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  • Sectors & commodity chains (1058)
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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.

 

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.

March 2020

March 23, 2020
Environmental Paper Network
In the Red 2020
Profundo has contributed to an evaluation of the policies of 68 major financiers of the pulp and paper industry against 14 absolute minimum criteria that all financial institutions should require their clients, investments and business partners to respect in order to reduce social and environmental risks.

Website: In the Red 2020: An assessment of financial institution policies for financing pulp and paper

BankTrack: Global Finance Sector Failing to Apply Conservation Criteria to Pulp and Paper Funding.

March 18, 2020
BankTrack & Rainforest Action Network
Banking on Climate Change
The latest version of the most comprehensive report on global banks' fossil fuel financing, Banking on Climate Change 2020, reveals that 35 global banks have not only been sustaining but expanding the fossil fuel sector with more than $2.7 trillion in the four years since the Paris Climate Agreement. The report finds that financial support for the fossil fuel industry has increased every year since the Paris Agreement was adopted in December 2015.

Report: Rainforest Action Network and BankTrack: Banking on Climate Change 2019 (pdf)

Report: Rainforest Action Network and BankTrack: Banking on Climate Change 2020 (pdf)

BankTrack and RAN: Citigroup cancels financing of Indonesian food giant Indofood over palm oil labor abuses

BankTrack: Activists target Barclays branch in Hove

BankTrack: As the world goes on Climate Strike, private sector banks are urged to end fossil fuel financing

BankTrack: Crédit Agricole gets real on coal, but oil & gas restrictions must follow, says BankTrack

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

Bloomberg: Here's Who's Backing Coal as Some of the World's Biggest Banks Get Out

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

Euromoney: Sustainable finance’s biggest problems, by the people who know best

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

Financial Times: Banks must cut the flow of funding for fossil fuels

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

Responsible Investor: BankTrack | Banking on Climate Change

Reuters: Standard Chartered exits three Southeast Asia coal plants worth estimated $7 billion

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: Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels

The Guardian: UK environmentalists target Barclays in fossil fuels campaign

The Guardian: UK environmentalists target Barclays in fossil fuels campaign

The Hill: Four US banks are the world's largest fossil fuel financers: analysis

The Washington Post: Goldman Sachs will rule out financing for Arctic drilling. Will other US banks follow?

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

Time: Putting Pressure on the Finance World Could Be One of the Most Effective Ways to Fight Climate Change.

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

US Senate: Speach by Senator Whitehouse on the financing of fossil fuels by the largest US banks

World Resources Institute: GREEN TARGETS: A Tool To Compare Private Sector Banks’ Sustainable Finance Commitments

February 2020

February 20, 2020
Oxfam Novib
FFGI revision methodology 2020
The Fair Finance Guide Methodology has been updated to keep pace with the newest trends and standards in sustainable finance.

Report: FFGI Methodology 2020 (pdf)

Fair Finance Guide International: New release Fair Finance Methodology 2020

February 5, 2020
Greenpeace Netherlands & Fair Finance Guide Netherlands
Financing of Arctic Drilling
Dutch Fair Bank Guide: The objective of this study is to identify the financial flows - both credit and investment flows - to 30 selected oil & gas companies. The analysis covers financial flows from Dutch financial institutions, in particular, seven banks (ABN, ING, NIBC, Rabobank, Triodos Bank, Van Lanschot, Volksbank), two insurance groups (Aegon, Nationale Nederlanden) and three pension funds (ABP, PFZW and PMT).

Report: Greenpeace Netherlands: Dataset for the report on the financing if Arctic drilling

Report: Greenpeace Netherlands: Methodology for the report on the financing of Arctic drilling

February 11, 2020
Profundo
Unravelling the Socfin Group
Socfin group is a Luxembourg-based holding which is involved in oil palm and rubber production in Asia and Africa, with about 400,000 hectares of concessions in ten countries. It is 39% owned by the French group Bolloré and 54% owned by the Belgian businessman Hubert Fabri. The objective of this report is to get a better overview of the Socfin group’s ownership and holding structure.

Report: Décrypter le Groupe Socfin (pdf)

Report: Unravelling the Socfin Group (pdf)

January 2020

January 31, 2020
Chain Reaction Research
Financing Deforestation Increasingly Risky Due to Tightening Regulatory Frameworks
The trend to integrate sustainability factors into financial regulatory frameworks is creating compliance, legal and reputational risks for local banks and investors financing forest-risk commodities in tropical countries. International banks and investors exposed to these supply chains may also be affected. Based on public sources and interviews, this report analyses the integration of sustainability in financial regulation on the international level, as well as in the regulatory frameworks of five countries with tropical forests: Brazil, Colombia, Peru, Indonesia and Malaysia.
January 23, 2020
Chain Reaction Research
TIAA’s Farmland Funds Linked to Fires, Conflicts and Legacy Deforestation Risks in Brazil
This report analyses the sustainability and financial risks of the farmland investment funds of the Teachers Insurance and Annuity Association of America (TIAA, formerly TIAA-CREF) in Brazil. Such risks are most prevalent in Matopiba, Brazil’s newest soy frontier, consisting of part of the states of Maranhão, Tocantins, Piauí and Bahia. TIAA farmland investments operate through various companies, such as Radar and its subsidiaries, that acquire and manage properties. CRR’s sustainability analysis shows that deforestation and fires have taken place on TIAA’s farmland portfolio, enabling negative social impacts on local communities.

Report: Chain Reaction Research: TIAA’s Farmland Funds Linked to Fires, Conflicts and Legacy Deforestation Risks in Brazil

Chain Reaction Research: TIAA’s Farmland Funds Linked to Fires, Conflicts and Legacy Deforestation Risks in Brazil

January 28, 2020
Turien & Co. Assuradeuren
Review of Turien’s ESG policy and implementation
Profundo has evaluated the implementation of the responsible investment policy of Turien by its external asset manager Lombard Odier. Using the Fair Finance Guide International (FFGI) Methodology, Profundo analyzed whether the ESG integration and processes of Lombard Odier are in line with the policy principles and expectations of Turien.

December 2019

December 20, 2019
Fair Finance Guide Netherlands
Risking animal welfare: Follow-up case study on investment in chicken and pig meat production
Dutch Fair Bank Guide: This case study is a follow-up of the case study ‘Risking Animal Welfare’, published by the Dutch Fair Bank Guide, in February 2018. The aim of this case study is to establish financial exposure of the Dutch banking groups with a set of 28 chicken and pig meat companies selected from the different parts of the meat value chain, including meat producers, processors, retailers, and restaurant companies.

Report: Dutch Fair Bank Guide: Risking animal welfare. Follow-up case study on investment in chicken and pig meat production

December 13, 2019
Chain Reaction Research
Deforestation Not ‘an Immediate Priority’ for Walmart Despite Financial Risks
By revenue, Walmart is the largest company in the world, employing about 2.2 million people and serving over 265 million customers a week. Private-label products sold by Walmart contain commodities that contribute to deforestation. For the forest-risk commodities – palm oil, pulp and paper, soy, and beef – Walmart has set zero net deforestation goals for 2020. Although Walmart encourages its suppliers to address deforestation in their supply chains, the company does not have a system in place to track and monitor the origin of these four commodities.

Report: Chain Reaction Research: Deforestation Not ‘an Immediate Priority’ for Walmart Despite Financial Risks

December 9, 2019
Chain Reaction Research
Oil Palm Growers Exposed to USD 0.4-5.9B in Social Compensation Risk
Oil palm plantation development and its effects on land clearing has likely impacted areas of critical value to local communities. While palm growers have made progress in quantifying and compensating loss for areas with environmental value, they have made less headway regarding compensation for clearing of land with social and cultural values. If palm growers cannot effectively mitigate these risks and compensate for the losses, complaints and conflicts with local communities are likely to ensue. In Indonesia, evidence shows that growers experience substantial operational, stranded land, and market access risks from social conflicts.

Report: Chain Reaction Research: Oil Palm Growers Exposed to USD 0.4-5.9B in Social Compensation Risk

Chain Reaction Research: Oil Palm Growers Exposed to USD 0.4-5.9B in Social Compensation Risk

December 17, 2019
Chain Reaction Research
Feed and Livestock in Brazil, China, EU Consume Most Cerrado Soy
This paper maps players in the Matopiba (a region in the Brazilian Cerrado) soy supply chain, focusing on midstream crushing as well as compound feed and livestock sectors in key soy processing markets. Their soy consumption is connected to considerable deforestation risk.

Report: Chain Reaction Research: Feed and Livestock in Brazil, China, EU Consume Most Cerrado Soy

Chain Reaction Research: Bunge’s Sustainability-Linked Loan Pegged to Transparency in Soy and Palm Activity

Chain Reaction Research: Feed and Livestock in Brazil, China, EU Consume Most Cerrado Soy

December 11, 2019
Rainforest Action Network
A Review Of Sustainable Finance Reforms In Indonesia
This report, based on data from the Forests&Finance database, released by Rainforest Action Network, TuK Indonesia, WAHLI, Jikalahari and Profundo reviews the progress of Indonesia’s Sustainable Finance reforms over the past 5 years. It shows that while new standards have started to improve the requirements on banks to disclose Environmental, Social and Governance (ESG) risks in their portfolios, major loopholes remain. These problems are further compounded by lack of bank implementation on the obligations they do have. The banks assessed failed to properly disclose - much less address - serious ESG risks identified in the operations of their major clients. Unreported risks included use of fire to clear land, labor violations, human rights violations, peatland development and deforestation. The report presents a suite of policy recommendations to close regulatory loopholes, improve bank risk management processes, and to increase transparency and accountability to the public and communities impacted by reckless bank financing.

Report: Rainforest Action Network: A Review Of Sustainable Finance Reforms In Indonesia

Report: Rainforest Action Network: A Review Of Sustainable Finance Reforms In Indonesia

Report: Rainforest Action Network: A Review Of Sustainable Finance Reforms In Indonesia (summary)

BFM Radio: 2 x 13 min slots this morning to discuss findings on Indonesia's fires and finance and on Sustainable Finance

MalaysiaKini: ‘Most Maybank’s palm oil borrowers have sustainability certificates’

MalaysiaKini: M'sian banks among top lenders to Indonesia fire-linked firms

Rainforest Action Network: Lima Tahun Peta Jalan Keuangan Berkelanjutan Indonesia Namun Bank-bank Besar Masih Danai Perusahaan Penyebab Karhutla

Rainforest Action Network: Major Banks Complicit in Financing Indonesia’s Illegal Fire and Haze Crisis: Report

The Malaysian Insight: Malaysian banks third-biggest financier of firms linked to Indonesia fires, says report

The Online Citizen: Report: Singapore banks financed up to SG$1.9 billion to companies linked with haze-causing fires in Indonesia

December 2, 2019
The Sunrise Project
Insuring Coal No More, The 2019 Scorecard on Insurance, Coal and Climate Change
Insuring Coal No More analyzes the evolving role of the global insurance industry in the transition to a low-carbon economy. It focuses on 30 leading insurers, assessing and scoring their policies on coal and tar sands insurance, divestment and other aspects of climate leadership on the basis of a survey with more than 80 questions. Of the 30 companies, 24 responded to the survey or provided other information. Those that did not respond were scored on the basis of publicly available information.

Report: Insuring Coal No More, The 2019 Scorecard on Insurance, Coal and Climate Change

Actuarial Post: Insurers withdrawing cover from coal projects double in 2019

Economic Times: Policy shift: Insurers blacklist coal

Edie: Report: Coal 'becoming uninsurable' as cover withdrawal doubles

Intelligent Insurer: Insurers withdrawing cover from coal projects double in 2019

Reinsurance News: Coal exclusions double in 2019 as action spreads beyond Europe

The Actuary: Insurer support for coal plummets

The Guardian: Coal power becoming 'uninsurable' as firms refuse cover

The Royal Gazette: More insurers turning backs on coal projects

November 2019

November 28, 2019
Fair Finance Guide Netherlands & PAX
Controversial Arms Trade and investments of Dutch Pension Funds
This study shows that of the ten largest pension funds in the Netherlands, nine have investments in arms producers which supply weapon systems to states were human rights are violated

Report: Fair Finance Guide Netherlands: Controversial Arms Trade and investments of Dutch Pension Funds

November 22, 2019
Chain Reaction Research
Palm Oil Biofuels Market May See Shake-Up in 2020, Heightening Leakage Risks
The expansion of the palm oil industry in the last ten years was partially in response to the anticipated demand for biofuels worldwide. The expected EU biodiesel boom did not materialize, resulting in a systemic oversupply of palm oil in Southeast Asia. A number of recent policy initiatives may bring about significant shifts in the enduser markets of palm oil-based biodiesel starting January 1, 2020. The geographical markets and the sectors with growing biodiesel demand are not traditionally known for their strict sustainability demands, and therefore may pose new leakage market risks.

Report: Chain Reaction Research: Palm Oil Biofuels Market May See Shake-Up in 2020, Heightening Leakage Risks

November 15, 2019
Chain Reaction Research
Procter & Gamble’s Deforestation Exposure May Affect Reputation
Procter & Gamble has a No Deforestation, No Peat, No Exploitation (NDPE) policy that covers all third-party suppliers, and it has committed to developing a traceable supply chain. P&G applies its responsible sourcing policy at the supplier group level but relies on intermediary traders to engage with non-compliant growers and ensure a clean supply chain. In July 2019, P&G changed its organization design to six Sector Business Units (SBUs). It has decentralized responsibility for supply chains across its new business units.

Chain Reaction Research: Procter & Gamble's Deforestation Exposure May Affect Reputation

November 15, 2019
European Parliament
Research for PECH Committee - Seafood Industry Integration in the EU: all 22 Member States with a coastline
The aim of this study is to provide a clear description of the corporate structure of the EU seafood industry. It further provides a description of the drivers and mechanisms of integration in the industry.

Report: European Parliament: Research for PECH Committee - Seafood Industry Integration in the EU: all 22 Member States with a coastline

European Parliament, PECH Committee: Presentation of Profundo report by Ward Warmerdam in the "Committee on Fisheries Ordinary meeting"

November 4, 2019
Chain Reaction Research
JJF Holding Land-Grabbing Case Intensifies Soy Traders’ Exposure to Cerrado Deforestation
This report analyses deforestation risks linked to the “JJF Holding de Investimentos e Participações" land-grabbing case in Formosa do Rio Preto in the Matopiba region of the Cerrado biome (Brazil). The JJF Holding case, one of the largest land grabbing incidents in Brazil, is linked to land tenure insecurities that cover 366,000 hectares in one of the key Cerrado soyproducing areas. The land tenure insecurities expose soft-commodity traders like Bunge, ALZ and Cargill, to deforestation and financial risks

Report: Chain Reaction Research: JJF Holding Land-Grabbing Case Intensifies Soy Traders’ Exposure to Cerrado Deforestation

Chain Reaction Research: JJF Holding Land-Grabbing Case Intensifies Soy Traders’ Exposure to Cerrado Deforestation

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