CGF Applauds Banking Institutions’ Ongoing Collaboration to Help End Deforestation

The paper marks the conclusion of the Soft Commodities Compact, which was launched in 2015 between the CGF and the Banking Environment Initiative (BEI) with the aim of mobilising the banking sector to help transform soft commodity supply chains. Though the Compact has concluded, the CGF is encouraged to see that the banking sector continues to take further action on this issue.

Ignacio Gavilan, CGF Director of Sustainability, said, “The clearing of natural forests for agricultural and forestry use is still contributing to increased carbon emissions, biodiversity loss, and climate change. It is critical that environmental and social factors influence banks’ financing activities relating to commodity producers. We are grateful for all the lessons learned working  with CISL on the Soft Commodities Compact, and are confident that “Banking Beyond Deforestation” will inspire banks to continue working on financial solutions that increase the supply of ‘deforestation-free’ products.”

The CGF expresses its thanks to the CISL and BEI for their continued collaboration and support on this critical issue.

In 2020, the CGF launched the Forest Positive Coalition of Action, a CEO-led initiative of 19 leading consumer goods companies working to accelerate efforts to remove deforestation, forest degradation and conversion from key commodity supply chains. For more details about how these companies are working together, engaging key stakeholders, and fulfilling transparency and accountability commitments, visit the Coalition’s website at www.tcgfforestpositive.com.