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To illustrate our broad expertise, covering many different economic sectors, commodities, sustainability themes and countries, this page gives an overview of the different projects executed by Profundo over the years. In the menu, you can filter the projects by thematic area. Each project is described briefly and where available the project portfolio - such as reports, brochures or presentations - is provided. Attention is also given to the exposure generated by the project in the media, in politics and elsewhere.


We analyse the financial parameters of companies and assess how companies and their financiers could be affected in different scenarios by Environmental, Social and Governance (ESG) risks related to deforestation, climate change emissions, human rights abuses, resource depletion, health impacts and other sustainability issues.
We analyse the various human rights and other sustainability risks in international commodity supply chains and identify what different stakeholders can do to foster sustainable development of value chains in agriculture, forestry, livestock, energy, fisheries and mineral sectors.
We analyse how companies are financed by banks, shareholders and others financiers, to assess what financiers could do to foster sustainable corporate practices. Also, we dig into ownership structures and the schemes companies have set up to minimise tax payments.
We assess and benchmark responsible investment and credit policies of banks and investors and we advise on how policies can be improved and implemented through screening, voting, engagement and exclusion strategies.

February 2024

February 21, 2024
UK Pension Providers Climate Action
Pension schemes in the United Kingdom (UK) have a crucial role to play in combatting the climate crisis, whilst ensuring long term sustainable returns for beneficiaries. Profundo conducted a policy assessment of the twenty largest defined contribution (DC) workplace pension providers in the UK for Make My Money Matter (MMMM). The assessment framework consisted of seven themes that are important for addressing climate change: commitment to a 1.5 °C pathway; measurement and disclosure of the carbon footprint; detailed target setting per sector and asset class; investments in climate solutions; phase-out of fossil fuels; deforestation and land use; stewardship instruments used to align the portfolio and drive change. The results of this study indicate that most of the largest UK DC pension providers have inadequate or poor policies to address climate change issues. Based on these findings, this report indicates priority areas for UK DC pension providers to focus on in 2024 and beyond.
February 21, 2024
Financial institutions and nuclear weapons
All nuclear-armed states are currently modernizing their nuclear weapon systems. Profundo conducted research for this Don't Bank on the Bomb report profiling the companies most heavily involved in the nuclear weapon industry. Altogether, 287 financial institutions were identified for having substantial financing or investments relations with 24 companies involved in nuclear weapon production.

January 2024

January 29, 2024
Initial Progress Towards Sustainability
Fair Finance Vietnam's second policy assessment, available in both English and Vietnamese, provides an analysis of ESG policy commitments in 2022 of 11 Vietnamese commercial banks. Since the first policy assessment in 2020, this assessment showed that banks in Vietnam are engaging in a “race to the top” with better scores in the following themes: Financial Inclusion, Consumer Protection, and Anti-Corruption. At the same time, they scored low for Nature, Climate Change, Human Rights and Labour Rights. Profundo contributed by providing Fair Finance Vietnam with training and quality control.
January 11, 2024
Towards Meaningful Human Rights Impact Assessments
Exploitation of people and the planet continues to be rampant in the production of food. Supermarkets are powerful players in international food value chains, which is why Oxfam called on supermarkets to take responsibility for human rights in their supply chains in the Behind the Barcodes campaign. Responding to the campaign, several Dutch, German and UK supermarkets committed to conducting and publishing Human Rights Impact Assessments (HRIAs) and subsequent action plans to mitigate and prevent negative human rights impacts in their value chains. This report, released by Oxfam, analyses the HRIAs and action plans that the largest Dutch, German and UK supermarkets have published in the past four years. Profundo conducted the research behind the case study presented in the report of Lidl’s HRIA on berries from Huelva.

December 2023

December 13, 2023
Training on the Just Energy Transition and the role of financial institutions in Cambodia
Together with Fair Finance Cambodia, Profundo Policy Researcher, Jurany Ramirez, conducted two online training sessions for bankers and CSOs on the Just Energy Transition and the role of financial institutions. Participants of the Training reflected on what the just energy transition means in the Cambodian context, combining climate goals with social objectives, and learned about the expected role of the financial sector and green financing in making a just energy transition possible, including by developing strong sector policies.
December 4, 2023
Banking on Biodiversity Collapse
Banks and investors enable forestry and agribusiness companies to expand operations into the world’s remaining tropical forest ecosystems. This is driving the destruction of forests and peatlands and violating Indigenous Peoples’ and local communities' rights. This report by Forests and Finance, a coalition of eight campaign, grassroots, and research organizations, including Profundo, maps commercial financial flows to the forest-sector operations of 300 companies within six forest-risk commodity sectors – beef, palm oil, pulp and paper, rubber, soy, and timber – which collectively cause most tropical deforestation globally.
December 4, 2023
Second Training in Corporate and Financial Research for Fair Finance Bolivia
Profundo Senior Field Researcher Diana Quiroz held a training in La Paz, Bolivia on December 4 and 5 aimed to strengthen the institutional capacity of member organisations of the Fair Finance Bolivia coalition, as well as allied organisations, to promote corporate respect for human rights and support stakeholders in holding companies accountable for the negative impacts of their activities. To achieve this purpose, the training focused on key methodologies and open-access sources for investigating corporate actors and their financial relationships. The objective was to provide fundamental knowledge about corporate structure, financial flows, the commodification of nature, and human rights due diligence.
December 12, 2023
European Financial Institutions’ Continued Complicity in the Illegal Israeli Settlement Enterprise
This report summarizes findings on economic relationships between businesses and the Israeli settlement enterprise in the occupied West Bank and East Jerusalem, and the European financial institutions that remain heavily invested in these companies. Between January 2020 and August 2023, 776 European financial institutions, including banks, asset managers, insurance companies, and pension funds, had financial relationships with 51 businesses that are actively involved with Israeli settlements. Profundo provided the Don’t Buy Into Occupation coalition with research on company involvement and financing relationships.
December 6, 2023
Banking on Welfare
Profundo assessed the policies of ten of the UK's biggest banks on criteria concerning the biggest animal welfare issues today, including factory farming. Nine of the ten banks scored poorly overall on policies covering animal welfare, with five scoring 0.
December 4, 2023
European Finance Flows Fuelling the Climate Crisis
For this ActionAid report on the role of article 2.1(C) under the UNFCCC, Profundo conducted the data analysis that shows that annual financing provided by European banks to fossil fuel and industrial agriculture activities in the Global South comes to an average of US$46.7 billion (€40.2 billion) per year. European financial institutions are fuelling the climate crisis by providing hundreds of billions of dollars to activities fuelling the climate crisis.

November 2023

November 29, 2023
Beyond Borders, Beyond Boundaries
The report "Beyond Borders, Beyond Boundaries" seeks to shed light on the EU-supported border management initiatives in Tunisia and Libya, their implications on human rights, the normative frameworks underpinning them, and the decision-making processes at play behind the Neighbourhood, Development and International Cooperation Instrument (NDICI-Global Europe), the EU’s primary financial instrument for external action. The report highlights that the shortcomings in human rights compliance within border control programs, coupled with the lack of proper transparency clearly contradicts EU and international law. Moreover, this results in the insufficient consideration of the risk of human rights violations when allocating funding for both ongoing and new programs.
November 20, 2023
Training on ESG disclosure trends and frameworks
Jointly with Fair Finance Thailand and Fair Finance Asia, Profundo facilitated an online training on the 20th and 21st of November to discuss recent developments on ESG disclosure frameworks at international level, and the development of the green taxonomy in Thailand. The training was delivered to Thai CSOs and intended to help them: gain knowledge on recent international ESG standards and reporting framework relevant for the financial sector and what they entail in terms of reporting ; understand better what a sustainable finance taxonomy is and how it can contribute to the Just Energy Transition; understand which role the financial sector could play in making a just energy transition possible including by developing strong sector policies; gain knowledge on the development of the Green Taxonomy in Thailand and understand challenges and limitations. The training was delivered by Juliette Laplane, Senior Policy Researcher at Profundo and Sarinee Achavanuntakul, Managing Director at Sal Forest.
November 15, 2023
Data Contribution to The Global Oil and Gas Exit List
Profundo contributed data to The Global Oil and Gas Exit List (GOGEL). GOGEL is a public database that provides a detailed breakdown of the activities of oil and gas companies worldwide. It covers 1,623 companies active in the upstream, midstream or gas-fired power sector. Companies listed on GOGEL account for 95% of global oil and gas production.
November 13, 2023
European car lease companies’ financials
This report by Profundo looks at European car lease companies’ financials revealing strong profits, a healthy financial position, and a positive outlook. In 2018-2022, European car lease companies have shown an increasing profitability and an improving financial strength. The ability of the companies to a green transition seems better in 2022 than in 2018.
November 6, 2023
Training on Sustainability Governance in the Banking Sector
On the 6th and 7th of November, jointly with Fair Finance Vietnam and Fair Finance Asia, Profundo Senior Policy Researcher Juliette Laplane and Supply Chain Researcher Pavel Boev facilitated an online training of two sessions. The training focused on how Environmental, Social and Governance (ESG) issues are imbedded in the core processes and management structures in the banking sector. The training was delivered to CSOs, financial institutions and financial regulators active in Vietnam. The objectives of this training were to support the participants to: learn about how to structure the governance of sustainability issues within the bank; understand the role of senior management, board committees, front officers, support functions in the development and implementation of sustainability policies; improve their knowledge of how banks communicate and consult with external stakeholders including CSOs about their sustainability strategy; and identify good practices related to sustainability governance in the major banks and financial institutions in ASEAN or worldwide.
November 1, 2023
Financial Risks of Commodity-Driven Deforestation: Lessons from 10 Years of CRR
In the last decade, there have been large strides made in tackling commodity-driven deforestation: Awareness of the impacts of forest loss and degradation on climate change has grown; deforestation rates in Southeast Asia have declined; and corporate accountability and (financial) transparency in supply chains have improved. This report looks back at ten years of Chain Reaction Research (CRR), drawing lessons for the financial sector and other stakeholders.
November 23, 2023
Metallurgical Coal Financing: Time to call it off
Financial institutions are failing to adopt policies on metallurgical coal (used to produce steel) though it is largely to blame for why the steel sector is responsible for 7% of global greenhouse gas (GHG) emissions and 11% of global carbon dioxide (CO2) emissions. Profundo conducted the financial research for this report that exposes the financial institutions behind metallurgical coal expansion and analyzes the metallurgical coal coverage in their policies.
November 16, 2023
A Toxic Legacy: Glencore’s footprint in Colombia & Peru
Glencore’s mines have had devastating impacts on their surrounding environments, with grave consequences for those who live nearby. This report by the Eerlijke Geldwijzer (Dutch Fair Finance Guide) elaborates on two examples of Glencore owned mines which have severely impacted communities living around the mines in Peru and Colombia. External pressure from investors, banks, trading partners, policy makers and regulators is key to force a change in Glencore. Profundo conducted the financial research for this report which shows that till now the engagement by banks and investors with Glencore has been piecemeal and not effective and many banks and investors are failing to hold Glencore accountable. The report provides recommendations for European Governments and Institutions, for Glencore and for Banks and Investors financing Glencore.
November 14, 2023
Fuel to the fire: EU banks and investors tied to violence in South Sudan
A number of European banks and investors have been funding extreme violence through their investments in South Sudan’s oil sector. These are the findings of a report released by Global Witness, using data provided by Profundo. The report shows how these investments in the oil sector are tied to violence and recommends that financial institutions should be bound to due diligence legislation.
November 8, 2023
Corporate and Financial Flow Research Trainings
Research methodologies in identifying and mapping corporate structures and financial flows have increasingly enabled human rights defenders and civil society to identify and analyse the companies, financiers and other actors behind investment projects associated with human right violations. In 4 sessions spanning November and December, Profundo Policy Researcher Jurany Ramirez and Financial Researcher Jim Sanchez provided trainings for civil society organisations (CSOs), human rights defenders (HRDs) and national human rights institutions (NHRIs), with the support of the OHCHR. The aim of the training was to raise awareness among of the role that the financial sector can play in decisions made by their business clients and to equip them with the tools to carry out basic investigations of corporations and financial institutions to support their human rights defence work. The trainings focused on key methodologies that make use of publicly available information sources in order to provide basic knowledge on corporate structures and corporate finance flows.
November 1, 2023
Impacts of a Shift to Plant Proteins
Global livestock production has an outsized environmental footprint. Reducing the meat produced and consumed in regions with exceedingly high animal protein intake and substituting it with alternative proteins could save large volumes of human-made greenhouse gas emissions as well as land and water. Large retailers and food service companies have an important role in contributing to such a protein shift.
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