Dear NYDF Endorser,
As a financial institution and endorser of the New York Declaration on Forests (NYDF), we know that you are committed to providing support for the development and implementation of strategies to reduce forest emissions as well as eliminating deforestation from agricultural commodity supply chains, as part of Goals 8 and 2 of the NYDF. We are writing to inform you of two recent updates: the 2020 Forest 500 findings and the NYDF Refresh process.
Each year, Global Canopy ranks the 500 most influential companies and financial institutions on tropical deforestation and publishes the results in its “Forest 500” report. The report gives each company or financial institution a score based on the strength of their deforestation commitments and policies, and on the evidence provided on the company’s website of their approach to implementation and progress made.
Some NYDF financial institution endorsers, and most company endorsers, are included in the Forest 500 report, and we wanted to draw your attention to the latest rankings, which were released on 26 January 2021. You can also listen to the discussion of the key findings from the Forest 500 webinar here.
The new Forest 500 rankings show limited progress even though we have now passed the 2020 deadline of NYDF Goal 2. While deforestation is increasingly recognised as an issue by some financial institutions, there is a need for a shift from the sector as a whole, supported by government action, to address deforestation risks more strongly and encourage a change in corporate behaviour.
Please see www.forest500.org to review your ranking and see here the full methodology, and you can also register for a webinar on Wednesday 10 February at 14:00 (GMT), hosted by Global Canopy, to explain the financial institution assessment methodology here. You can also view the rankings and assessments of all 350 companies included in the Forest 500. Please get in touch with forest500@globalcanopy.org if you have any questions and do not hesitate to reach out to the NYDF Platform to discuss strategies to meet the NYDF Goals.
As an NYDF endorser, your commitment, actions and collaboration are needed more than ever, and we hope you will continue to engage with the NYDF Platform to share your progress and challenges in meeting the goals of the NYDF. The NYDF Global Platform has launched a Refresh process to revise the Declaration and Action Agenda and ensure the NYDF continues to increase ambition and political will to meet the 2030 goals. This refresh will address gaps, strengthening the core value of the goals, incorporate lessons learned to date, and ensure alignment with other post-2020 frameworks. The NYDF Global Platform is also using this opportunity to upgrade its guidance and support to endorsers and will be reaching out soon with a broader approach of support going forward.
Please email madeline.craig@undp.org for questions about the NYDF Refresh or to discuss opportunities to engage with the NYDF Platform and strategies to meet the NYDF Goals.
Sincerely,
The NYDF Platform Secretariat
UNDP – Meridian Institute – Climate Advisers
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