Submitted by H. Hutton on Thu, 02/07/2015 - 16:02
3 July 2015 – Standard Chartered Bank today become the tenth bank to formally adopt the Soft Commodities Compact, which aligns the banking industry with The Consumer Goods Forum’s resolution to help achieve zero net deforestation in their supply chains by 2020.
The announcement was made on Friday at a meeting in London hosted by Paul Polman, Chief Executive of Unilever, and HRH The Prince of Wales, who brought together business leaders to move from commitments to action on removing deforestation from commodity supply chains.
Last year the volume of global palm oil production covered by corporate commitments to 'zero deforestation' rose to over 90 per cent. The case for banks to support their consumer goods clients in implementing commitments that remove deforestation from their supply chains is therefore stronger than ever.
Andrew Voysey, Director of Finance Sector Platforms at CISL said:
"On a daily basis we hear just how far the banking industry has to go to regain trust that it is serving society's best interests. CISL's work with banks focuses on enabling practical solutions. With the Soft Commodities Compact we are seeing new business norms and financing solutions emerge from the banking industry that help people and businesses respond to the global challenge of feeding a growing population without compromising the natural resources that communities all around the world rely on."
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