Morgan Stanley has committed to improving its deforestation policies for clients in the agriculture and land-use sectors after a proposal from the Green Century Funds. The UN-backed Race to Zero reports found that deforestation attributable to companies in the forest, land and agriculture sectors was responsible for 22% of global emissions, half of which were caused by deforestation. As a result, Morgan Stanley agreed to enhance its current standards for palm oil and forestry clients, adopt leading “No Deforestation, No Peat, No Exploitation” (NDPE) policies, and create new written standards for clients operating in regions with high deforestation risk. In addition, the company will require best-practice Forest Stewardship Council certification or a time-bound plan to achieve it for timber clients in high conservation value forests. Morgan Stanley will also require an enhanced review of beef clients’ no-deforestation policies and practices in high-risk regions. Green Century withdrew its proposal for the financial services firm’s 2023 AGM after the commitment was made. The sectors contribute 22% of global emissions, half driven by deforestation.
resource: https://www.esgtoday.com/morgan-stanley-commits-to-strengthen-deforestation-policies-for-clients/