#naturedestruction — Public Fediverse posts

Australian Conservation Foundation releases report: Risky business: How Australia’s banks and super funds are responding to the nature crisis.

It is the first benchmarking analysis of 20 of Australia’s largest banks and super funds’ approach to managing nature-related and #Biodiversity risks.

* 90% of super funds and 80% of banks have not set nature-related targets – and only 20% of banks and super funds say they plan to.
* None of the big four banks have a ‘no deforestation’ target, casting doubt on their net zero commitments. (The UN says companies cannot claim to be on the path to net zero while still funding deforestation.)
* Australia has the developed world’s highest rate of nature destruction, yet Australian banks and super funds are more likely to have policies to avoid financing nature destruction overseas (e.g. palm oil financing), than to protect koala and cockatoo habitat.
* Australian Ethical is the only super fund with a deforestation and ‘land conversion’ policy, while only four banks – Bank Australia, HSBC, Rabobank and Bendigo & Adelaide Bank – have one.

Interesting watching final text of #GlobalBiodiversityFramework Target 15 which requires that all businesses report on nature-related impacts and dependencies.

#finance #COP15 #Deforestation #NatureDestruction #BiodiversityCrisis #Austrália
https://www.acf.org.au/risky-business-banks-superfunds-unprepared-for-nature-risks