BlackRock, Vanguard, State Street failing to take action against deforestation, report claims

BlackRock, Vanguard and State Street – the world’s three biggest asset managers – have not made public any policies designed to avoid deforestation, according to findings published this morning by Global Canopy.

The environmental non-profit’s annual Forest500 report assesses and ranks the 350 companies that produce, use, trade or sell the largest amounts of these commodities, and the 150 biggest banks, institutional investors and pension funds that finance them

The report found that financial institutions are providing $5.5trn to the 350 companies that have the most exposure to deforestation-risk in their supply chains.

It went on to highlight that even financial institutions committed to climate action, including those that have made net zero pledges “are failing to recognise the link with deforestation and undermining their targets”.

In the UK, Baillie Gifford, Legal & General, Janus Henderson, and Schroders have been called out for their inaction.

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