AXA Investment Managers has banned investment in companies behind major biodiversity damage linked to the production of the world’s soy, beef and timber.
The French asset manager has expanded its 2014 palm oil policy, turning it into a Ecosystem Protection and Deforestation policy which excludes firms that “face significant land use controversies and are responsible for biodiversity loss in relation to soy, cattle and timber.”
It will engage with high-risk firms on the use of more sustainable practices under the new framework, which Véronique Andrieux, CEO of WWF France, described as “a most needed step ahead, that sends a strong signal to markets and public policymakers”.
The policy will retain its requirements for companies to secure ‘sustainable palm oil’ production certificates and manage land rights conflicts and illegal logging issues.
However, in a report released this week, other investor heavyweights including BlackRock, ABN-AMRO…