Deforestation Action Tracker: FAQs

When were the Deforestation Action Tracker assessments published?

The assessments were published in November 2023, a year after the Deforestation Action Tracker baseline review was launched. The assessments showed where progress had been made and where improvements were still needed.

How were the financial institutions selected for inclusion in the Deforestation Action Tracker?

In 2022, 557 financial institutions were selected to be included as they had made significant climate commitments, including through Race to Zero and GFANZ.

In 2023, the number of financial institutions that were members of these two initiatives increased. Financial institutions that were previously members of these initiatives continued to be included in the Deforestation Action Tracker. This meant that 713 financial institutions were assessed.

When were the 2023 assessments conducted?

The 2023 Deforestation Action Tracker assessments were carried out between 19 May and 31 August 2023, using publicly available information published on the financial institutions’ websites.

How do you define deforestation and conversion?

Global Canopy uses the definitions of deforestation (including zero-net and zero-gross deforestation) and conversion (including zero-net and zero-gross conversion) as defined by the Accountability Framework. While deforestation specifically refers to the loss of natural forests, conversion extends to any change from a natural ecosystem to any other land use. The full definitions used can be found on the Accountability Framework initiative website.

How did the Deforestation Action Tracker differ from the Forest 500?

The Deforestation Action Tracker and Forest 500 are both Global Canopy projects.

The Deforestation Action Tracker tracked financial institutions with high-profile net-zero commitments on their action on deforestation and human rights abuses in their portfolios. The 2022 baseline review identified that many institutions were stuck in the starting blocks, and Global Canopy carried out more detailed assessments in 2023 to monitor progress towards eliminating deforestation. These used the established Forest 500 financial institution assessment methodology that has been strengthened and refined over the past 11 years, and is aligned with the Finance Sector Roadmap, which defines best practice for financial institutions on deforestation, conversion and associated human rights abuses.

Forest 500 identifies the 500 companies and 150 financial institutions with the greatest exposure to deforestation risk, and assesses them on the strength and implementation of their policies on deforestation, ecosystem conversion and associated human rights. All companies and financial institutions are given a numerical score out of 100.

Some of the financial institutions included in the Deforestation Action Tracker are also included in the Forest 500 due to their high exposure to deforestation risk.

Who funded Deforestation Action Tracker?

In 2022, the project was financially supported by Nature4Climate, Norad, Conservation International and UNDP.

In 2023, the project was financially supported by Nature4Climate and Norad.

The views expressed in the Deforestation Action Tracker reports and associated materials do not necessarily reflect the views of funding organisations.

How can I get in touch with the Deforestation Action Tracker team?

If you have any questions on the Deforestation Action Tracker, or our methodologies in general please email the Deforestation Action Tracker team at: [email protected]

If you have a press enquiry, please go to our press room.