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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.

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

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.
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 public policies in the economic, tax and environmental domains, which could shape or restrain the sustainable transformation of the corporate and financial world, and propose alternative policies.

March 2018

March 16, 2018
Tunas Baru Lampung: Contested land and peat clearing could drive substantial value loss
Analysis by Chain Reaction Research found that an estimated 75% of the landbank of Tunas Baru Lampung, a publicly listed Indonesian palm oil and sugar producer, is contested. 10 percent of TBLA’s revenues are at risk from non-compliance with their clients’ No Deforestation, No Peat and No Exploitation (NDPE) sourcing policies.
March 7, 2018
Don't Bank on the Bomb
Don't Bank on the Bomb provides a detailed overview of the worldwide investments in production, maintenance and modernisation of nuclear weapons. The reports contains a Hall of Shame of financial institutions that invest in nuclear weapons producers. The report also contains a Hall of Fame of financial institutions that do have responsible investments policies with regard to nuclear weapons. Also there is a list of Runners-Up, describing institutions that are improving their policies.

PAX: Don’t Bank on the Bomb

Asahi (Japan): Loans to nuclear weapons manufacturers, seven companies in Japan Published ICAN

Avvenire (Italy): La denuncia. Banche e fondi investono sempre più in armi nucleari

Business Insider: Your retirement account probably funds nuclear weapons — here are the top 20 biggest companies and investors

Dagens Næringsliv (Norway): Oljefondet får refs for ikke å ha solgt seg helt ut av atomvåpen-relaterte virksomheter

Daily Mail (United Kingdom): Nobel-winning ICAN condemns surge in nuclear arms investments

Euronews: More funds spurn nuclear arms, financing still strong - report

Fast Company: These Companies Are Financing The Return Of Nuclear Terror

Frankfurter Allgemeine (Germany): So finanzieren deutsche Banken mit ihren Milliarden die Rüstungskonzerne

Geo (Tuvalu): Nobel-winning ICAN condemns surge in nuclear arms investments

ICAN: We are making big news today

Il Cambiamento (Italiy): Ecco il rapporto 2018 “Don’t bank on the bomb”: sempre più soldi per le armi nucleari

Knack (Belgium): SP.A richt zich tot banken: 'Schrap nu eindelijk investeringen in kernwapens'

Liputan 6 (Indonesia): 20 Perusahaan Top Dunia Ini Disebut Jadi Investor Produsen Senjata Nukl

New York Times (Verenigde Staten): More Funds Spurn Nuclear Arms, Financing Still Strong-Report

Newsweek (United States): Trump's threat of nuclear war with North Korea is making a lot of money for these weapon companies

Norsk Folkehjelp (Norway): Investerer i atomvåpen

PAX: Rapport: Nederlandse financiële instellingen als ING investeren nog steeds flink in kernwapens

Puls Biznesu (Poland): Banki inwestują miliardy w firmy produkujące broń jądrową

Pulse (Nigeria): Nobel-winning condemns surge in nuclear arms investments:

Reuters (United States): More funds spurn nuclear arms, financing still strong: report

Shephard Media: ICAN condemns surge in nuclear arms investments

Stuff (New Zealand): Global report calls on the NZ Super Fund to do better on nuclear weapons-makers

Süddeutsche Zeitung (Duitsland): Banken investieren Milliarden in Atomwaffen-Produzenten

Swissinfo (Switzerland): Report criticises banks for investing in nuclear weapons

US News (United States): More Funds Spurn Nuclear Arms, Financing Still Strong: Report

Yahoo News (Australia): Nobel-winning ICAN condemns surge in nuclear arms investments

March 14, 2018
Global Green Finance Index 1
This Global Green Finance Index, the first edition in a series which will chart the progress of the world’s financial centres towards a financial system that delivers sustainable development, and values people and the planet as much as profit. Profundo has written a discussion note for this project.

February 2018

February 28, 2018
Fair Bank Guide Netherlands: Risking Animal Welfare
In the period 2012-2017, Dutch banks have invested EUR 8,8 billion in the world’s biggest companies in the chicken and pork industry. To varying degrees, these companies cause or are directly linked to animal welfare infringements on a massive scale. Profundo has written this report for the Dutch Fair Bank Guide.
February 28, 2018
Maybank: The Single Largest Palm Oil Financier
This report for TuK Indonesia, finds that Maybank is the world’s single largest financier of the palm oil sector – it provided 11% of all loans and underwriting to 85 palm oil companies in the period 2010-2016. However, it has no publicly available risk policy for financing the sector. The bank has financial relationships with a large number of controversial palm oil companies that are involved in environmental, social and governance issues. This implication leaves Maybank exposed to significant financial and reputational risks.

January 2018

January 24, 2018
ESG discrepancy between soy growers and financiers creates risk of more expensive financing
The large-scale expansion of soybean cultivation in Brazil has been identified as one of the key drivers of deforestation in the last 20 years. The Cerrado, which is a particularly biodiverse and carbon-rich biome, has been rapidly converted. Prior analyses by Chain Reaction Research have found that soy producers face financial risks from ongoing involvement in this Cerrado deforestation.

December 2017

December 22, 2017
Deforestation in Brazilian Soy Supply Chain
This paper explores the existence and extent of market access risk and financial consequences in the soy supply chain due to weak sustainability performance. With pressure on commodity traders increasing to adopt and strengthen zero-deforestation, also soy producers involved in legal deforestation face increasing market access risk.
December 19, 2017
Bunge: Key Position in Cerrado State Puts Zero-Deforestation Commitment at Risk
The global agribusiness and food company Bunge is among the largest players in Brazil’s soy supply chain. It is the leading soy trader in Piauí, a state in the Brazil’s Cerrado biome. Bunge continues to source from producers involved in legal deforestation, despite its commitment to achieve zero-deforestation supply chains between 2020-2025 and taking action to stimulate soy expansion into non-forested areas. Failure to meet its commitment could create reputational and market risks.
December 11, 2017
Investors vs. the Paris Climate Agreement
Investors’ concerns are almost exclusively focused on the risks climate change poses for their portfolios. But the question they need to be asking is: Which risks do their portfolios pose for our climate? This report shows which investors are still investing in coal plant development.
December 6, 2017
Fair Bank Guide Netherlands: Transparency and Accountability on the Loan Portfolio of Dutch Banks
The objective of the research is to assess the level of transparency of Dutch banking groups about their contribution to the development of a sustainable society, and to encourage them to become more transparent, now and in the future.
December 21, 2017
Webinar Lecture Financing Advocacy in the Palm Oil Sector
The webinars are about several types of financiers that are engaged in the Palmoil sector using a variety of financing and investment products.
December 14, 2017
Fair Bank Guide Netherlands: Dutch banks finance importers of granite
The aim of this research is to show which Dutch banks are involved in the financing of Dutch importers of granite. The results of the research project are presented to the banks, and they will be used to support the realization of the ICSR covenant on natural stone.
December 11, 2017
Banks vs. the Paris Agreement
This research shows that between January 2014 and September 2017, the global banking sector provided and mobilised financing in excess of $600 billion for the top 120 coal plant developers, via lending and underwriting.

November 2017

November 29, 2017
BrasilAgro: Cerrado Deforestation Could Reduce Farmland Value, Put Soy Revenue at Risk
This report shows that BrasilAgro’s activities in the Cerrado expose the company to deforestation-related business risks.
November 17, 2017
Shipbreaking in South Asia
Factsheet on local stakeholders, needs and potential intervention areas
November 15, 2017
Insuring Coal No More
This scorecard assesses how insurance companies are performing on coal and climate change. In all, 15 insurers with over $4 trillion in assets have now taken or are planning action on coal, divesting an estimated $20 billion in equities and bonds or ceasing to underwrite projects.
November 3, 2017
NDPE Sourcing Policies Cover 74 Percent of Southeast Asia’s Refining Capacity
The palm oil industry’s transformation towards sustainability gained traction in 2013 when major Southeast Asian palm oil traders/refiners began to embrace ‘No Deforestation No Peat No Exploitation’ (NDPE) sourcing policies. Through such policies, these firms require their suppliers to refrain from clearing forests and peatlands for new oil palm plantations. However, unsustainable practices continue to take place.
November 16, 2017
Fair Finance Guide Sweden - update
Fair Finance Guide Sverige has again updated its assessment of bank investment and finance policies. The research is based on the Fair Finance Guide International Methodology version 2016, that has been co-developed by Profundo. Profundo also trains and supports the researchers during the policy analysis. See for all other Fair Finance Guide websites:
November 8, 2017
Fair Finance Guide Norway - update
Etisk Bank Guide Norge has updated its assessment of bank investment and finance policies for the first time since it launch in November 2016. The research is based on the Fair Finance Guide International Methodology version 2016, that has been co-developed by Profundo. Profundo also trains and supports the researchers during the policy analysis. See for all other existing Fair Finance Guide websites:
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