State of the Rainforest 2014

farming, logging, paper and pulp and dam construction. Moreover, these figures refer only to the industries that directly cause forest destruction – not traders, producers of refined commodities, transport, insurance, banks and finance and other sectors that are indirectly involved. The GPFG has investments in all these indirect deforesters as well. Precisely because it is involved in every part of the value chain, the Fund is uniquely placed to reduce forest destruction by exerting influence on its investees from various sectors. The stated ambition of the GPFG is to act as a responsible investor, operating under a set of ethical guidelines decided by the Norwegian Parliament. The Fund is managed by a branch of the Central Bank of Norway, called Norges Bank Investment Management (NBIM). An independent Council on Ethics investigates possible breaches of the guidelines by individual companies, which may lead to exclusion from the Fund’s investment universe. Among the companies that have been excluded are several mining and logging companies found to cause serious environmental damage in rainforest areas, including Barrick Gold, Samling Global, WTK and Ta Ann. 45

Japan

Canada

Japan

South Korea South Korea

United States United States

Canada

Russia

Norway

Hong Kong

Papua New Guinea Papua New Guinea

Russia

China

United Kingdom United Kingdom France

Norway

Hong Kong Thailand

Malaysia

China

Italy Belgium Italy Belgium

Colombia

Malaysia

Australia

Singapore

Spain

Thailand

Colombia

India

France

Australia

Singapore

Spain

India

Indonesia

Central Africa Central Africa

Other South American countries Other South American countries

Indonesia

Brazil

Brazil Sector of investment Mining Meat industry Hydropower Sector of investment Mining Meat industry Hydropower

Pulp and paper

Oil and gas Palm oil Oil and gas Palm oil Pulp and paper

South Africa South Africa

Source: Beauty and the beast: Norway’s investments in rainforest protection and rainforest destruction, 2012, updated 2014, Rainforest Foundation Norway and Friends of the Earth Norway Source: Beauty and the beast: Norway’s investments in rainforest protection and rainforest destruction, 2012, updated 2014, Rainforest Foundation Norway and Friends of the Earth Norway

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STATE OF THE RAINFOREST 2014