Deforestation Action Tracker

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There is no solution to climate change without an end to deforestation. And financial institutions have a vital role to play in ending deforestation through their finance and lending.

At COP26, a large number of financial institutions made a commitment to net zero through GFANZ and Race to Zero. To deliver on this commitment, these financial institutions must eliminate deforestation risk from their portfolios.

In 2022, the first year of the Tracker, we conducted a review of these 557 financial institutions to create a baseline.

On 27 November 2023, we published findings from our first full assessments of what is now 713  financial institutions. 

2023 methodology

This year, Global Canopy assessed over 700 financial institutions in GFANZ and Race to Zero on the strength and implementation of their policies on deforestation, conversion, and associated human rights abuses.

Financial institutions have been assessed on their policies on cattle products (beef and leather), timber products (timber and pulp and paper), soy, and palm oil, in a comprehensive update to the 2022 baseline review.

The 2023 assessments started on 22 May 2023 and ended on 31 August 2023. Only information which was publicly available on the financial institutions’ websites during the review period were considered for the 2023 Deforestation Action Tracker assessments.

This year, the Deforestation Action Tracker methodology is aligned with the 2023 Forest 500 financial institution assessment methodology and with the best practice defined by the Finance Sector Roadmap (which is aligned with and endorsed by the Accountability Framework initiative).

This year we shared the Deforestation Action Tracker assessments with financial institutions prior to the launch of the dataset in November 2023.

If you have any questions, please contact [email protected].

The Deforestation Action Tracker 2023: an essential stocktake of finance sector action on deforestation

Our 2023 report, The Deforestation Action Tracker 2023: an essential stocktake of finance sector action on deforestation is based on the assessments of more than 700 financial institutions on their action on deforestation, conversion and associated human rights abuses.

The report also includes recommendations for financial institutions move forward urgently with their action on deforestation and for GFANZ and other net-zero coalitions to require progress reporting.

The 2023 Deforestation Action Tracker data

All of the data collected as part of the 2023 Deforestation Action Tracker is publicly available to download here.

For each assessment, the assessment team collected a quote from the financial institution’s website, alongside the link to the relevant page(s), and any relevant extra details that are available. All of this information is included in the data download.

You can find the 2023 methodology here.

Please get in touch at [email protected] if you have any questions.

This project was financially supported by Nature4Climate and Norad.

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