Sectors & commodity chains
Sustainability themes

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.

September 2024

September 26, 2024

Global Witness

Barclays Linked to Landgrabbing Brazil

Financial powerhouses including Barclays, Vanguard and BlackRock made millions from financing Brazilian meatpacker JBS, whose operations are driving destruction of Apyterewa Indigenous land. British bank Barclays earned $1.7 billion from financing Brazilian meat giant JBS over the last five years as the company’s operations contributed to the invasion and destruction of an Indigenous territory in Brazil, an investigation led by climate organisation Global Witness can reveal. Profundo conducted the financial research for this report which shows Barclays emerged as the largest creditor to JBS’s global operations, with the highest income generated from loans and underwriting fees among over 30 other financiers we identified.

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Report: Barclays earned $1.7bn from company tied to Indigenous land invasion

September 9, 2024

CNV Internationaal

South African Mining Sector

South Africa's mining sector is vital to the global energy transition, particularly in the production of key minerals like chrome and manganese. However, the industry faces significant challenges, including hazardous working conditions, low wages, inadequate and unaffordable housing, and resistance to unionization. report presents the results of a study that mapped the mineral mining value chain in South Africa, identifying key stakeholders such as producers, traders, processors, and buyers. The study assessed leading companies’ due diligence policies and practices, exploring linkages between downstream and upstream companies, and thorough analysis of challenges related to labour rights in the value chain. It also focused on women, youth and other vulnerable groups, particularly migrant workers. Profundo conducted the research for this report.

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Report: The South African mining sector

September 18, 2024

ActionAid International

Corporations Fuel Climate Crisis Global South

New ground-breaking ActionAid research examines the use of public funds in the Global South, and finds that the same industries that are fuelling the climate crisis are draining public funds from Global South governments. While the use of public subsidies to strengthen communities’ access to food and energy can often be motivated in the public interest, the unquestioning public financing of climate-destructive fossil fuel and industrial agribusiness instead of people-centred climate solutions for food and energy, is short-sighted and self-defeating. Profundo conducted the financial research for this report.

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Report: Corporations Fuel Climate Crisis Global South

August 2024

August 21, 2024

Eko

AXA's Divestment from Israeli Banks

This report reveals that global insurer AXA has fully divested from all five complicit Israeli banks as of 24 June 2024. For Eko, Profundo investigated the investments of AXA in bond and shares issued by five Israeli banks: Bank Hapoalim, Bank Leumi, Israel Discount Bank, First International Bank of Israel and Mizrahi Tefahot Bank. The United Nations denounced all five banks for their complicity in war crimes against Palestinians. All five banks are the backbone of Israel’s illegal military settlement enterprise enabling its expansion through vital loans and funding. This report makes it evident AXA engaged in clear, fast, and intentional divestment from Israeli banks financing war crimes in the Occupied Palestinian Territory. In addition, the report lists the top 50 investors in the five selected Israeli banks.

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Report: AXA: investments in Israeli banks financing war crimes

Publicity

Al Mayadeen: French insurance giant AXA cuts ties with major Israeli banks: BDS

BDS: Activists force AXA to divest from ALL Israeli banks and Israel's largest weapons manufacturer Elbit Systems

Business Post: ‘Major milestone’: Irish activists celebrate as Axa divests from Israeli banks after global protest

Ekō: French Insurance Giant AXA Rapidly Divests $20 Million From Israeli Banks in Response to Public Pressure

Irish Examiner: Insurance giant Axa divested almost €18m from Israeli Banks following sustained public pressure, new report claims

Memo: AXA insurance firm divestments from Israel banks, arms manufacturer

Mondoweiss: BDS win: AXA divests from Israeli banks and Elbit Systems

The Currency: Axa divests from Israeli banks amid pressure from pro-Palestine movement

The New Arab: BDS win: Activists push AXA to divest from Israeli banks over Gaza war

August 14, 2024

CNV Internationaal

Sugarcane Value Chains of Bolivia and Nicaragua

Worldwide, people working in the sugarcane plantations and the local cane sugar industry are paid salaries well below a living wage. This study by Profundo, commissioned by CNV Internationaal, reveals the profit earned in the downstream segments of the cane sugar value chain. The increasing revelations about the low salaries in the upstream segments contrast with the earnings generated downstream, often by (global) brands and large companies. The focus is on where the profit value is generated within Bolivia and Nicaragua's cane sugar supply and value chains. This is embedded in the global context of the leading downstream companies profiting the most from the cane sugar trade.

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Report: Sugarcane value chain Bolivia and Nicaragua

July 2024

July 9, 2024

Urgewald

Investing in Climate Chaos 2024

The 2024 update of Investing in Climate Chaos is now live. Gigantic floods, catastrophic hurricanes, devastating fires, and horrific heatwaves are happening all around the world. At the same time, investors make gigantic profits from investing in fossil fuel companies which are causing exactly this climate crisis. At COP28 in Dubai, the international community agreed to “transition away” from fossil fuels. In May 2024, however, over 7,500 institutional investors still held bonds and shares in coal, oil, and gas companies to the tune of $4.3 trillion. The Investing in Climate Chaos website is a tool for citizens’ movements, customers and regulators to hold pension funds, insurers, and asset managers accountable. The financial research was conducted by Profundo.

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Website: Investing in Climate Chaos 2024

Publicity

ESG Investor: Investors’ US$4.3trn in Fossil Fuels Stains Green Progress

Global Capital: 'Responsible' investors hold lion's share of $4tr fossil investments

Net Zero Investor: Investors continue to back fossil fuels with $4.3trn still invested

PA Future: Institutional investors hold $4.3trn in fossil fuel investments ‘locking us into a high-carbon future’

June 2024

June 20, 2024

PAX

European financial institutions investing in arms companies that sell weapons to Israel

A new report published by a group of 19 civil society organizations and trade unions exposes the largest European financial institutions investing in international arms producers that sell weapons to Israel. In total, these financial institutions have provided 36.1 billion EUR in loans and underwritings, and hold 26 billion EUR in shares and bonds in these companies. By selling weapons to Israel, arms producers run a high risk of facilitating ongoing severe violations of international humanitarian law, crimes against humanity and, plausibly, genocide in Gaza. The banks, pension funds and other asset owners providing finance to these companies should take urgent action and divest from companies that do not immediately stop selling arms to Israel. Profundo provided the financial data for this study.

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Report: PAX and partners: The companies arming Israel and their financiers

Publicity

NPO Radio 1: Europese banken investeren 60 miljard aan bedrijven die wapens leveren aan Israël

PAX and partners: European financial institutions invest billions in arms companies that sell weapons to Israel

The Palestine Chronicle: Largest European Companies Arming Israel and Their Financiers – Report

June 14, 2024

Greenpeace USA

Climate emissions by Bitcoin mining companies and their financiers

For Greenpeace USA we developed an innovative approach for estimating the energy consumption and carbon emissions from 20 listed Bitcoin mining companies, using electricity grid emissions data and analytical support from nonprofit WattTime. We found that, in 2022, the 20 companies emitted as much carbon to the atmosphere as two coal power plants in a year, over 7.8 million metric tons CO2. Further, we calculated the financed and facilitated carbon emissions attributed to lending, shareholding, bondholding, and underwriting for Bitcoin miners from financial services companies. We identified American investors Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the top five financiers, accounting for over 1.7 million metric tons CO2 in 2022—equal to the emissions from over 335,000 American homes using electricity for a year

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Report: Greenpeace USA: Bankrolling Bitcoin Pollution - How Big Finance Supports a New Climate Threat

Publicity

Greenpeace USA: New Report Finds Large, Mainstream Financial Firms are Financing Bitcoin’s Carbon Emissions

June 11, 2024

Fair Finance Guide Netherlands

Dutch banks and human rights violations

For the Dutch Fair Bank Guide, we assessed how four Dutch banks deal with human rights risks in relation to their credit and investment relationships with extractive companies. The study indicates that, while these Dutch banks are committed to international human rights standards, none of them acts adequately in practice.

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Report: Report: Human rights engagement by Dutch banks: efficient tool or black box?

June 19, 2024

Groen Pensioen, Fossielvrij NL & Fair Finance Guide Netherlands

Fossil investments of Dutch pension funds

On behalf of the Dutch Fair Finance Guide, Groen Pensioen and Fossielvrij NL, we investigated the effect of their divestment campaigns on the investments of seven large Dutch pension funds in fossil energy producers. Since 2017, the value of their fossil investments has dropped from 15.5 billion euros to just 5 billion euros in 2023.

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Report: Fossielvrij NL, Eerlijke Geldwijzer and Groen Pensioen: The decarbonisation of Dutch pension fund portfolios

Publicity

BNR: Pensioenfondsen dumpen ‘fossiele’ aandelen

De Telegraaf: Daling tot 92%: pensioenfondsen beleggen veel minder in fossiele producenten

De Volkskrant: Fossiele industrie krijgt stuk minder geld van pensioenfondsen: investeringen met ruim 40 procent gedaald

Eerlijke Geldwijzer, Groen Pensioen en Fossielvrij NL: Pensioenfondsen zetten fors het mes in beleggingen in kolen-, olie- en gasproducenten

Eerlijke Geldwijzer: Goed nieuws! Pensioenfondsen zetten fors het mes in beleggingen in kolen-, olie- en gasproducenten

Groen Pensioen: Pensioenfondsen verminderen beleggingen in kolen-, olie- en gasproducenten

Nederlands Dagblad: Pensioenfondsen beleggen veel minder in fossiele producenten

Trouw: Pensioenfondsen verkochten in zes jaar tijd 10 miljard euro aan fossiele beleggingen

June 13, 2024

WWF International

Assessing Financial Flows within the South West Indian Ocean Blue Economy

This study for WWF first analyses the financial flows in the South West Indian Ocean blue economy. Investments and loans to the SWIO region are primarily of foreign origin and directed towards unsustainable commercial activities such as energy and mineral resource extraction. The study then examines the effectiveness of voluntary policies and government regulations in place to mitigate the environmental, social and governance risks inherent in financing ocean-based commercial ventures. Most financiers do not have sufficiently comprehensive ESG policies in place to manage their exposure to ocean-related risks, and that there is currently little regulation to ensure that financial flows into the region are directed towards activities that are sustainable and inclusive.

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Report: Assessing Financial Flows within the South West Indian Ocean Blue Economy

May 2024

May 16, 2024

Fair Finance Asia

Mekong Hydropower Financing

Fair Finance Asia, in collaboration with Profundo, launched this report, Enhancing Sustainable Finance in Mekong Hydropower: Challenges, Opportunities, and Ways Forward, highlighting large hydropower projects’ links to devastating social and environmental impacts, such as loss of forests, wetlands, and mangroves that could amount to USD 145 billion by 2040, and increased unpaid care and domestic work, poverty, and mental health stresses, particularly for female community members, due to displacement and resettlement. The report urges financial institutions to play an active role in ensuring that hydropower projects along the Mekong River uphold the rights of communities and protect the environment.

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Report: Enhancing Sustainable Finance in Mekong Hydropower: Challenges, Opportunities, and Ways Forward

Publicity

Fair Finance Asia: Stronger cross-border policy coordination needed to promote sustainable hydropower finance in Mekong region, Fair Finance Asia study urges

Mongabay: Banks backing Mekong hydropower failing on due diligence, report reveals

May 7, 2024

Palestine Solidarity Campaign

Barclays' financing of the war in Gaza

"Israel is engaged in a genocidal assault on Palestinians in the besieged Gaza Strip. Across the occupied West Bank, including East Jerusalem, Palestinians are facing a surge in attacks by Israeli armed forces and settlers, while Palestinian citizens of Israel are subject to a campaign of discriminatory arrests, harassment and intimidation by the state of Israel." Profundo conducted financial research for this Palestine Solidarity Campaign report, which shows how Barclays is facilitating Israel’s war crimes and grave violations of Palestinian rights through investments and financial services. Barclays now holds over $2.5 billion/£2 billion in shares of eight of the nine companies whose weapons, components, and military technology have been used in Israel’s unlawful violence against Palestinians. Barclays also provides over $7.6 billion/£6.1 billion in loans and underwriting to seven of these companies.

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Report: Barclays: Arming Israel's Apartheid and Genocide

Publicity

Middle East Eye: War on Gaza: Barclays has 'increased' Israel arms trade investments

Responsible Investor: ESG funds maintain exposure to Israeli arms manufacturer Elbit Systems

The New Arab: Barclays 'substantially increased' financing of arms companies supplying Israel

May 13, 2024

BankTrack

Banking on Climate Chaos 2024

Ending the era of fossil fuels on an ambitious timeline is the only way to mitigate climate change. While there are signs that financial institutions are beginning to heed the warnings about the climate, human rights, and financial risks of continuing to finance fossil fuel expansion, significant work lies ahead if they are to effectively play their part in mitigating climate chaos. The 60 biggest banks globally committed $705 billion USD to companies conducting business in fossil fuels in 2023, bringing the total since the Paris agreement to $6.9 trillion Profundo conducted the financial research for this 2024 edition of the report Banking on Climate Chaos.

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Report: Banking on Climate Chaos 2024

Publicity

Barclays: Barclays responds to Rainforest Action Network, 'Banking on Climate Chaos' Report

BusinessDay: Big banks still gushing over oil cash despite climate concerns

BusinessGreen: 'Banking on Climate Chaos': How banks have provided fossil fuel firms with almost $7tr since the Paris Agreement

Coast Reporter: Canadian banks directed over US$100 billion to oil and gas last year: report

Common Dreams: Big Banks Have Funded Climate Crisis With Nearly $7 Trillion Since Paris Agreement

edie: Banks accused of undermining climate pledges with $705bn in fossil fuel financing

Financial Times: Big US banks dominated fossil fuel financing in 2023, campaign report says

Financieele Dagblad: 'Increase in fossil financing by ING and Rabobank'

Forbes: Banks Back Fossil Fuels With $6.9 Trillion

Global Trade Review: Banks increase financing for LNG expansion despite climate warnings

Istoe Dinheiro: Grandes bancos mantêm financiamento aos combustíveis fósseis

Marketplace: U.S. banks remain the world’s largest funders of fossil fuels

NU.nl: Grote banken stoppen nog steeds veel geld in fossiele brandstoffen

People's World: Report: Big banks have given nearly $7 trillion to fossil fuel companies since Paris agreement

QuéPasa: Los grandes bancos mundiales siguen financiando los combustibles fósiles, según un informe

Reclaim Finance: Banks fueling climate chaos: the financing of metallurgical coal mining on the rise

Sierra Club: Banks Continue to Prop Up Fossil Fuels as the Climate Crisis Accelerates

The Banker: Smaller banks increasingly involved in fossil fuel financing, study finds

The Cool Down: Report reveals world's biggest banks have provided nearly $7 trillion in funding for oil and gas industry since 2016: '[They] continue to light the flame of the climate crisis'

The Ecologist: World’s biggest banks ‘financed fossil fuels by £5.5 trillion since Paris Agreement’

The Energy Mix: 60 Banks ‘Drive Climate Chaos’, Pour $6.9T into Fossil Fuels Since 2015 Paris Conference

The Guardian: Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals

yahoo!finance: Avec 700 milliards de dollars, le financement des banques aux énergies fossiles recule légèrement en 2023

May 2, 2024

Urgewald

Banks Financing the Coal Industry 2021-2023

This research on commercial banks’ support for the thermal coal industry shows that over the past 3 years, commercial banks provided $ 80 billion in loans and $ 390 billion through underwriting to the coal industry, all in all channelling $ 470 billion to the industry since January 2021. Out of the 638 banks covered in the research, only around 140 have significantly decreased their lending and underwriting services for the coal industry since 2016. 423 banks are still roughly at the same level, while 75 banks have actually increased their support for the coal sector. The financial research was conducted by Profundo.

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Report: Still Banking on Coal

Publicity

Eco-Business: Singapore’s banks and regulators can do more to drive a regional coal phaseout

Financial Times: The big banks still backing coal

Urgewald: Still Banking on Coal

April 2024

April 29, 2024

Friends of the Earth Netherlands

Unilever's Climate Damage

For Friends of the Earth Netherlands, Profundo researched whether Unilever's most recent climate plan brought it in line with the targets of the Paris Agreement. The results show that Unilever has moved even further away from initial targets and is nowhere near a Paris-proof climate plan, despite some smaller improvements. Unilever lacks targets on 66% of its GHG emissions. The new 2024 Climate Transition Action Plan is on track for a € 268 billion climate damage liability until 2050. Meanwhile, 160,000 hectares (= 70% of the Dutch province of Groningen) in Unilever’s supply chain can be linked to deforestation-risk palm, soy, and timber. Moreover, Unilever is connected to ongoing environmental and human rights breaches in Brazil, Liberia, and Indonesia.

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Report: Factsheet Unilever's Winst, Ons Verlies

Report: Unilever's Climate Bill: € 268 billion

Publicity

BNNVARA: "Unilever verantwoordelijk voor miljarden euro's aan klimaatschade"

BNR: Milieudefensie met 100 aandeelhouders naar Unilever in Londen

Distrifood: Na Ahold neemt Milieudefensie Unilever op de korrel

Duurzaam Nieuws: 268 miljard euro aan klimaatschade voor rekening van Unilever

Financieele Dagblad: Milieudefensie richt zijn pijlen op Unilever

Food Holland: Milieudefensie: 'Unilever is verantwoordelijk voor miljarden aan klimaatschade'

Milieudefensie: Unilever verantwoordelijk voor 268 miljard euro aan klimaatschade

Milieudefensie: Unilever’s klimaatrekening: € 268 miljard. Een leider in (‘green’) washing

Nederlandse Dagblad: Milieudefensie met 100 aandeelhouders naar Unilever in Londen

NieuweOogst: Milieudefensie: Unilever goed voor 268 miljard euro klimaatschade

April 25, 2024

WWF European Policy Office

The EU food chain factsheet

WWF has created an Eat4Change factsheet on the EU food chain based on a Profundo study on the environmental impact of food. The factsheet covers subjects such as emissions, pesticides, air pollution, land use sales and marketing.

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Report: EU Food Chain Factsheet

April 7, 2024

Friends of the Earth Netherlands

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.

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Report: Factsheet Hun Winst Ons Verlies

Report: Their Gain, Our Loss

Publicity

Duurzaam-ondernemen: ‘Ahold Delhaize weigert klimaatvraag Milieudefensie te beantwoorden en maakt zich juridisch kwetsbaar’

Duurzaam-ondernemen: 92% winst grote vervuilers naar aandeelhouder, maar geen geld voor klimaatambitie

Financieele Dagblad: ‘Grote vervuilende bedrijven kunnen hun verduurzaming best zelf betalen’

Milieudefensie: Grootaandeelhouders graaien zich rijk ten koste van de aarde - en de mensen die er wonen

April 3, 2024

Friends of the Earth Netherlands

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.

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Report: Large GHG Emitters in 2022

April 25, 2024

European Banking Authority

Feedback for the EBA on ESG guidelines

On behalf of the Forests & Finance coalition, Profundo’s policy researcher Jurany Ramirez, provided feedback to the European Banking Authority (EBA) regarding its public consultation on Environmental, Social, and Governance (ESG) guidelines. The guidelines aim to establish requirements for banks' internal processes and ESG risk management. Key recommendations include adopting a principle of double materiality, integrating the Global Biodiversity Framework's principles and targets, establishing minimum criteria for assessing ESG issues related to deforestation, and ensuring consistency in plans, strategies, and remuneration policies.

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Report: Feedback for the EBA on the ESG guidelines

Publicity

Forests&Finance: Our Feedback On The European Banking Authority’s Consultation On ESG Risks Management

April 22, 2024

ActionAid Netherlands

The Benefits for Women and Marginalised Groups of the DFCD

In international agreements, rich industrialised countries such as the Netherlands have committed to provide climate finance to support countries in the Global South to take climate action. However, climate finance often fails to reach the most marginalised groups. In 2019, the Dutch government launched a new fund: the Dutch Fund for Climate and Development (DFCD). This ActionAid report reveals that that overall local communities, women and marginalised groups are not sufficiently involved or equally benefiting from the DFCD projects. Profundo conducted the desk research for the report.

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Report: Making climate finance work for women and marginalised groups

Publicity

ActionAid: Research into climate fund shows room for improvement

Pont Klimaat: Research: make the Dutch climate fund DFCD gender-aware

Tweede Kamer der Staten-Generaal:Vragen van het lid Hirsch (GroenLinks-PvdA) aan de Minister voor Buitenlandse Handel en Ontwikkelingssamenwerking over hoe Nederlandse klimaatfinanciering ten goede komt aan vrouwen en gemarginaliseerde groepen

April 4, 2024

Friends of the Earth International

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.

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Report: Bull in the Climate Shop

Report: Summary Bull in the Climate Shop

Publicity

Banking Exchange: Banks Compromise NetZero Goals with Livestock Financing

Capital & Main: Report: Banks Should Set Stricter Climate Goals for Agriculture Clients

Counter Punch: Big Banks Break Their Climate Pledges by Promoting Big Meat

E&E News: Report knocks US banks over climate impacts of loans

EcoWatch: Report: U.S. Banks ‘Sabotaging’ Climate Targets by Financing Meat & Dairy Corporations

EHN: Banks pressured to tighten climate strategies for agriculture sector

ESG Investor: Farmers, Financiers Urged to Seek Pastures New

Fast Company: Big banks could help slash agricultural emissions—so why aren’t they?