht Milchproduktion nachhaltiger

WiWo: Zu viel Kohle: Greenpeace kritisiert die vier größten deutschen Fondshäuser

March 11, 2024
Deep Seabed Mining: WWF's guide for financial institutions
There is widespread concern in the scientific community about how deep seabed mining (DSM) could have irreversible impacts on deep ocean ecosystems by altering the delicate balance between sediments, nutrients and living organisms. DSM is also likely to impact the carbon storage ability of the deep sea, which is the biggest carbon storage area on the planet. WWF has published their guide for financial institutions on DSM, recommending that they join the growing number of governments, organizations, scientists, companies, and financial institutions that are calling for a global Moratorium on DSM. To support financial institutions to implement a DSM-policy, Profundo, on behalf of WWF, carried out a market analysis with the goal of identifying companies engaged, in various form, in deep seabed mining.
March 5, 2024
Climate Impact of Big Money
Dutch banks such as ING, ABN Amro and Rabobank finance industrial livestock farming. This undermines important commitments the banks previously made on climate, biodiversity, deforestation, human rights and corruption. Profundo conducted, for FeedbackEU, an analysis of a dataset on the financing activities of Dutch banks relating to 55 of the world's largest meat, dairy and animal feed companies. This report reveals the extent of financing by the Netherlands' largest sponsors of the industrial livestock industry: the ING and Rabobank.
March 26, 2024
The Banks Propping Up Coal-Based Steel
Despite the crucial need to decarbonize the steel sector, which is one of the biggest sources of industrial emissions, the world’s major banks continue to support the largest and most polluting steel producers. Given that demand for steel will continue to grow, it is crucial that this sector is decarbonized to limit global warming to 1.5°C, and it is also possible given that new technologies, notably based on green hydrogen, exist. This is the result of Reclaim Finance's report on the banks financing steel production using metallurgical coal. Profundo conducted financial research for the report.
March 21, 2024
How the Netherlands finances the agrilobby in Brazil
Fair Finance Guide Netherlands has published a new report analysing the financial links between Dutch financial institutions and 18 key players in the Institute Pensar Agro (IPA) and the agribusiness lobby in general. In the period 2019 - 2023, the three major Dutch banks Rabobank, ABN Amro and ING Group have provided US$ 1.89 billion in financing to these 18 key agribusiness players. Rabobank is responsible for 86% of all transactions made by Dutch financial institutions in Brazil in this period, making it stand out as the bank with the most significant presence on the ground in Brazil. The Forests & Finance platform was selected as the major dataset for this report. Forests & Finance is a coalition of organisations including Profundo.
March 14, 2024
OSH risks faced by mineworkers in Bolivia and Peru
This report has been commissioned by CNV Internationaal in the context of the project "Improving OSH in three Andean mines", which is implemented within the Collective Agreement on Social Responsibility of Dutch Companies in the metallurgical sector to mitigate safety and health risks in mines in Bolivia and Peru. This report is part of a series of investigations into the sector that CNV Internationaal, in collaboration with Profundo, has been conducting since 2022 on labour risks in the mining industries of Bolivia, Colombia, and Peru. It drew on the perspectives of 410 Bolivian and Peruvian workers who participated in CNV Internationaal’s participatory digital monitoring in December 2023.
March 12, 2024
The Credit Chainsaw
The destruction of the world’s forests fuels both the global climate emergency and biodiversity loss, and comes at a devastating cost for forest communities, who defend and depend on them. Forests & Finance data, and Profundo reports were used in the development of this literature review published by Global Witness that shows how the 20 biggest banks in the EU have provided billions to companies linked to deforestation since 2016. This review shows that voluntary guidelines and individual commitments by financial institutions are unlikely to stop the financing of forest destruction.
March 6, 2024
Financing the Tobacco Industry
Despite the human, societal and environmental disaster that the tobacco industry represents, it continues to benefit from financial support to continue its activities, including from French institutions. Profundo conducted financial research for Alliance Contre le Tabac revealing that since 2018, more than $5 billion in loans have been granted by French players to tobacco companies. In terms of investments, as of November 2023, there were still $733 million placed in the sector by domestic financial institutions. These amounts come directly from actors who publicly committed to stop all tobacco financing a few years ago.

February 2024

February 21, 2024
UK Pension Providers Climate Action
Pension schemes in the United Kingdom (UK) have a crucial role to play in combatting the climate crisis, whilst ensuring long term sustainable returns for beneficiaries. Profundo conducted a policy assessment of the twenty largest defined contribution (DC) workplace pension providers in the UK for Make My Money Matter (MMMM). The assessment framework consisted of seven themes that are important for addressing climate change: commitment to a 1.5 °C pathway; measurement and disclosure of the carbon footprint; detailed target setting per sector and asset class; investments in climate solutions; phase-out of fossil fuels; deforestation and land use; stewardship instruments used to align the portfolio and drive change. The results of this study indicate that most of the largest UK DC pension providers have inadequate or poor policies to address climate change issues. Based on these findings, this report indicates priority areas for UK DC pension providers to focus on in 2024 and beyond.
February 21, 2024
Financial institutions and nuclear weapons
All nuclear-armed states are currently modernizing their nuclear weapon systems. Profundo conducted research for this Don't Bank on the Bomb report profiling the companies most heavily involved in the nuclear weapon industry. Altogether, 287 financial institutions were identified for having substantial financing or investments relations with 24 companies involved in nuclear weapon production.
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