Item Link: Access the Resource
Date of Publication: June 13
Year of Publication: 2023
Publication City: London, UK
Publisher: Reuters
Author(s): Richa Naidu
LONDON, June 13 (Reuters) – As a new European Union zero-tolerance deforestation law looms, several major investors told Reuters they are concerned about their exposure to the issue, with some saying they could quit consumer goods makers with “risky” supply chains.
The EU agreed in December a new rule to prevent companies from selling into its market coffee, beef, soy, rubber, palm oil and other commodities linked to deforestation. Companies must prove their supply chains aren’t contributing to the destruction of forests or be fined up to 4% of their turnover in an EU member state.
Germany’s Union Investment, a top-20 investor in Unilever (ULVR.L) and Reckitt (RKT.L), last year wrote to 56 consumer goods companies to find out more about deforestation in their supply chains.
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