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.

July 2020

July 23, 2020

Chain Reaction Research

Major Deforestation Footprint a Risk for Yum China’s Secondary Listing

Yum China Holding Inc. (YUMC) is the largest restaurant chain in China. In June 2020, YUMC reportedly filed for a confidential secondary listing in Hong Kong. This report presents the company’s deforestation risk exposure and associated financial risks.

downloads

Report: Major Deforestation Footprint a Risk for Yum China’s Secondary Listing (pdf)

Publicity

Chain Reaction Research: Major Deforestation Footprint a Risk for Yum China’s Secondary Listing

July 1, 2020

Chain Reaction Research

Spot Market Purchases Allow Deforestation-Linked Palm Oil to Enter NDPE Supply Chains

The palm oil industry has seen considerable transformation in the last few years, as suppliers that are not compliant with NDPE policies have been increasingly excluded from supply chains. However, these gains are undermined when the same suppliers enter supply chains via spot purchases. Yet, little is known about the spot market. This paper seeks to provide information on the market, how it operates, and highlight the risk it presents to NDPE compliance efforts.

downloads

Report: Chain Reaction Research: Spot Market Purchases Allow Deforestation-Linked Palm Oil to Enter NDPE Supply Chains (pdf)

July 15, 2020

Europe Beyond Coal

Fool's Gold: The financial institutions risking our renewable energy future with coal

Profundo has carried out financial research for the 2020 update of the report Fool’s Gold – The financial institutions risking our renewable energy future with coal. The report examines eight European, and four significant international, financial institutions with close ties to Europe’s eight most polluting coal companies, finding that all continued to pump money into companies responsible for half of all EU coal-based CO2 emissions in the year after the IPCC released its 1.5 degrees C special report in Oct 2018.

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Report: Fool's Gold: The financial institutions risking our renewable energy future with coal (pdf)

Publicity

Balkan Green Energy News: Fool’s Gold: Financial institutions waste billions on coal, undermining climate action

Banktrack: Fool’s Gold: financial institutions waste billions undermining climate action

Bloomberg: Barclays Targeted by Fresh Climate Protests Over Coal Support

Europe Beyond Coal: Fool's Gold

Financial Times: European banks accused of propping up coal polluters

Independent: Barclays funnelled £1.5bn to Europe’s biggest coal companies despite climate crisis pledge

L'Agefi: Les banques françaises restent en pointe dans le financement du charbon

Montel News: Europe coal exit efforts promising, but not enough

Puls Biznesu: Europejskie banki oskarżane o wspieranie firm zanieczyszczających powietrze

Responsible Investor: Principles for Responsible Banking members sign off on delisting mechanism

Tagesspiegel: Banken investieren noch Milliarden in europäischen Kohlesektor

Tageszeitung: Zu viel Kohle für die Kohle

Welt-Sichten: Wer die Kohleriesen finanziert

WNP: Europejskie banki oskarżane o finansowanie spółek związanych z węglem

June 2020

June 24, 2020

Centre for the Promotion of Imports from developing countries (CBI)

Value Chain Analysis of Macadamia Nuts in Kenya

For the Netherlands' Centre for the Promotion of Imports from developing countries (CBI), Profundo has carried out an analysis of the Kenyan macadamia nut value chain. Macadamia farming offers an important source of income for producers worldwide and especially for smallholder farmers in Kenya. The research identifies key obstacles and opportunities in the macadamia value chain.

downloads

Report: Value Chain Analysis of Macadamia Nuts in Kenya (pdf)

Publicity

CBI: Value Chain Analysis for Macadamia Nuts from Kenya 2020

June 17, 2020

Profundo

Decarbonising Aviation

Collection of aviation related presentations - how can we decarbonise air travel?

downloads

Presentation: Symposium of leading scientists working on decarbonising aviation to showcase the rapidly emerging alternatives.Gerard Rijk, equity analyst at Profundo, presents "Increasing private appetite for sustainable investments".

Publicity

WTM Responsible Tourism: Decarbonising Aviation

June 10, 2020

Urgewald

Financing of Nornickel by German banks

Profundo has provided data on the financing of Nornickel, the company involved in the recent fuel spill in the Russian Arctic. The research reveals that two major German banks, Commerzbank and Deutscher Bank, have provided financing to the company.

Publicity

Der Spiegel: Deutsche Banken finanzierten Skandalkonzern Nornickel

June 17, 2020

Fair Finance Guide Netherlands

Investments in Nornickel by ABP and ING

Profundo has provided data on investments in Nornickel, the company involved in the recent fuel spill in the Russian Arctic.The study shows that ABP and ING have invested approximately a billion euros in the company.

Publicity

De Telegraaf: ING en ABP stappen nog niet uit veroorzaker milieuramp

NOS: 'ING en ABP moeten stoppen met investeren in bedrijf van Russische milieuramp'

NRC: Ngo’s hekelen investeringen ING en ABP in bedrijf achter Russische milieuramp

June 16, 2020

Fair Finance International & Oxfam Novib

Claims of pension providers on their contribution to the SDGs

In this scoping study, Profundo has researched 28 pension providers from Germany, the Netherlands, Norway and Sweden on their claims about their contribution to the UN Sustainable Development Goals (SDGs). The research has resulted in an inventory of all publicly available claims by the pension providers relating to the SDGs, as well as the instruments used, such as ESG-integration, active ownership (engagement and voting) or impact investing.

June 5, 2020

Fair Finance International

Applying the Fair Finance Guide Methodology to DFIs

Using the methodology of the Fair Finance Guide International, Profundo has assessed the lending and investment policies of six Development Finance Institutions (DFIs) on nine sustainability topics (climate change, gender equality, health, human rights, nature, Financial sector, power generation, transparency and accountability). This is the first time that the Fair Finance Guide Methodology is applied to DFIs. The study covers the African Development Bank, the Development Bank of Southern Africa, the European Investment Bank, the Dutch Development Bank (FMO), the Industrial Development Corporation and the New Development Bank (BRICS development bank).

downloads

Report: Applying the Fair Finance Guide Methodology to DFIs (pdf)

Report: CER: Financing Fairly: Assessing the Sustainability of Investment Policies for Development Finance Institutions in South Africa (pdf)

Publicity

CER: IDC and DBSA’s investment policies must support just recovery

Fair Finance International: Development Finance Institutions failing on sustainable investment policies

May 2020

May 14, 2020

Friends of the Earth Netherlands (Milieudefensie), Oxfam Novib, Amnesty International Netherlands, PAX & World Animal Protection Netherlands

Fair Pension Guide Netherlands - First update

Profundo has assessed the investment policies of the ten largest pension funds in the Netherlands for the Fair Pension Guide (formerly known as the Fair Pension Label). This is the first update of the policy research since the baseline measurement in March 2019.

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Report: Eerlijke Pensioenwijzer: Beoordeling van het duurzaamheidsbeleid van tien pensioenfondsen - Eerste actualisering (pdf)

Website: Fair Pension Guide Netherlands (Dutch)

Publicity

Eerlijke Pensioenwijzer: Beleggingsbeleid pensioenfondsen ietsje meer ‘verantwoord’

Pensioenpro: Eerlijke Pensioenwijzer iets milder over duurzaamheid pensioensector

May 12, 2020

Chain Reaction Research

Deforestation for Agricultural Commodities a Driver of Fires in Brazil, Indonesia in 2019

Widespread fires in Brazilian tropical forests were at the center of media attention in 2019. NGOs, politicians and celebrities called for action to stop deforestation for soy and livestock, the main cause of the fires. Indonesia also endured extensive blazes in 2019, often linked to deforestation for palm oil. Forests in Brazil and Indonesia capture carbon, retaining vast amounts of carbon dioxide and regulating global temperatures. Fires release that stored CO2 back to the atmosphere, contributing to further climate change. This report describes the main drivers of the fires in Brazil and Indonesia, the actors involved, the political context, and the risks for investors.

downloads

Report: Chain Reaction Research: Deforestation for Agricultural Commodities a Driver of Fires in Brazil, Indonesia in 2019 (pdf)

Publicity

Chain Reaction Research: The Chain: As BNDES Divests from Marfrig, Controversial Investors Increase Stake in Company

Chain Reaction Research: The Chain: Cargill Subsidiary Cut Off From Grieg Seafood’s Green Bond Proceeds Over Deforestation

May 13, 2020

Les Amis de la Terre

La Place Financière de Paris au Fond du Puits

Profundo has provided data on financing provided by French financial institutions to oil and gas projects in North America. The research shows that Société Générale, Crédit Agricole, BNP Paribas and Banque Populaire Caisse d’Epargne (BPCE) have granted 22 billion euros in financing to North American shale oil and gas projects since the adoption of the Paris Agreement.

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Report: Les Amis de la Terre and Facing Finance: La Place Financière de Paris au Fond du Puits (pdf)

May 7, 2020

Building and Wood Workers International (BWI)

Labour Compliance in the Cement Sector in the Middle East and North Africa

This field research was carried out in the context of the BWIs campaign on labour rights in the construction sector in the Middle East and North Africa (MENA) region. The report lays out the results of a field visit to three plants of the LafargeHolcim Group in Jordan, and assesses their compliance with key labour standards.

downloads

Report: Labour Compliance in the Cement Sector in the Middle East and North Africa (pdf)

April 2020

April 28, 2020

Chain Reaction Research

NDPE Policies Cover 83% of Palm Oil Refineries; Implementation at 72%

Palm oil refiners are a strategic bottleneck in the global supply chain. Since 2014, the largest refiners have adopted No Deforestation, No Peat, No Exploitation (NDPE) policies, the strongest private instrument to cut the direct link between deforestation and palm oil. Refiners commit to NDPE policies that cover their plantations and the plantations of their third-party suppliers. This market mechanism functions best when the entire industry follows commitments. However, non-cooperating refiners continue to leak unsustainable palm oil into the market.

downloads

Report: NDPE Policies Cover 83% of Palm Oil Refineries; Implementation at 72% (pdf)

April 22, 2020

Both Ends

Impact of corona crisis and oil price war on ABP and PFZW equity portfolios

Profundo has carried out a simulation of the impact of the corona crisis and the oil price war on the value of the equity portfolios of ABP and PFZW, two of the largest Dutch pension funds. The simulation shows that the 'fossil investments' of the pension funds have lost much more value as a result of the crisis than the non-fossil investments.

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Report: Simulation of corona crisis and oil price war on ABP and Pensioenfonds Zorg & Welzijn equity portfolios (pdf)

Publicity

Both Ends: Persbericht: Fossiele investeringen van pensioenfondsen verzwaren economische klap

Follow the Money: Coronaklap extra pijnlijk voor pensioenfonds met beleggingen in olie en gas

April 27, 2020

Greenpeace Italia & Re:Common

Finanza Fossile

The report "Fossil Finance" shows in detail the role of the largest Italian banks, insurance companies and investment funds in aggravating climate change.

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Report: Finanza Fossile: La gigantesca impronta climatica di banche e investitori italiani (pdf)

Publicity

Corriere Quotidiano: Italian Climate and Finance Greenpeace Classification: Intesa Sanpaolo and UniCredit worst Italian banks

Eco dalle Citta: Re:Common e Greenpeace: Unicredit continua a finanziare il carbone con miliardi di euro, ignorando gli appelli di ONU e scienza

Green Report: Finanza fossile. Greenpeace Italia e Re:Common: «Intesa e Unicredit peggiori banche italiane»

Greenpeace Italia: Chi finanzia l’emergenza climatica?

Impronta Unika: Generali, Greenpeace e Re:Common: «Continuando ad assicurare il carbone, il gruppo triestino sta venendo meno alle sue stesse regole

Impronta Unika: Greenpeace e Re:common attaccano UniCredit«Negli ultimi tre anni oltre 6 miliardi di euro di finanziamenti al carbone»

Politicamente Corretto: Clima e Finanza Italiana, Classifica Di Greenpeace e Re:Common: “Intesa e Unicredit Peggiori Banche Italiane, Smettano Di Alimentare Emergenza Climatica”

Quoted Business: La ripresa sarà a tutto … fossile

ReCommon: Clima e finanza italiana, classifica di Greenpeace e Re:Common: “Intesa e Unicredit peggiori banche italiane, smettano di alimentare emergenza climatica”

ReCommon: Unicredit e Intesa inquinano il 400% in più delle centrali a carbone italiane

Valori: Unicredit e Intesa inquinano il 400% in più delle centrali a carbone italiane

Valori: Unicredit inaugura la stagione delle “assemblee a porte chiuse”

April 21, 2020

Carbon Market Watch

Financial Data Airlines in EEA and UK

Profundo has provided data on 20 airlines' profits and dividends over the past 5 years, for the airline bail-out tracker, published by Carbon Market Watch, Transport & Environment and Greenpeace.

downloads

Report: Airline Bailout Tracker (pdf)

Publicity

Aviation 24: Greenpeace Belgium : No billion euros bailout for airlines without conditions

Business Traveller: Environmental commitments should be required before airline bailouts, says Greenpeace

Edinburgh News: European airlines serving Scotland seek total £9bn bailout

Euronews: Climat : des plans d'aide sans conditions pour les compagnies aériennes ?

Euronews: Companhias aéreas pedem apoios governamentais

Euronews: COVID-19: Η επιστροφή των αεροπορικών εταιριών

Forbes: Airlines seek 128 bn in bailouts

Le Soir: Coronavirus - Greenpeace plaide pour la fin des vols court-courriers

Le Soir: Coronavirus: renflouer les compagnies aériennes… si elles deviennent plus «vertes»