Impacts $60 billion in annual public procurement The Government of Norway last week announced a ban on public procurement of products, services and goods that directly cause tropical deforestation. The new policy impacts an estimated $60 billion in annual procurement by the nation’s central and sub-central governments. The Norwegian Parliament’s Standing Committee on Energy and …
Palm oil sector first in pilot project on Indonesian Sustainable Financing On November 23, 2015 eight Indonesian banks committed to implementing sustainable financing as part of their global environmental goals. This move follows the earlier launch of the Sustainable Financial Roadmap by the Financial Service Authority of Indonesia, locally known as OJK, on December 5, 2014.
Indonesian Government Growth Down, Corporates’ Earnings Uncertain Across Indonesia, an area half the size of Switzerland burned in less than four months this year, with investors’ capital going up in smoke. From July 1st to October 20th, 2015, 97,000 fires were detected in Indonesia, and over two million hectares of forest caught fire, one-third of …
Norges Bank divests from Daewoo International over palm oil deforestation Norges Bank, the central bank of Norway, announced this week its decision to divest funds from Daewoo International Corporation (047050:KS), Korea’s largest trading company, and its parent company POSCO (005490:KS), as well as Genting Berhad (GENT:MK) and IJM Corporation Berhad (IJM:MK) for the companies’ role in rainforest …
New York Declaration on Forests At Tuesday’s UN Climate Summit in New York City, world leaders from governments, businesses, and NGOs joined together to announce the first global timeline to slow and halt forest lost. The New York Declaration on Forests commits to cutting forest loss in half by 2020, and ending it by 2030. …