Tropical rainforests are home to the world’s greatest biodiversity, to millions of indigenous peoples, and are essential to maintaining a stable climate. Today, our rainforests are facing greater threats than ever – and the big fund companies like JPMorgan that are complicit in the destruction are dragging their feet.
JPMorgan has big investments in companies like Sysco, Tyson, Hormel and Noble Group that grow, trade or use palm oil, beef, rubber and soy in their products but have failed to eliminate deforestation from their operations. This means JPMorgan has a key role to play in voting for No Deforestation policies at these companies and engaging with company management to make sure these policies are implemented.
In order to do that, JPMorgan needs to a No Deforestation Policy.
JPMorgan is built on a model of investment where the firm invests in virtually every public company in the world through passive funds – meaning it gives up any control over what those companies do. Despite its huge investments in both fossil fuels and the companies responsible for the global deforestation crisis, JPMorgan has taken no responsibility for the destruction these companies cause to our forests, our climate, and the rights of communities.
Large fund companies like JPMorgan have the power move the entire market and play a crucial role in averting catastrophic climate outcomes, and instead finance the transition to a livable planet. But they won’t do it without pressure from us.
Urge JPMorgan to adopt a No Deforestation Policy!
From: As You Sow & Friends of the Earth U.S.
Dear Fund Manager,
Massive deforestation to clear land for palm oil, pulp and paper, soy, rubber, timber and cattle is responsible for almost one quarter of all global greenhouse gas emissions, as well as an epidemic of land conflicts and widespread abuses of the rights of indigenous peoples. As an investment firm that holds millions of dollars in shares in the agribusiness companies most responsible for devastating our rainforests, these issues expose you and your clients to a host of material risks.
Environmental and human rights impacts – and climate impacts above all – are increasingly recognized to drive material risks to investment. Awareness of these risks is growing quickly within the financial sector – and now is the time for you to get on board.
Leading responsible investment firms have begun to develop comprehensive policies to address deforestation risk, and I believe JPMorgan needs to do the same. It is both a moral and an economic imperative. You have tremendous power – and the world needs you to start using that power responsibly. I urge you to adopt a strong deforestation risk policy across all your portfolios.