Every year, the world loses an area of tropical rainforest the size of the United Kingdom.
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. Corporate control of f land for industrial plantation agriculture is also a leading cause of violent land conflicts, as these activities dispossess and displace local communities.
T. Rowe Price has huge investments in companies like Sysco, Tyson, Hormel and Sumitomo Rubber 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 T. Rowe Price 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, T. Rowe Price needs to get its own house in order.
Tell T. Rowe Price to adopt a No Deforestation Policy!
If they take appropriate action, large mutual fund companies can 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.
To: T. Rowe Price
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 T. Rowe Price 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.
Thank you.
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