Action against deforestation costs 12% of $53 bln risks, estimate global businesses including halal majors JBS, Nestlé

Action against deforestation costs 12% of $53 bln risks, estimate global businesses including halal majors JBS, Nestlé

Global companies using or producing commodities such as cattle and palm oil estimate the cost of action against deforestation at just 12% of the financial risks from it.

In a report released earlier this month, climate-disclosure platform CDP assessed disclosed data from 553 companies on how they are managing deforestation.

206 companies put the cost of action against deforestation at $6.6 billion. This is only 12.4% of the $53.1 billion that 151 of them estimated they could be hit with if no action was taken.

“Companies play a key role in ending deforestation because their revenues depend on commodities that cause it,” said the London-based CDP.

The businesses that disclosed data include global companies involved in halal, such as Charoen Pokphand Foods, JBS, Nestlé, Mars, McDonald's, Minerva Foods, Tyson Foods, and Unilever.

CDP said progress against deforestation has been slow and the majority of the market is falling short of the ambition needed.

The non-profit gave its findings of the global businesses with