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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.

November 2022

November 24, 2022
Follow the Money IV
The report provides an overview of how funding from the Asylum, Migration and Integration Fund (AMIF) and Internal Security Fund- Borders and Visa (ISF-BV) was used outside the European Union (EU) during 2014-2020, presents an analysis of the provisions for external spending from the 2021-2027 AMIF and 2021-2027 Border Management and Visa Instrument (BMVI), and offers key recommendations for Member States and the European Commission to improve transparency and accountability on the use of internal affairs funding to support asylum and migration external dimension policies. An overall conclusion is that, of all AMIF and ISF-BV funding, only a small amount was spent outside the EU. However, the breakdown reveals that a significant amount of Union Actions, one of the categories of funding under direct management, was spent outside the EU, with 61% of AMIF funds and 39% of ISF-BV in this category having been dedicated to spending outside the EU.
November 15, 2022
Financing of fossil fuel companies in Africa
The report identifies 200 companies that are exploring or developing new fossil fuel reserves or developing new fossil infrastructure such as liquefied natural gas (LNG) terminals, pipelines or gas- and coal-fired power plants in Africa - and the banks and investors behind these companies. The results show that oil, gas and coal companies are exploring or developing new fossil fuel reserves in 48 African countries, 89% of new LNG capacity in Africa is planned for export, and international investors hold over US$ 109 billion in companies driving fossil fuel expansion in Africa.
November 10, 2022
Training and support Southern African Fair Finance coalition
Profundo has trained and supported the South African Fair Finance coalition in assessing the sustainability level of the investment policies of Development Finance Institutions active in South Africa, using the Fair Finance Guide (FFG) methodology. The training covered the role of Development Finance Institutions (DFIs) in financing different sectors and the way they operate; the relationship between DFIs and other private financial institutions; the possibilities for civil society organisations to influence the financial sector and more particularly DFIs; how the Fair Finance Guide (FFG) methodology assesses financial institutions and can be used to influence their sustainability policies and practices.
November 10, 2022
Global Oil & Gas Exit List 2022
GOGEL is a tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario. The 2022 analysis finds that 96% of upstream oil and gas companies are still expanding their operations.
November 9, 2022
GFANZ forest-risk investment trends
Asset managers who are part of the Glasgow Financial Alliance for Net Zero (GFANZ) retain forest-risk investments worth an estimated $8.5 billion. The analysis finds that there has only been a three percent reduction by its members in investments that are at risk of contributing to the clearing of the world's climate critical forests. Asset management giants BlackRock, Vanguard, State Street, Deutsche Bank and ABP all appear to have increased their reported exposure to ‘forest-risk’ investments between September 2021 and September 2022.
November 22, 2022
Banking on thin ice
This report provides an overview of the financial relationships between 10 major Nordic banks and the fossil fuel industry, as well as the policies the banks have in place to regulate their links to the industry.
November 14, 2022
Support Fair Finance Guide Brazil 2022
The sustainability policies of the 8 biggest banks active in Brazil are assessed and ranked on themes as climate change, human rights, and transparency, based on the Fair Finance Guide method developed by Profundo. Profundo has supported the Brazilian Fair Finance Guide coalition in the assessments. The assessment shows a general improvement in the results: all the banks assessed had a grade increase. However, the average score of 38% and a minimum of 31% are low compared to banks in other countries.
November 9, 2022
Traceability in Brazilian cattle and soy supply chains
This report discusses the traceability requirement of the new EU regulation on deforestation-free products and the feasibility of its implementation in cattle and soy supply chains in Brazil. Traceability is crucial to ensure that commodity production is not linked to deforestation or forest degradation.
November 7, 2022
Profiting from the construction and hotel boom in Qatar (FIFA World cup 2022)
Almost half (47%) of the financing to construction and hospitality companies active in Qatar is provided by European banks, pension funds and insurance companies. Billions of dollars have been spent on these projects and multimillion profits have been made by the contracted and subcontracted companies. But the migrant workers, whose labour is key to the success of the FIFA World cup 2022, are not benefitting from this.
November 1, 2022
Dutch Fair Insurance Guide, 7th update
This is the 7th update of the policy assessment of the Dutch Fair Insurance Guide. In this report the policies of sixteen insurance companies in the Netherlands regard to a.o. climate change, health, nature, human rights, and animal welfare have been analysed and scored.

October 2022

October 25, 2022
Dutch financial sector financed emissions
Profundo assessed the financed emissions of the three largest Dutch banks, and the investment portfolios of five Dutch insurance companies and eight pension funds. 13 Dutch financial institutions are responsible for 244 million tons of CO2 emissions, almost 1,5x the annual domestic emissions of the Netherlands. Banks had the most polluting portfolios, ING, ABN AMRO en Rabobank are responsible for 60% of these emissions. The financial sector can be considered a major polluting industry due to the greenhouse gas (GHG) emissions associated with their investment and lending portfolios. With their investments in polluting companies in eg. oil&gas they have a harmful impact on climate change.
October 18, 2022
Forests & Finance database update 2022
The Forests & Finance Coalition launched the 2022 update of its database on global financial flows towards deforestation-risk commodities, as well as updated policy assessments of the 200 most important banks and investors in global forest-risk commodities in tropical forest regions. Since the Paris agreement was signed, banks have pumped USD 267 billion into forest-risk commodity companies, and as of September 2022, investors held USD 40 billion in bonds and shares in forest-risk commodities. On top of that, almost none of the biggest banks and investors have sufficient Environmental, Social and Governance (ESG) policies in place.
October 14, 2022
Vaca Muerta Basin: An Oil & Gas Trap
The sum of all hidden costs of Vaca Muerta in Argentina, one of the world’s largest oil and shale-gas fracking sites, to global society could exceed US$5.6 trillion, which represents 13 times Argentina’s current public debt of US$420 billion. Commissioned by, Profundo studied the narrative that Vaca Muerta would be necessary to overcome Argentina’s economic crisis. Furthermore, the report highlights the role of the The World Bank and the International Monetary Fund in the expansion of Vaca Muerta. Vaca Muerta in Argentina is among the world’s largest oil and shale-gas fracking sites. The climate movement in Argentina and globally have been fighting it for many years, exposing local environmental impacts as well as the contradiction of such fossil fuel projects with the goal to limit global temperature rise to 1.5ºC.
October 7, 2022
Labour rights risks in the Latin American mining sector
Profundo provided a sector analysis mapping the mineral supply chain from Bolivia, Peru, and Colombia in terms of producers, traders, European buyers, and financiers, their Corporate Social Responsibility (CSR) policies and practices, as well as the potential impacts of market trends on labour rights. The transition to renewable energies is connected to a rapidly increasing demand for a large number of minerals. This run for minerals is connected to high risks to human rights in these supply chains, but often, the lack of transparency regarding mineral flows makes it difficult to hold companies accountable for their HRDD responsibilities. This hampers any possibilities for a truly just transition.
October 6, 2022
Global Coal Exit List 2022
The 2022 update of the “Global Coal Exit List” (GCEL) has been released. The GCEL provides in-depth data on over 1,000 companies and over 1,800 subsidiaries operating along the thermal coal value chain. Profundo provided the financial data. Analysis shows that 46% of companies on the GCEL are still developing new coal assets and only less than 3% of GCEL companies have announced timely coal exit dates.
October 24, 2022
Financial Materiality in Latin American Soy and Beef Supply
This analysis calculates the profit that ten companies generate on their position in the supply chain of Latin American soy and beef. These commodities have a high risk of being linked to deforestation. The analysis can help to better assess the risks of deforestation in the context of highly limited data disclosure. The research was funded by the The Finance Hub, which was created by the Gordon and Betty Moore Foundation to advance sustainable finance.
October 17, 2022
Heidelberg Materials: Sustainability, Digitalization, Shareholders’ value
Profundo concludes that Heidelberg Materials (formerly: HeidelbergCement) is changing only slowly its CO2-intensive activities, while old-fashion shareholders’ value approach is intensified, and the ‘S’ from ESG is lower on the agenda. This PowerPoint was presented in a webinar for labour unions, worldwide, which are regularly negotiating with Heidelberg Materials. The study was commissioned/supported by IndustriALL Global Union Geneva, Building and Wood Workers' International (BWI) and European Federation of Building and Woodworkers (EFBWW).
October 10, 2022
End-term evaluation. Strengthening La Via Campesina for Peasant Action Social Justice Organising (PASO JUSTO)
This project entails an end-term evaluation of the project ‘Strengthening La Via Campesina for Peasant Action Social Justice Organising’ (PASO JUSTO), from 2017 to 2022. The evaluation focussed on the role played by the IPC Facilitation Committees (FC) and the IPC International and Regional Secretariats (the Secretariats) in strengthening the capacity of small-scale producers to participate in decision-making. The evaluation relied mainly on semi-structured interviews with key informants, including members of the IPC FC and the Secretariats, as well as representatives of the IPC support organisations. The findings show a mixed picture with positive and less positive results.
October 6, 2022
Insurance investments in fur and exotic leather
This report, commissioned by the Eerlijke Verzekeringswijzer (Fair Insurance Guide NL) in cooperation with Bont voor Dieren, analyses investments in four major fashion houses by eight insurance companies that are active in the Netherlands. The study is an update of a 2016 study on the same topic. The study finds that, except for CZ, all insurance companies included in this study invested in at least one of the four selected fashion houses. Together they invested €1.3 billion in fashion houses that use exotic animal skin for clothing, bags and shoes. This is despite the continued use of fur and exotic leather by these fashion houses, and despite the absence of proper transparency, sourcing, or animal welfare policies.
October 4, 2022
Energy Communities in the EU
This report provides a substantial overview of the financing tools and mechanisms that are currently available to energy communities in the EU. Using detailed examples, the report examines the different opportunities and barriers faced by energy communities when accessing private or public funds. Energy communities need specified support in order to access the funds they need for getting their project off the ground. The recommendations presented will enable local, national and EU leaders to provide access to financing mechanisms, and ultimately make it less difficult for Energy Communities to become an integral part of the energy transition.
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