In partnership with the Accountability Framework initiative.
Companies must take more action to halt deforestation. Protecting forests is central to averting the worst impacts of climate change and sustaining biodiversity. Deforestation and destruction of ecosystems account for at least 11% of GHG emissions created by human activity, and the land sector overall has the potential to provide up to 30% of the emissions reductions necessary to keep us on track to avoid the worst impacts of climate change.
In 2021, primary rainforests lost the equivalent size of 10 football pitches every minute. Despite this alarming trend companies are still not taking enough action.
Deforestation poses a massive financial risk to companies. 211 disclosing companies identified over US$79.2 billion of forest-related risks; the cost of responding to identified risks by 267 companies was US$6.7 billion.
The report finds that current company action is not going far enough, as companies must increase action to tackle the deforestation and the climate crisis:
Scale - actions must be expanded across the whole company
Scope - companies must act across all relevant commodities, regions, and ecosystems
Rigor - implementation must be driving measurable impact needed to halt deforestation.
You cannot manage what you do not measure. Expectations for transparency on deforestation and other nature-related impacts are building in line with expectations for transparency on climate. The urgency for action has never been greater. The Accountability Framework outlines what needs to be done. CDP provides the structure to disclose on progress.
Read the Global Forest Report 2020 here.
From commitments to action at scale: Critical steps to achieve deforestation-free supply chains
Watch this webinar back to listen to the expert panel discuss company best practice in ending deforestation across agricultural and forestry value chains, using the 2021 Forest Report to evaluate where corporate ambition and action currently stand according to the CDP 2021 forests data.
The session features a break down of the report and case studies showing how companies have integrated leading practices into their business.