Barclays, Deutsche Bank, UBS, BNP Paribas, Lloyds Banking Group, RBS and Westpac have committed to support the transition to zero net deforestation by 2020.
The Soft Commodities Compact is the result of 2 years of collaboration between the Consumer Goods' Forum and Cambridge University's Banking Environment Initiative (BEI), with guidance from WWF, to support the goal of zero net deforestation.
The BEI Soft Commodities Compact includes 2 commitments:
- Banks will require clients with significant operations in palm oil, forestry, or soy in high-risk geographies to adopt credible third party certification.
- Banks will work with consumer goods companies and their supply chains to develop responsible financing solutions.
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