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Beauty and the beast Norway’s investments in rainforest protection and rainforest destruction
23
Mar
ch 2
012
© R
ainf
ore
st F
oun
dat
ion
No
rway
and
F
rien
ds
of
the
Ear
th N
orw
ay
Rai
nfo
rest
Fo
und
atio
n N
orw
ay
(Reg
nsko
gfo
ndet
) fig
hts
to p
rese
rve
the
wo
rld
’s r
ainf
ore
sts
and
ens
ure
the
rig
hts
of
ind
igen
ous
peo
ple
s an
d f
ore
st d
epen
den
t co
mm
unit
ies,
in c
oo
per
atio
n w
ith
mo
re
than
10
0 lo
cal i
ndig
eno
us a
nd e
nviro
n-m
enta
l org
aniz
atio
ns in
So
uthe
ast
Asi
a,
Cen
tral
Afr
ica
and
the
Am
azo
n. R
ainf
ore
st
Fo
und
atio
n N
orw
ay s
upp
ort
s p
roje
cts
in t
en
coun
trie
s, in
all
thre
e ra
info
rest
co
ntin
ents
. In
No
rway
we
wo
rk o
n ra
isin
g a
war
enes
s ab
out
the
rai
nfo
rest
and
pre
vent
ing
N
orw
egia
n p
olit
ics
and
bus
ines
s in
tere
sts
fro
m c
ont
rib
utin
g t
o r
ainf
ore
st d
estr
ucti
on.
Fri
end
s o
f th
e E
arth
No
rway
(N
atur
vern
forb
und
et)
is N
orw
ay’s
larg
est
and
old
est
envi
ronm
enta
l org
anis
atio
n.
Our
20
,00
0 m
emb
ers
and
ap
pro
xim
atel
y 10
0 lo
cal g
roup
s ar
e w
ork
ing
to
so
lve
envi
ronm
enta
l iss
ues
bo
th lo
cally
and
g
lob
ally
. We
are
a p
art
of
Fri
end
s o
f th
e E
arth
Inte
rnat
iona
l - t
he w
orl
d’s
larg
est
gra
ssro
ots
env
iro
nmen
tal n
etw
ork
.
Fo
r en
qui
ries
, co
ntac
t:R
ainf
ore
st F
oun
dat
ion
No
rway
Gre
nsen
9b
, 015
9 O
slo
No
rway
Tel.
(+4
7) 2
3 10
95
00
Em
ail:
rain
fore
st@
rain
fore
st.n
o
ww
w.r
ainf
ore
st.n
o
The
rep
ort
is p
rod
uced
wit
h fu
ndin
g
fro
m N
ora
d –
The
No
rweg
ian
Ag
ency
fo
r D
evel
op
men
t C
oo
per
atio
n.
Co
ntri
but
ors
:E
rik
Hag
enN
ils H
erm
ann
Ran
umV
emun
d O
lsen
Ola
Ska
alvi
k E
lvev
old
Bår
d L
ahn
Cov
er p
hoto
:O
ilsp
ill in
the
per
uvia
n ra
info
rest
. (P
hoto
: Ann
e G
rønl
und
/Rai
nfo
rest
F
oun
dat
ion
No
rway
)
Des
ign:
Co
nco
rde
Des
ign
Rai
nfo
rest
Fo
und
atio
nN
orw
ay
Bea
uty
and
the
bea
st
No
rway
’s in
vest
men
ts in
rai
nfo
rest
pro
tect
ion
and
rai
nfo
rest
des
truc
tio
n
EX
EC
UT
IVE
SU
MM
AR
Y: 4
WH
Y N
OR
WA
Y W
AN
TS
TO
SA
VE
TH
E R
AIN
FO
RE
ST
�6
MA
IN D
RIV
ER
S O
F D
EF
OR
ES
TAT
ION
Oil
pal
m p
lant
atio
ns�
9O
il an
d g
as�9
Min
ing
sec
tor�
10C
attl
e ra
nchi
ng�
10Lo
gg
ing
and
the
pul
p in
dus
try�
11S
oy p
rod
ucti
on�
12H
ydro
elec
tric
po
wer
�13
TH
E N
OR
WE
GIA
N G
OV
ER
NM
EN
T P
EN
SIO
N F
UN
D�
14
CA
SE
ST
UD
IES
:�17
Wilm
ar: t
urni
ng r
ainf
ore
st in
to c
oo
king
oil�
18C
hevr
on:
the
oil
gia
nt r
unni
ng f
rom
just
ice�
21
MA
SS
IVE
GR
OW
TH
: N
OR
WE
GIA
N IN
VE
ST
ME
NT
S IN
HIG
H-R
ISK
IND
US
TR
IES
�24
DR
IVE
RS
OF
DE
FO
RE
STA
TIO
N A
ND
TH
E U
N C
LIM
AT
E T
ALK
S�
28
RE
CO
MM
EN
DA
TIO
NS
�29
NO
TE
S�
30
Photo: Anja Lillegraven/Rainforest Foundation Norway
45
Exe
cuti
ve S
umm
ary
The
No
rweg
ian
gov
ernm
ent
inve
sts
mas
sive
ly a
nd in
crea
sing
ly in
ind
us-
trie
s th
at a
re r
esp
ons
ible
fo
r se
rio
us
des
truc
tio
n o
f th
e tr
op
ical
fo
rest
s.
Thro
ugh
its
cont
rove
rsia
l pen
sio
n fu
nd, N
orw
ay is
vio
lati
ng it
s in
ter-
nati
ona
l co
mm
itm
ents
to
red
uce
its
par
tici
pat
ion
in d
efo
rest
atio
n.
Nor
way
, a sm
all E
urop
ean
coun
try
with
onl
y fiv
e m
illio
n in
habi
tant
s, is
in m
ost c
onte
xts n
ot
an im
port
ant p
laye
r in
inte
rnat
iona
l affa
irs. Y
et,
in tw
o ar
eas,
the
Nor
weg
ian
gove
rnm
ent c
an b
e sa
id to
be
a su
perp
ower
. Firs
tly, f
uelle
d by
larg
e re
venu
es fr
om it
s offs
hore
pet
role
um in
dustr
y, it
has b
uilt
up th
e w
orld
’s bi
gges
t sov
erei
gn w
ealth
fu
nd, o
ften
refe
rred
to a
s the
Pen
sion
Fund
(G
PFG
, see
bel
ow).
Thro
ugh
this
fund
, Nor
way
co
ntro
ls an
incr
easin
g pa
rt o
f the
wor
ld’s
econ
-om
y. Se
cond
ly, a
t the
oth
er e
nd o
f the
spec
trum
, N
orw
ay h
as ta
ken
the
lead
in th
e in
tern
atio
nal
cam
paig
n to
save
the
wor
ld’s
rem
aini
ng ra
info
r-es
ts, o
ften
refe
rred
to a
s RED
D+1
.
Regr
etta
bly,
the
Nor
weg
ian
inve
stmen
ts th
roug
h th
e pe
nsio
n fu
nd a
re d
irect
ly u
nder
min
ing
the
wor
k th
at th
e sa
me
gove
rnm
ent i
s doi
ng o
n ra
info
rest
prot
ectio
n. A
s of 2
012
the
Nor
weg
ian
gove
rnm
ent h
as in
veste
d 27
tim
es m
ore
in th
e in
dustr
y se
ctor
s tha
t are
des
troyi
ng th
e ra
info
rest
than
it h
as p
ledg
ed to
spen
d on
savi
ng it
.
The
inve
stmen
ts of
the
Nor
weg
ian
Min
istry
of
Fina
nce
thro
ugh
this
fund
(offi
cial
nam
e: th
e N
orw
egia
n G
over
nmen
t Pen
sion
Fund
– G
loba
l (G
PFG
)) il
lustr
ate
a cr
itica
l inc
oher
ence
in th
e N
orw
egia
n go
vern
men
t’s a
ppro
ach
to th
e pr
otec
-tio
n of
the
wor
ld’s
rem
aini
ng ra
info
rests
. This
unde
rmin
es it
s cha
nces
of a
chie
ving
pos
itive
re
sults
thro
ugh
the
rain
fore
st in
itiat
ive.
Mor
eo-
ver,
the
scop
e of
the
inve
stmen
ts is
so fa
r-re
ach-
ing
that
Nor
way
is in
fact
vio
latin
g its
inte
rna-
tiona
l obl
igat
ions
. At t
he 2
010
UN
sum
mit
on
clim
ate
chan
ge in
Can
cún,
Nor
way
and
all
othe
r co
untr
ies c
omm
itted
to re
duce
thei
r inv
olve
men
t in
def
ores
tatio
n. B
y in
crea
sing
its in
vestm
ents
in h
igh-
risk
sect
ors t
hat a
re m
ajor
forc
es b
ehin
d de
fore
statio
n an
d fo
rest
degr
adat
ion,
Nor
way
is
doin
g th
e op
posit
e.
Incr
easi
ng in
vest
men
ts in
ra
info
rest
des
truc
tio
nIn
200
7, N
orw
ay a
nnou
nced
its d
ecisi
on to
pr
ovid
e m
assiv
e su
ppor
t to
the
effor
ts of
dev
el-
opin
g co
untr
ies t
o pr
eser
ve th
eir r
ainf
ores
ts,
and
pled
ged
500
mill
ion
US
dolla
rs a
nnua
lly to
su
ppor
t RED
D+.
The
Nor
weg
ian
initi
ativ
e ha
s be
en w
idel
y co
mm
ende
d by
the
inte
rnat
iona
l co
mm
unity
.
How
ever
, thi
s rep
ort d
ocum
ents
anot
her,
huge
N
orw
egia
n in
vestm
ent r
elat
ed to
rain
fore
sts, g
en-
eral
ly u
nkno
wn
until
now
: Nor
way
has
inve
sted
13.7
bill
ion
USD
, in
73 d
iffer
ent c
ompa
nies
, in
pre
cise
ly th
e in
dustr
y se
ctor
s tha
t con
stitu
te
the
grea
test
thre
ats t
o th
e sa
me
fore
sts. F
rom
oil
palm
pla
ntat
ions
on
Born
eo a
nd o
il dr
illin
g an
d be
ef p
rodu
ctio
n in
the
Amaz
on, t
o m
inin
g in
th
e hi
ghla
nds o
f Pap
ua N
ew G
uine
a an
d tim
ber
logg
ing
in v
irgin
fore
sts o
f Con
go, m
ultin
atio
nal
com
pani
es a
re p
layi
ng a
key
role
in d
estro
ying
tro
pica
l for
ests
- with
the
Nor
weg
ian
gove
rnm
ent
as c
o-ow
ners
.
This
is pr
ovin
g to
be
a lu
crat
ive
busin
ess f
or
the
argu
ably
rich
est c
ount
ry in
the
wor
ld. O
ur
inve
stiga
tions
into
the
late
st an
nual
repo
rt fr
om
the
Nor
weg
ian
gove
rnm
ent’s
Pen
sion
Fund
, pub
-lis
hed
16 M
arch
201
2, sh
ow th
at th
e va
lue
of th
e co
ntro
vers
ial i
nves
tmen
ts in
hig
h-ris
k in
dustr
ies
wid
ely
know
n to
be
maj
or d
river
s of r
ainf
ores
t de
struc
tion
has i
ncre
ased
by
13.6
% in
a y
ear o
f ot
herw
ise n
egat
ive g
row
th o
f the
Fun
d. Th
e va
lue
of th
e to
tal s
hare
s in
the
fund
exp
erie
nced
an
8.
8 %
dec
reas
e in
2011
.
Und
erm
inin
g t
he c
hanc
e
of
succ
ess
Thes
e N
orw
egia
n in
vestm
ents
dire
ctly
und
er-
min
e in
tern
atio
nal e
ffort
s und
erw
ay a
re b
eing
do
ne in
tern
atio
nally
to p
rote
ct th
e ra
info
rest
– as
w
ell a
s dea
ling
a m
assiv
e bl
ow to
the
cred
ibili
ty
of th
e N
orw
egia
n go
vern
men
t as a
supp
orte
r or
even
pio
neer
of t
hese
initi
ativ
es. Th
e N
orw
egia
n go
vern
men
t is a
dire
ct o
wne
r and
fina
ncie
r of
the
sam
e de
fore
statio
n th
at it
s prim
e m
inist
er
is tr
ying
to h
alt.
Whi
le th
e C
ancú
n Ag
reem
ent
requ
ires t
ropi
cal c
ount
ries t
o ha
ve a
con
siste
nt
fore
st po
licy,
the
sam
e co
here
nce
is ob
viou
sly
not n
eede
d fro
m a
dev
elop
ed d
onor
cou
ntry
like
N
orw
ay.
Nat
iona
l gov
ernm
ents
are r
espo
nsib
le fo
r sus
tain
-ab
ly m
anag
ing
the n
atur
al we
alth
of th
eir co
un-
tries
and
pres
ervi
ng it
in th
e bes
t int
eres
ts of
their
cit
izens
. Sev
eral
gove
rnm
ents
in ra
info
rest
coun
tries
ha
ve in
deed
expr
esse
d a c
lear w
ill to
halt
or r
educ
e de
fore
statio
n. H
owev
er, p
arall
el to
the f
ores
t pro
tec-
tion
prog
ram
mes
that
the g
over
nmen
ts ca
rry
out a
s pa
rt of
the i
nter
natio
nal R
EDD
+ in
itiat
ive,
thos
e sa
me g
over
nmen
ts sy
stem
atica
lly al
loca
te li
cenc
es
for t
he in
dustr
ial d
evelo
pmen
t – an
d de
struc
tion
– of
their
rain
fore
st ar
eas.
The n
egat
ive e
nviro
nmen
tal
effec
ts of
thes
e lice
nses
are o
ften
far-r
angi
ng, a
s m
ost o
f the
key
sect
ors d
rivin
g de
fore
statio
n ar
e w
idely
asso
ciate
d w
ith il
licit
activ
ities
, lik
e ille
gal
logg
ing
and
fore
st cle
aran
ce.
The
Nor
weg
ian
Pens
ion
Fund
(GPF
G) p
lace
s its
mon
ey in
thes
e in
dustr
ies.
Fund
man
ager
s ar
e gi
ven
cart
e bla
nche
to b
asic
ally
inve
st w
here
th
ey li
ke, a
nd a
re n
ot to
ld to
stee
r aw
ay fr
om
cert
ain
envi
ronm
enta
lly c
ritic
al se
ctor
s. Th
e on
ly m
echa
nism
for a
void
ing
such
und
esira
ble
inve
stmen
ts is
a sp
ecia
lly e
stabl
ished
Cou
ncil
of
Ethi
cs, m
anda
ted
to re
com
men
d to
the
Min
is-tr
y of
Fin
ance
that
cer
tain
unw
ante
d in
divi
dual
co
mpa
nies
be
excl
uded
. The
curr
ent o
rgan
isatio
n of
thei
s Cou
ncil
has p
rove
n in
adeq
uate
for c
op-
ing
with
the
mas
sive
and
incr
easin
g in
vestm
ents
in h
igh-
risk
indu
strie
s tha
t are
resp
onsib
le fo
r de
fore
statio
n an
d fo
rest
degr
adat
ion.
In a
ddi-
tion,
the
fund
man
ager
s are
exp
ecte
d to
be
activ
e ow
ners
of t
he c
ompa
nies
they
inve
st in
, but
due
to
lack
of t
rans
pare
ncy
it is
not k
now
n if
they
in
fact
are
. It r
emai
ns u
ncer
tain
, for
insta
nce,
if
the
Nor
weg
ian
gove
rnm
ent h
as e
ver t
aken
up
rain
fore
st co
ncer
ns w
ith a
ny o
f the
73
com
pani
es
men
tione
d in
this
repo
rt.
This
repo
rt gi
ves a
n ov
ervi
ew o
f the
sect
ors t
hat a
re
know
n to
cont
ribut
e mas
sively
to th
e des
truct
ion
of tr
opica
l for
ests,
and
the a
ssocia
ted
Nor
wegi
an
inve
stmen
ts. Th
ese s
ecto
rs ar
e the
oil
palm
indu
stry,
oil a
nd g
as, m
inin
g, ca
ttle r
anch
ing,
logg
ing
and
the p
ulp
indu
stry,
soy
prod
uctio
n an
d hy
droe
lectri
c po
wer.
In p
artic
ular
, the
repo
rt ex
plor
es tw
o ill
us-
trativ
e cas
es: t
he p
alm o
il in
dustr
y, an
d ex
tract
ive
indu
stries
.
The p
alm
oil i
ndus
try is
a se
ctor
that
has
bee
n re
spon
sible
in co
nver
ting
large
trac
ts of
fore
st in
to
mon
ocul
ture
. The b
igge
st eff
ects
are f
ound
in
Sout
heas
t Asia
, whe
re u
p to
70
% o
f the
oil
palm
pl
anta
tions
may
hav
e bee
n es
tabl
ished
thro
ugh
fore
sts cl
eara
nce.2
To il
lustr
ate t
his,
the r
epor
t ex
amin
es a
confl
ict th
at er
upte
d be
twee
n vi
llage
s an
d th
e com
pany
Wilm
ar In
tern
atio
nal L
td o
n th
e In
done
sian
islan
d of
Sum
atra
.
Com
pani
es c
arry
ing
out e
xtra
ctive
indu
stries
, suc
h as
oil
and
min
ing,
hav
e be
en h
eavi
ly in
volv
ed
in o
peni
ng u
p ot
herw
ise u
ntou
ched
rain
fore
sts,
and
expo
singi
ng th
em to
env
ironm
enta
l thr
eats.
M
any
coun
trie
s hav
e fra
gile
and
insu
ffici
ent
cont
rol s
yste
ms f
or st
oppi
ng th
e en
viro
nmen
tal
dam
age
infli
cted
by
such
com
pani
es. Th
is re
port
ex
amin
es th
e ca
se o
f Che
vron
Cor
p in
Ecu
ador
, w
here
the
natio
nal c
ourt
s in
2011
ord
ered
Che
v-ro
n to
pay
com
pens
atio
n fo
r its
dam
ages
to th
e fo
rest
and
com
mun
ities
. It h
as so
far t
aken
the
affec
ted
com
mun
ities
18
year
s to
hold
Che
vron
re
spon
sible
, but
Che
vron
has
refu
sese
d to
acc
ept
the
verd
ict o
f the
Ecu
ador
ian
cour
ts.
The r
epor
t con
clude
s with
a se
t of r
ecom
men
-da
tions
to en
sure
a m
inim
um o
f coh
eren
ce in
N
orw
ay’s
appr
oach
to ra
info
rest
prot
ectio
n an
d th
at
Nor
way
com
plies
with
its i
nter
natio
nal o
blig
atio
ns
to re
duce
its c
ontri
butio
n to
fore
st de
struc
tion.
Bea
uty
and
the
bea
st
– N
orw
ay’s
tw
o-f
aced
ap
pro
ach
to r
ainf
ore
st in
vest
men
ts
Fo
rest
pro
tec
tio
n
500
mill
. US
D p
led
ged
ann
ually
, to
the
UN
,
Wo
rld
Ban
k an
d t
rop
ical
fo
rest
co
untr
ies
Hig
h le
vel p
olit
ical
co
mm
itm
ent,
in N
orw
ay
and
inte
rnat
iona
lly
Fo
rest
de
str
uc
tio
n
13 7
00
mill
ion
US
D in
sha
res
73 c
om
pan
ies
wo
rld
wid
e
7 hi
gh-
risk
ind
ustr
ies,
wid
ely
kno
wn
to b
e
maj
or
dri
vers
of
def
ore
stat
ion
and
fo
rest
deg
rad
atio
n
Incr
ease
d in
vest
men
t, d
esp
ite
over
all
dec
line
in t
he f
und
’s v
alue
Ho
llow
rhe
tori
c o
f “
ethi
cal i
nves
tmen
t”
67
fore
sts st
ill st
ore
mor
e ca
rbon
than
cur
rent
ly
exist
s in
the
entir
e at
mos
pher
e.
Whe
n tro
pica
l for
ests
are
lost
or d
egra
ded,
it
also
dra
mat
ical
ly d
amag
es th
e ec
osys
tem
serv
ices
th
ese
fore
sts d
eliv
er, i
nclu
ding
bio
logi
cal d
iver
sity
and
the
regu
latio
n of
regi
onal
and
glo
bal r
ainf
all
and
clim
ate
patte
rns.
Trop
ical
rain
fore
sts su
ppor
t the
gre
ates
t div
ersit
y of
livi
ng o
rgan
isms o
n Ea
rth.
Sci
ence
has
yet
to
disc
over
mor
e th
an a
frac
tion
of th
e sp
ecie
s tha
t ex
ist in
thes
e fo
rests
, but
it is
esti
mat
ed th
at th
ey
are
hosts
to a
t lea
st ha
lf of
all
spec
ies o
f pla
nts
and
anim
als.
Man
y ra
info
rest
spec
ies a
re e
ndem
ic
and
thus
hig
hly
vuln
erab
le. D
efor
esta
tion
and
fore
st de
grad
atio
n ar
e m
ajor
cau
ses o
f the
acc
eler
-at
ing
rate
s of s
peci
es e
xtin
ctio
n.
Thes
e fo
rests
are
also
inha
bite
d by
mill
ions
of
peop
le, i
n pa
rtic
ular
indi
geno
us p
eopl
es a
nd
othe
r tra
ditio
nal c
omm
uniti
es, w
ho re
ly to
tally
on
the
fore
st fo
r the
ir m
ater
ial a
nd c
ultu
ral
surv
ival
. The
right
s of i
ndig
enou
s peo
ples
to
thei
r anc
estr
al te
rrito
ries a
re e
mbe
dded
in
inte
rnat
iona
l hum
an ri
ghts
law,
but
the
exte
nt
to w
hich
thei
r ten
ure
right
s are
reco
gnize
d in
na
tiona
l leg
islat
ion
and
actu
ally
impl
emen
ted
varie
s gre
atly.
Exp
erie
nce
has s
how
n th
at se
curin
g te
nure
righ
ts of
fore
st co
mm
uniti
es c
an se
rve
as a
ve
ry e
ffect
ive
barr
ier t
o de
fore
statio
n in
dev
elop
-in
g co
untr
ies .
9
Yet,
desp
ite w
hat w
e kn
ow a
bout
the
valu
e of
th
ese
fore
sts, e
very
yea
r abo
ut 1
3 m
illio
n he
ctar
es
of tr
opic
al fo
rest
disa
ppea
r10 .
In a
dditi
on, a
n eq
ually
larg
e ar
ea is
pro
babl
y be
ing
degr
aded
and
fra
gmen
ted
annu
ally.
11 W
hile
glo
bal t
ropi
cal
defo
resta
tion
and
fore
st de
grad
atio
n ha
s sho
wn
signs
of s
low
ing
dow
n in
rece
nt y
ears
, the
rate
sti
ll re
mai
ns a
larm
ingl
y hi
gh. T
oday
, the
mos
t ra
pid
defo
resta
tion
is ta
king
pla
ce in
Asia
. M
eanw
hile
, in
Cen
tral
Afri
ca, a
ggre
ssiv
e po
li-ci
es o
f iss
uing
logg
ing
licen
ces t
hrea
ten
to ra
ise
wha
t hav
e be
en re
lativ
ely
low
def
ores
tatio
n ra
tes.
How
ever
, the
re a
re m
ajor
regi
onal
diff
eren
ces
with
in th
he h
igh
glob
al ra
te o
f def
ores
tatio
n. In
th
e Br
azili
an A
maz
on, t
he ra
te o
f def
ores
tatio
n
The
impr
essio
n th
at N
orw
ay g
ives
to th
e w
orld
is
inde
ed im
pres
sive:
‘Litt
le N
orw
ay’ i
s the
big
gest
fund
er o
f glo
bal e
ffort
s to
save
the
enda
nger
ed
rain
fore
st.
‘At p
rese
nt d
efor
esta
tion
in tr
opic
al c
ount
ries
repr
esen
ts ab
out 2
0 pe
r cen
t of t
he a
nnua
l man
-m
ade
CO
2 em
issio
ns. I
n or
der t
o su
ccee
d in
our
str
uggl
e ag
ains
t clim
ate
chan
ge, w
e m
ust b
e ab
le
to st
op d
efor
esta
tion
glob
ally,
’ Nor
weg
ian
Prim
e M
inist
er Je
ns S
tolte
nber
g sta
ted
whe
n hi
s gov
-er
nmen
t in
2008
pro
udly
ann
ounc
ed a
1 b
illio
n U
SD p
acka
ge to
save
the
Amaz
on ra
info
rest.
3
‘In a
dditi
on to
the
clim
ate
effec
t, re
duce
d de
fore
statio
n in
the
Amaz
on w
ill a
lso c
ontr
ib-
ute
tow
ards
the
pres
erva
tion
of b
iodi
vers
ity a
nd
abor
igin
al p
eopl
es’ l
ivin
g ar
eas,’
Mr.
Stol
tenb
erg
wen
t on
to sa
y.
The
prim
e m
inist
er sa
id th
e ra
info
rest
prot
ectio
n is
“the
mos
t im
port
ant t
hing
we
are
doin
g in
the
wor
ld” 4
.
Des
troy
ing
the
ric
hest
ec
osy
stem
on
Ear
thTh
e N
orw
egia
n in
itiat
ive
has b
een
wid
ely
appl
aude
d by
the
inte
rnat
iona
l com
mun
ity, a
nd
with
goo
d re
ason
. Lar
ge sc
ale
and
inte
rnat
iona
l eff
orts
to st
op fo
rest
destr
uctio
n ar
e de
sper
atel
y ne
eded
. Sin
ce 1
990,
2.9
mill
ion
squa
re k
ilo-
met
res o
f tro
pica
l for
est h
ave
been
lost.
5 Th
is is
equa
lent
to m
ore
than
65
% o
f the
tota
l la
ndm
ass o
f the
Eur
opea
n U
nion
. As a
resu
lt,
in th
is pe
riod
som
e 10
6 bi
llion
tons
of c
arbo
n di
oxid
e ha
ve b
een
rele
ased
into
the
atm
osph
ere,
6 am
ount
ing
to m
ore
than
16
times
the
annu
al
gree
nhou
se g
as (G
HG
) em
issio
ns o
f the
USA
.7
The
urge
ncy
of sa
ving
the
tropi
cal f
ores
ts ha
s re
ceiv
ed re
new
ed a
ttent
ion
in th
e re
cent
yea
rs,
follo
win
g th
e gr
owin
g aw
aren
ess o
f the
dra
mat
ic
cons
eque
nces
that
trop
ical
fore
st cl
eara
nce
has
on th
e w
orld
’s to
tal G
HG
em
issio
ns. A
ccor
ding
to
the
UN
, the
bio
mas
s of t
he w
orld
’s fo
rests
and
th
e ec
osys
tem
s the
y m
aint
ain
store
mor
e th
an
650
giga
tonn
es o
f car
bon.
8 As
such
, the
wor
ld’s
Why
No
rway
wan
ts t
o
save
the
rai
nfo
rest
Photo: Jørgen Braastad
89
Dri
vers
of
def
ore
stat
ion
The
mai
n fa
cto
r b
ehin
d d
efo
rest
atio
n an
d f
ore
st d
egra
dat
ion
tod
ay is
the
glo
bal
dem
and
fo
r co
mm
od
itie
s ei
ther
har
vest
ed o
r ex
trac
ted
fro
m f
ore
st
area
s, o
r p
rod
uced
on
land
whe
re t
he f
ore
st h
as b
een
clea
red
. The
maj
or
agen
ts o
f d
efo
rest
atio
n ar
e b
usin
ess
corp
ora
tio
ns t
hat
sup
ply
the
glo
bal
mar
ket
in o
rder
to
mak
e a
pro
fit.
17 T
here
are
, ho
wev
er, i
mp
ort
ant
diff
eren
ces
as t
o w
hat
are
the
mo
st im
po
rtan
t d
irec
t d
rive
rs o
f d
efo
rest
atio
n in
the
var
i-
ous
rai
nfo
rest
reg
ions
of
the
wo
rld
, in
the
sens
e o
f w
hich
ind
ustr
ies
dir
ectl
y
caus
e th
e m
ost
dam
age
to t
he f
ore
st. W
here
as c
attl
e ra
nchi
ng, f
or
inst
ance
,
is t
he m
ain
culp
rit
in t
he B
razi
lian
Am
azo
n, o
il p
alm
pla
ntat
ions
po
se t
he
big
ges
t th
reat
to
the
fo
rest
s o
f In
do
nesi
a an
d M
alay
sia.
In t
he f
ollo
win
g, w
e
pre
sent
sev
en in
dus
trie
s w
hich
are
am
ong
the
maj
or
dri
vers
of
rain
fore
st
des
truc
tio
n g
lob
ally
.
Oil
pal
m p
lant
atio
ns
The
tw
o S
out
heas
t A
sian
co
untr
ies
Mal
aysi
a an
d In
do
nesi
a ar
e w
orl
d le
ad-
ers
in p
alm
oil
pro
duc
tio
n. T
he in
dus
try
has
leg
ally
and
ille
gal
ly c
onv
erte
d
hug
e sw
aths
of
the
two
co
untr
ies’
rai
nfo
rest
into
mo
nocu
ltur
e p
lant
atio
ns.
A s
urfa
ce a
rea
of
som
e 7
mill
ion
hect
ares
has
alr
ead
y b
een
turn
ed in
to
pla
ntat
ions
in In
do
nesi
a18, a
nd t
he g
over
nmen
t in
20
09
ann
oun
ced
pla
ns
to e
xpan
d b
y fu
rthe
r 18
mill
ion
hect
ares
19. T
he e
xpan
sio
n o
f th
e o
il p
alm
pla
ntat
ions
has
led
to
num
ero
us c
onfl
icts
wit
h in
dig
eno
us g
roup
s, a
s w
ell a
s
wid
esp
read
cri
tici
sm f
or
the
dis
astr
ous
env
iro
nmen
tal i
mp
act
of
the
mas
sive
fore
st d
estr
ucti
on.
As
of
31st
Dec
emb
er 2
011
, No
rway
had
inve
sted
in 2
1 p
alm
oil
com
pan
ies,
am
ong
the
m t
he S
ing
apo
re c
om
pan
y W
ilmar
Inte
rnat
iona
l,
whi
ch w
ill b
e fu
rthe
r ex
plo
red
bel
ow
.
Oil
and
gas
Co
mp
anie
s in
volv
ed in
oil
and
gas
are
pre
sent
in a
ll re
gio
ns o
f th
e ra
info
r-
est
bel
t. In
man
y ca
ses
this
ind
ustr
y is
the
firs
t to
op
en u
p u
nto
uche
d f
ore
st
area
s, s
etti
ng in
mo
tio
n a
pro
cess
of
gra
dua
l fo
rest
deg
rad
atio
n. T
he in
itia
l
exp
lora
tio
n p
hase
oft
en c
ons
ists
of
bui
ldin
g a
cces
s ro
ads
and
co
rrid
ors
fo
r
seis
mic
exp
lora
tio
n. E
xam
ple
s ab
oun
d o
f o
il o
per
atio
ns le
adin
g t
o e
xten
sive
cont
amin
atio
n o
f th
e so
il, r
iver
sys
tem
s an
d a
ir, w
ith
dev
asta
ting
eff
ects
on
the
fore
st e
cosy
stem
. Ind
igen
ous
peo
ple
s an
d o
ther
loca
l co
mm
unit
ies
oft
en
suff
er g
rave
co
nseq
uenc
es t
o t
heir
hea
lth
and
the
ir t
rad
itio
nal w
ay o
f lif
e.
(Fo
r m
ore
info
rmat
ion
abo
ut t
he im
pac
ts o
f th
e o
il in
dus
try
on
rain
fore
sts,
see
the
case
stu
dy
on
the
US
mul
tina
tio
nal c
om
pan
y C
hevr
on
Co
rp, p
rese
nt-
ed la
ter
in t
his
rep
ort
).
No
rwa
y’s
in
ve
stm
en
ts:
21 c
om
pan
ies
637
mill
ion
US
D
No
rwa
y’s
in
ve
stm
en
ts:
22 c
om
pan
ies
6,7
84
mill
ion
US
D
has b
een
redu
ced
by a
ppro
xim
atel
y 75
% si
nce
the
peak
yea
r 200
4. 12
No
rway
bec
om
es t
he
rain
fore
st s
uper
hero
In
200
7, d
urin
g th
e in
tern
atio
nal c
limat
e ne
gotia
tions
in B
ali (
CO
P13)
, Nor
way
pled
ged
up to
500
mill
ion
USD
ann
ually
to su
ppor
t eff
orts
to re
duce
em
issio
ns fr
om d
efor
esta
tion
and
fore
st de
grad
atio
n (R
EDD
+) in
dev
elopi
ng
coun
tries
. The
Nor
weg
ian
gove
rnm
ent’s
In
tern
atio
nal C
limat
e an
d Fo
rest
Initi
ativ
e w
as
esta
blish
ed in
200
8, to
turn
thes
e pr
omise
s int
o re
ality
. To
day,
Nor
way
is th
e w
orld
’s bi
gges
t fina
ncia
l do
nor t
o R
EDD
+ ac
tiviti
es, a
nd a
lead
ing
polit
i-ca
l adv
ocat
e of
a g
loba
l agr
eem
ent o
n R
EDD
+ th
roug
h th
e U
nite
d N
atio
ns F
ram
ewor
k C
on-
vent
ion
on C
limat
e C
hang
e (U
NFC
CC
).
Nor
way
’s cu
rren
t Prim
e M
inist
er Je
ns S
tolte
n-be
rg h
as st
ated
that
RED
D+
is ‘th
e m
ost i
mpo
r-ta
nt a
nd c
ost-e
ffect
ive
shor
t and
med
ium
-term
cl
imat
e ch
ange
miti
gatio
n op
port
unity
at o
ur
disp
osal
. (…
) it i
s cle
ar th
at k
eepi
ng b
elow
the
two
degr
ee c
limat
e th
resh
old
will
be
impo
s-sib
le w
ithou
t a si
gnifi
cant
redu
ctio
n in
trop
ical
de
fore
statio
n’.13
Sto
ltenb
erg
reco
gnize
s tha
t in
orde
r to
achi
eve
this
aim
, it w
ill b
e ne
cess
ary
to
coun
ter t
he p
ower
ful e
cono
mic
driv
ers o
f def
or-
esta
tion,
by
offer
ing
an a
ltern
ativ
e in
com
e str
eam
to
the
curr
ent m
odel
of u
nsus
tain
able
ext
ract
ion
of re
sour
ces.1
4
Som
e of
the
Nor
weg
ian
fund
ing
for R
EDD
is
chan
nelle
d th
roug
h m
ultil
ater
al in
stitu
tions
, su
ch a
s the
UN
-RED
D P
rogr
amm
e an
d th
e W
orld
Ban
k’s F
ores
t Car
bon
Part
ners
hip
Faci
lity.
Nor
way
has
also
ent
ered
into
bila
tera
l agr
ee-
men
ts w
ith k
ey ra
info
rest
coun
trie
s lik
e Br
azil,
In
done
sia a
nd G
uyan
a, w
ith th
e in
tent
ion
of
cont
ribut
ing
to ra
pid
and
dem
onstr
able
redu
c-tio
ns in
em
issio
ns fr
om d
efor
esta
tion.
In th
e ca
se
of B
razil
and
Indo
nesia
, Nor
way
has
com
mitt
ed
to p
ay u
p to
1 b
illio
n U
SD to
eac
h co
untr
y if
they
can
pro
ove
that
def
ores
tatio
n ha
s in
fact
be
en re
duce
d an
d th
at re
form
s and
act
iviti
es
lead
ing
to a
mor
e su
stain
able
man
agem
ent o
f fo
rests
hav
e be
en u
nder
take
n.
Diff
eren
t ru
les
for
diff
eren
t p
laye
rs
At th
e cl
imat
e su
mm
it in
Can
cún
it w
as a
gree
d,
with
supp
ort f
rom
Nor
way
, tha
t dev
elop
ing
coun
trie
s par
ticip
atin
g in
RED
D+
mus
t ens
ure
that
thei
r pol
icie
s rel
ated
to fo
rests
are
con
sist-
ent a
nd in
line
with
the
coun
trie
s’ in
tern
atio
nal
oblig
atio
ns15
. But
this
is no
t eas
y, as
influ
entia
l in
tere
sts a
re p
ullin
g in
the
oppo
site
dire
ctio
n. In
m
any
coun
trie
s, th
e m
inist
ries o
f for
estr
y, en
ergy
an
d ag
ricul
ture
hav
e a
com
plet
ely
diffe
rent
ag
enda
, and
muc
h m
ore
pow
er, t
han
the
ofte
n sm
all a
nd m
argi
nalis
ed m
inist
ry o
f the
env
iron-
men
t. Pr
essu
re fr
om th
ese
min
istrie
s fre
quen
tly
stem
s fro
m a
n ag
gres
sive
priv
ate
sect
or. Th
is ca
n ex
plai
n ho
w th
e en
tire
Peru
vian
Am
azon
has
now
be
en o
pene
d up
to th
e oi
l ind
ustr
y, an
d ho
w
Papu
a N
ew G
uine
a ha
s suc
cum
bed
to p
ress
ures
fro
m th
e tim
ber s
ecto
r.
Yet,
whi
le N
orw
ay re
quire
s coh
eren
ce fr
om th
e re
lativ
ely
wea
k re
ceiv
ing
state
s, th
e sa
me
crite
ria
are
not a
pplie
d w
hen
it co
mes
to N
orw
egia
n po
licie
s tha
t affe
ct th
e ra
info
rest
- lik
e th
e Pe
n-sio
n Fu
nd’s
inve
stmen
t pol
icy.
Nor
way
is a
larg
e in
vesto
r in
the
coal
sect
or in
Indo
nesia
, whi
ch in
tu
rn is
opp
osed
to N
orw
ay’s
fore
st pa
rtne
rshi
p w
ith In
done
sia.
‘Ther
e is
som
e lig
ht a
t the
end
of t
he tu
nnel’
, sta
ted
the
busin
ess j
ourn
al In
done
sian
Coa
l Re
port
, in
an a
rtic
le w
ith th
e ill
ustr
ativ
e tit
le
‘Def
ores
tatio
n m
orat
oriu
m h
as th
e po
tent
ial t
o fru
strat
e in
vesto
rs’.16
Acc
ordi
ng to
this
artic
le:
Whi
le N
orw
ay w
ill b
e ho
ping
Indo
nesia
ext
ends
th
e de
fore
statio
n m
orat
oriu
m in
defin
itely,
the
gove
rnm
ent o
f the
Sou
th E
ast A
sian
natio
n ha
s on
ly a
gree
d to
the
polic
y un
til th
e en
d of
201
3.
By th
en, p
ress
ure
from
an
inte
rnat
iona
l mar
ket
hung
ry fo
r new
sour
ces o
f the
rmal
coa
l may
pr
ove
pers
uasiv
e en
ough
to h
ave
the
gove
rnm
ent
serio
usly
con
sider
ing
the
long
-term
eco
nom
ic
bene
fits o
f ext
endi
ng th
e de
fore
statio
n ag
ree-
men
t.
Furt
her:
‘It se
rves
Indo
nesia
in th
e sh
ort-t
erm
to
take
Nor
way
’s bi
llion
dol
lars
, but
you
don
’t ha
ve to
be
a fo
rtun
e te
ller t
o re
alize
the
coun
try’s
lo
ng-te
rm in
tere
sts li
e in
allo
win
g ne
w m
inin
g co
nces
sions
into
the
futu
re’,
an in
dustr
y ob
serv
er
said
to In
done
sia C
oal R
epor
t.
1011
in t
he A
maz
on
trip
led
fro
m 19
90
to
20
0825
, a d
evel
op
men
t w
hich
has
bee
n
dire
ctly
res
po
nsib
le fo
r la
rge-
scal
e d
estr
ucti
on
of
the
fore
st.
A la
ndm
ark
Gre
enp
eace
rep
ort
in 2
00
926
do
cum
ente
d t
he m
assi
ve il
leg
al
clea
ranc
e o
f fo
rest
are
as u
nder
take
n b
y ca
ttle
ran
cher
s w
ho s
old
the
ir h
erd
s
to t
he t
hree
larg
est
Bra
zilia
n sl
aug
hter
hous
es. T
hese
co
mp
anie
s th
en e
x-
po
rted
the
mea
t an
d a
nim
al h
ides
to
fo
od
and
leat
her
pro
duc
t re
taile
rs a
ll
over
the
wo
rld
. The
se t
hree
co
rpo
rate
lead
ers
tog
ethe
r ac
coun
ted
fo
r ov
er a
qua
rter
of
Bra
zil’s
ent
ire
mea
t p
rod
ucti
on,
and
ove
r a
thir
d o
f al
l pro
cess
ed
mea
t in
the
co
untr
y. T
he N
orw
egia
n P
ensi
on
Fun
d h
as in
vest
ed in
all
thre
e
slau
ght
erho
uses
, and
as
of
31 D
ecem
ber
20
11, t
here
wer
e st
ill N
orw
egia
n
inve
stm
ents
in o
ne o
f th
em.
Sho
rtly
aft
er t
he G
reen
pea
ce r
epo
rt, t
he B
razi
lian
com
pan
ies
pro
mis
ed t
o
imp
lem
ent
stri
ct c
ont
rol o
ver
thei
r su
pp
ly c
hain
s. T
hro
ugh
the
200
9 ‘m
eat
mo
rato
rium
’ whi
ch t
hey
all s
igne
d, t
he c
om
pan
ies
com
mit
ted
to
no
t b
uyin
g
fro
m t
erri
tori
es t
hat
had
bee
n re
cent
ly d
efo
rest
ed.
At
firs
t g
lanc
e, t
he m
ora
tori
um s
eem
s to
hav
e b
een
at le
ast
par
tly
succ
essf
ul.
Inve
stig
atio
ns f
rom
the
pas
t tw
o y
ears
sho
w t
hat
the
def
ore
stat
ion
fro
m t
he
larg
er f
arm
s, w
hich
sup
ply
the
sla
ught
erho
uses
, has
dec
reas
ed s
igni
fica
ntly
.
But
the
sla
ught
erho
uses
co
uld
to
day
sti
ll b
e co
ntri
but
ing
to
def
ore
stat
ion
tod
ay, a
cco
rdin
g t
o R
ob
erto
Sm
eral
di
fro
m A
mig
os
da
Terr
a A
maz
oni
a
Bra
sile
ira,
who
has
fo
llow
ed t
he e
ffec
ts o
f th
e ca
ttle
ind
ustr
y ov
er s
ever
al
year
s.27
He
emp
hasi
zes
that
the
re a
re la
rge
loo
pho
les
in t
he m
ora
tori
um: T
he d
e-
fore
stat
ion
is n
ow
do
ne b
y sm
all-
scal
e ca
ttle
ran
cher
s o
ut o
n th
e ra
info
rest
fro
ntie
r, w
here
the
cal
ves
are
rais
ed. T
hose
yo
ung
cal
ves
are
then
so
ld t
o
larg
er r
anch
es, w
hich
the
mse
lves
hav
e fu
lfille
d t
he o
blig
atio
n no
t to
des
troy
the
rain
fore
st. T
hese
ran
ches
in t
urn
sell
the
sam
e, f
atte
ned
cat
tle
to t
he
slau
ght
erho
uses
. All
this
is in
line
wit
h th
e d
eman
ds
of
the
mo
rato
rium
.
‘The
mo
rato
rium
is n
ot
som
ethi
ng t
hat
can
be
cons
ider
ed a
s a
sust
aina
ble
inst
rum
ent
over
tim
e. A
t th
e m
om
ent
it w
as s
igne
d, w
e ha
d s
kyro
cket
ing
rate
s o
f d
efo
rest
atio
n, a
nd it
was
a u
sefu
l ins
trum
ent
to s
end
a m
essa
ge
to
the
mai
n st
ream
ran
cher
s th
at t
he p
rocu
rem
ent
crit
eria
are
go
ing
to
cha
nge’
,
acco
rdin
g t
o S
mer
ald
i.
Log
gin
g a
nd t
he p
ulp
ind
ustr
y
Alt
houg
h fo
rest
s ca
n b
e a
rene
wab
le s
our
ce o
f w
oo
d-b
ased
mat
eria
ls, l
arg
e-
scal
e lo
gg
ing
has
fo
r d
ecad
es b
een
hig
hly
unsu
stai
nab
le f
or
dec
ades
and
has
led
to
ser
ious
fo
rest
des
truc
tio
n in
man
y o
f th
e ke
y ra
info
rest
are
as o
f
the
wo
rld
.
Tim
ber
is t
he r
aw m
ater
ial f
or
pap
er p
rod
ucti
on,
and
the
exp
and
ing
pul
p a
nd
pap
er in
dus
try
has
exp
and
ed in
tro
pic
al c
oun
trie
s ov
er t
he la
st y
ears
.28 In
Ind
one
sia,
in p
arti
cula
r, ha
s se
en t
hat
log
gin
g o
f na
tura
l fo
rest
s ha
s fe
d t
he
pul
p m
ills,
wit
h va
st f
ore
st a
reas
bei
ng c
lear
-cut
to
mak
e w
ay f
or
pla
ntat
ions
wit
h fa
st-g
row
ing
exo
tic
spec
ies
to s
upp
ly r
aw m
ater
ials
to
the
pul
p in
dus
try.
No
rwa
y’s
in
ve
stm
en
ts:
7 co
mp
anie
s 6
47
mill
ion
US
D
The
cattl
e in
dustr
y is
the
singl
e m
ost i
mpo
rtan
t driv
er o
f def
ores
tatio
n in
the
Braz
ilian
Am
azon
. Th
is im
age
show
s cat
tle in
an
indi
geno
us te
rrito
ry, f
rom
whi
ch o
ne o
f the
com
pani
es so
urce
d its
m
eat a
fter t
he m
orat
oriu
m w
as si
gned
. Pho
to: R
odrig
o Ba
leia
/Gre
enpe
ace.
Min
ing
sec
tor
Larg
e d
epo
sits
of
valu
able
met
als
and
min
eral
s lik
e g
old
, nic
kel,
bau
xite
and
co
pp
er, a
s w
ell a
s o
ther
res
our
ces
like
coal
, are
min
ed a
nd e
xplo
red
in
virt
ually
all
rain
fore
st c
oun
trie
s. S
uch
min
ing
oft
en e
ntai
ls c
lear
ing
of
larg
e
trac
ts o
f la
nd in
ord
er t
o a
cces
s th
e su
b-s
oil
reso
urce
s. M
inin
g h
as a
lso
bee
n
rela
ted
to
sev
eral
larg
e-sc
ale
cont
amin
atio
n in
cid
ents
due
to
po
or
trea
tmen
t
and
sto
rag
e o
f th
e so
met
imes
dan
ger
ous
tai
ling
mat
eria
l.
In t
he S
out
h A
mer
ican
co
untr
y o
f G
uyan
a, g
old
exp
lora
tio
n ha
s b
eco
me
one
of
the
big
ges
t d
rive
rs o
f d
efo
rest
atio
n, w
ith
Can
adia
n co
mp
anie
s le
adin
g t
he
way
. Fro
m 2
00
0 t
o 2
00
8, m
inin
g-r
elat
ed d
efo
rest
atio
n in
Guy
ana
trip
led
.�20
In E
ast
Kal
iman
tan,
an
Ind
one
sian
pro
vinc
e o
n th
e is
land
of
Bo
rneo
, co
al
exp
loit
atio
n ha
s co
ntri
but
ed t
o t
he d
estr
ucti
ons
of
larg
e ar
eas
of
rain
fore
st. A
loca
l env
ironm
enta
l gro
up, J
atam
, war
ned
in 2
011
tha
t 27
riv
ers
in K
alim
anta
n
had
co
mp
lete
ly d
isap
pea
red
fo
llow
ing
the
min
ing
. ‘N
earl
y al
l min
ing
firm
s in
Eas
t K
alim
anta
n fa
iled
to
do
pro
per
land
res
tora
tio
ns a
fter
the
ir e
xcav
atio
ns’,
the
gro
up r
epo
rted
. The
y sa
id t
he m
inin
g li
cenc
e in
the
pro
vinc
e co
vere
d 5
.6
mill
ion
hect
ares
, bo
th a
war
ded
by
the
cent
ral g
over
nmen
t in
Jak
arta
, and
by
the
loca
l gov
ernm
ents
in t
he p
rovi
nce�
.21 M
ore
over
, fo
ur m
illio
n he
ctar
es o
f fo
r-
est
are
furt
herm
ore
pla
nned
to
be
giv
en t
o t
he c
oal
co
mp
anie
s in
Kal
iman
tan
bef
ore
20
30�.22
Cat
tle
ranc
hing
Var
ious
stu
die
s at
trib
ute
bet
wee
n 61
and
75
% o
f th
e d
efo
rest
atio
n o
f th
e en
tire
Bra
zilia
n A
maz
on
to t
he e
xpan
sio
n o
f ca
ttle
ran
chin
g.23
24
The
cat
tle
herd
sto
ck
No
rwa
y’s
in
ve
stm
en
ts:
16 c
om
pan
ies
4,0
25 m
illio
n U
SD
No
rwa
y’s
in
ve
stm
en
ts:
1 co
mp
any
mill
ion
US
D
1213
How
ever
, the
soy
ind
ustr
y al
so c
ont
rib
utes
ind
irec
tly
to d
efo
rest
atio
n, b
y
buy
ing
def
ore
sted
cat
tle
pas
ture
s in
the
Cer
rad
o a
nd A
maz
on
reg
ions
and
ther
eby
pus
hing
the
cat
tle
ranc
hers
fur
ther
into
the
rai
nfo
rest
.38 E
xpan
sio
n
of
the
soyb
ean
ind
ustr
y is
als
o u
sed
to
just
ify h
ighw
ay c
ons
truc
tio
n, w
hich
in
turn
has
op
ened
pre
vio
usly
inac
cess
ible
are
as o
f th
e A
maz
on
to d
efo
rest
atio
n.
Hyd
roel
ectr
ic p
ower
Alm
ost
all
rain
fore
st c
oun
trie
s ar
e ei
ther
dev
elo
pin
g o
r em
erg
ing
eco
nom
ies
– in
nee
d o
f ch
eap
and
sus
tain
able
ene
rgy
sour
ces
for
thei
r g
row
ing
po
pu-
lati
ons
. Lar
ge
hyd
roel
ectr
ic p
roje
cts
have
cau
sed
ext
ensi
ve f
ore
st lo
ss a
nd
eco
log
ical
dam
age.
The
dam
min
g o
f ra
info
rest
riv
er s
yste
ms
emta
ils fl
oo
din
g
larg
e in
tact
fo
rest
are
as, w
ith
seve
re e
ffec
ts o
n p
lant
s an
d w
ildlif
e, a
qua
tic
hab
itat
s an
d fi
sh p
op
ulat
ions
.39 T
he im
pac
ts a
re n
ot
rest
rict
ed t
o t
he a
ctua
l
flo
od
pla
ins,
but
aff
ect
larg
e su
rro
und
ing
are
as, a
s la
rge
dam
s d
isru
pt
the
wa-
ter
flo
ws
of
the
rive
r sy
stem
s an
d a
ct a
s b
arri
ers
to t
he n
atur
al m
ovem
ents
of
fish
and
oth
er a
nim
als.
Suc
h la
rge-
scal
e al
tera
tio
n to
land
and
eco
syst
ems
thre
aten
s th
e m
ater
ial a
nd c
ultu
ral s
urvi
val o
f aff
ecte
d in
dig
eno
us p
eop
les
and
oth
er f
ore
st c
om
mun
itie
s, w
hose
ent
ire
eco
nom
ies
are
bas
ed o
n ac
cess
to a
nd f
amili
arit
y w
ith
thei
r na
tura
l env
iro
nmen
t. D
ams
in f
ore
st a
reas
can
also
be
sig
nifi
cant
so
urce
s o
f em
issi
ons
, as
the
sub
mer
ged
bio
mas
s em
its
gre
enho
use
gas
es a
s it
dec
om
po
ses.
40
Dev
elo
pm
ents
in t
he B
razi
lian
Am
azo
n ill
ustr
ate
the
exte
nt o
f th
e th
reat
.
The
gov
ernm
ent
of
Bra
zil i
s p
lann
ing
mo
re t
han
a hu
ndre
d la
rge
dam
s in
the
Am
azo
n, in
clud
ing
the
co
ntro
vers
ial B
elo
Mo
nte
dam
on
the
Xin
gu
Riv
er, s
et
to b
eco
me
the
thir
d la
rges
t d
am in
the
wo
rld
in t
erm
s o
f g
ener
atin
g c
apac
-
ity.
If t
he d
am is
bui
lt, a
n ar
ea o
f m
ore
tha
n 15
00
km
2 w
ill b
e d
evas
tate
d,
and
bet
wee
n 20
00
0 a
nd 4
0 0
00
peo
ple
will
be
dis
pla
ced
.41 A
t le
ast
80
0
ind
igen
ous
peo
ple
fro
m d
iffer
ent
trib
es w
oul
d lo
se t
heir
leg
ally
rec
og
nize
d,
trad
itio
nal t
erri
tori
es. N
orw
ay in
vest
s in
sev
eral
co
mp
anie
s in
volv
ed in
the
Bel
o M
ont
e p
roje
ct, i
nclu
din
g V
ale
and
Als
tom
.
No
rwa
y’s
in
ve
stm
en
ts:
4 c
om
pan
ies
1 m
illio
n U
SD
But
the
log
gin
g in
dus
try’
s re
spo
nsib
ility
fo
r fo
rest
des
truc
tio
n is
no
t lim
ited
to c
lear
-cut
ting
of
rain
fore
sts
for
pul
p. E
ven
sele
ctiv
e lo
gg
ing
of
a fe
w v
alu-
able
tim
ber
sp
ecie
s ca
n p
lay
a m
ajo
r ro
le in
def
ore
stat
ion,
as
an e
arly
ste
p in
a lo
ng n
egat
ive
spir
al o
f d
efo
rest
atio
n. A
stu
dy
fro
m t
he B
razi
lian
Am
azo
n
show
ed t
hat
a th
ird
of
‘sel
ecti
vely
log
ged
’ are
as w
ere
com
ple
tely
def
ore
sted
four
yea
rs la
ter.29
In a
dd
itio
n, t
he lo
gg
ing
itse
lf le
ads
to s
erio
us d
egra
dat
ion
of
the
fore
sts.
Sel
ecti
ve lo
gg
ing
can
des
troy
up
to
62
% o
f th
e tr
ees
in a
fo
r-
est,
eve
n if
onl
y th
e m
ost
val
uab
le o
nes
are
actu
ally
cut
dow
n�30
. Co
nstr
uc-
tio
n o
f lo
gg
ing
ro
ads
and
rel
ated
dam
age
leav
es t
he f
ore
st m
ore
sus
cep
tib
le
to f
ore
st fi
res
and
exp
ansi
on
of
oth
er a
ctiv
itie
s, li
ke c
om
mer
cial
ag
ricu
ltur
e
and
min
ing
. A m
ajo
r p
rob
lem
has
bee
n ill
egal
log
gin
g, w
hich
is c
ons
ider
ed t
o
amo
unt
to a
bo
ut 4
0 %
of
all l
og
gin
g in
the
tro
pic
s�.31
Sin
ce 2
00
0, s
elec
tive
log
gin
g a
nd o
ther
act
ivit
ies
have
deg
rad
ed t
he p
rim
a-
ry f
ore
sts
of
an a
rea
big
ger
tha
n N
orw
ay, 4
0 m
illio
n he
ctar
es�.32
The
fo
rest
s
of
Cen
tral
Afr
ica
have
bee
n sl
ight
ly le
ss t
arg
eted
tha
n o
ther
reg
ions
, but
thi
s
may
cha
nge
in t
he f
utur
e as
30
% o
f th
e fo
rest
are
as t
here
are
no
w u
nder
log
gin
g c
onc
essi
ons
.33
Soy
pro
duc
tio
n
Ove
r th
e p
ast
two
dec
ades
, soy
bea
n cu
ltiv
atio
n b
y la
rge
com
mer
cial
far
m-
ers
has
bec
om
e o
ne o
f th
e m
ost
imp
ort
ant
dri
vers
of
def
ore
stat
ion
in t
he
Bra
zilia
n A
maz
on�
.34 B
razi
l’s s
oyb
ean
pro
duc
tio
n in
crea
sed
by
app
roxi
mat
ely
135
% f
rom
19
94
to
20
08
35, a
nd s
oyb
ean
cult
ivat
ion
has
bee
n re
spo
nsib
le f
or
one
qua
rter
of
the
def
ore
stat
ion
taki
ng p
lace
in t
he B
razi
lian
Am
azo
n si
nce
the
turn
of
the
mill
eniu
m.36
In o
ny a
few
yea
rs, t
he c
apit
al-i
nten
sive
ind
ustr
y
clea
red
eno
rmo
us a
reas
of
rain
fore
st a
nd c
onv
erte
d t
he la
nd t
o s
oy m
ono
-
cult
ures
. Sin
ce t
he s
oy in
dus
try
anno
unce
d a
mo
rato
rium
on
def
ore
stat
ion
in
200
6, t
he d
irec
t ro
le o
f so
ybea
n cu
ltiv
atio
n in
fo
rest
cle
aran
ce h
as d
ecre
ased
mar
ked
ly.37
No
rwa
y’s
in
ve
stm
en
ts:
2 co
mp
anie
s m
illio
n U
SD
Bulld
ozer
at w
ork,
Mal
aysia
.C
lear
ing
the
land
: Soy
fiel
d in
Mat
o G
ross
o in
the
Braz
ilian
Am
azon
Photo: Rainforest Foundation Norway
Photo: Jørgen Braastad
1415
The
No
rweg
ian
Gov
ernm
ent
Pen
sio
n Fu
ndTh
e N
orw
egia
n G
over
nmen
t cla
ims t
hat i
ts na
tiona
l pen
sion
fund
is su
bjec
ted
to st
rict e
thi-
cal c
ontro
l. ‘Th
e Et
hica
l Gui
delin
es re
cogn
ise th
e ob
ject
ive
of so
und
finan
cial
retu
rn, a
long
with
th
e ob
ligat
ion
to re
spec
t fun
dam
enta
l rig
hts o
f th
ose
that
are
affe
cted
by
the
com
pani
es in
whi
ch
the
Fund
inve
sts’,
Nor
way
’s M
inist
er o
f For
eign
Aff
airs
has
stat
ed.42
As o
f 31s
t Dec
embe
r 201
1, th
e as
sets
unde
r the
Fu
nd’s
man
agem
ent a
mou
nted
to 5
53 b
illio
n U
SD, m
akin
g it
the
wor
ld’s
larg
est s
over
eign
w
ealth
fund
. Inv
este
d in
8,0
05 li
sted
com
pani
es
all o
ver t
he w
orld
, the
Fun
d, fo
rmal
ly c
alle
d th
e N
orw
egia
n G
over
nmen
t Pen
sion
Fund
– G
loba
l (G
PFG
), ha
s acq
uire
d, o
n av
erag
e, 1
% o
f the
sh
ares
of a
ll co
mpa
nies
regi
stere
d on
any
stoc
k ex
chan
ge in
tern
atio
nally
.
GPF
G a
sset
s are
sour
ced
from
Nor
way
’s oi
l and
ga
s rev
enue
s, an
d m
anag
ed b
y th
e N
orw
egia
n C
entr
al B
ank
thro
ugh
its e
spec
ially
ass
igne
d en
tity,
Nor
ges B
ank
Inve
stmen
t Man
agem
ent
(NBI
M).
Ove
rall
resp
onsib
ility
for t
he G
PFG
, ho
wev
er, r
emai
ns w
ith th
e M
inist
ry o
f Fin
ance
.
The
GPF
G is
inte
nded
to se
rve
as a
long
-term
-so
urce
of i
ncom
e fo
r the
peo
ple
of N
orw
ay e
ven
afte
r the
oil
and
gas p
rodu
ctio
n co
mes
to a
n en
d.
GPF
G in
vests
sole
ly in
ass
ets a
broa
d; it
s ann
ual
retu
rns,
budg
eted
at 4
%, a
re tr
ansfe
rred
to th
e sta
te b
udge
t. Th
is am
ount
is b
udge
ted
even
thou
gh th
e m
anag
ers i
n ye
ars o
f cris
is str
uggl
e to
mak
e th
e fu
nd re
tain
its v
alue
. In
2011
, for
in
stanc
e, th
e Pe
nsio
n Fu
nd e
xper
ienc
ed a
neg
a-tiv
e re
turn
of -
2.5
%, o
f whi
ch th
e in
vestm
ents
in li
sted
com
pani
es sh
owed
an
unus
ually
poo
r -8
.8 %
retu
rn.
Eth
ics
und
er s
crut
iny
Thro
ugh
the
glob
al a
ppro
ach
to th
e in
vestm
ents,
th
e N
orw
egia
n Pa
rliam
ent a
nd g
over
nmen
t wer
e at
an
early
stag
e co
nfro
nted
with
the
man
y et
hi-
cal d
ilem
mas
rela
ting
to se
vera
l pla
cem
ents,
eve
n to
the
exte
nt th
at G
PFG
inve
stmen
ts vi
olat
ed
Nor
weg
ian
gove
rnm
ent c
omm
itmen
ts un
der
inte
rnat
iona
l law
.
This
led
to th
e Pa
rliam
ent t
o pa
ss, u
nani
mou
sly,
a se
t of e
thic
al g
uide
lines
for t
he F
und.
Thes
e gu
idel
ines
, im
plem
ente
d in
200
4, a
re o
ften
clai
med
to b
e at
the
fore
front
inte
rnat
iona
lly.
As th
is re
port
show
s, su
ch a
cla
im p
roba
bly
says
m
ore
abou
t the
leve
l of e
thic
al a
ppro
ach
amon
g pr
ivat
e an
d pu
blic
inve
stors
glo
bally
, tha
n it
says
ab
out t
he e
thic
al m
anag
emen
t of t
he N
orw
ays
GPF
G. Th
e et
hica
l app
roac
h is
impl
emen
ted
on tw
o le
vels.
Firs
tly, N
BIM
is, a
s man
ager
, in
struc
ted
to u
nder
take
an
activ
e ro
le in
com
pa-
nies
in w
hich
it h
as in
veste
d. Th
is ac
tive
owne
r-sh
ip is
exe
rcise
d th
roug
h va
rious
tool
s ava
ilabl
eto
the
man
ager
, but
is m
ainl
y ap
plie
d to
vot
ing
over
issu
es o
f gen
eral
cor
pora
te g
over
nanc
e at
the
firm
s’ an
nual
gen
eral
ass
embl
ies.
It is
supp
osed
ly
this
chan
nel o
f act
ive
owne
rshi
p w
hich
is th
e fu
nd’s
mos
t im
port
ant t
ool f
or e
xerc
ising
its e
thi-
cal r
espo
nsib
ility
.
Seco
ndly,
the
Nor
weg
ian
appr
oach
allo
ws t
he
Min
istry
of F
inan
ce to
exc
lude
from
its p
ortfo
-lio
com
pani
es th
at v
iola
te th
e et
hica
l gui
delin
es
adop
ted
by th
e Pa
rliam
ent.
Inve
stiga
tions
of t
he
plac
emen
ts ar
e co
nduc
ted
on a
n on
goin
g ba
sis
by th
e in
depe
nden
t Cou
ncil
on E
thic
s, w
hich
pr
esen
ts its
con
clus
ions
on
poss
ible
exc
lusio
ns
to th
e M
inist
er. Th
e M
inist
ry o
f Fin
ance
then
de
cide
s whe
ther
or n
ot to
act
on
the
Cou
ncil’
s re
com
men
datio
ns.
Bla
cklis
ted
co
mp
anie
s:
Six
co
mp
anie
s ha
ve t
o d
ate
bee
n ex
clud
ed f
rom
the
pen
sio
n fu
nd d
ue t
o t
heir
“se
vere
env
iro
n-
men
tal d
amag
e” in
rai
nfo
rest
are
as: t
wo
rel
ated
to
log
gin
g, a
nd f
our
invo
lved
in m
inin
g�4
8.
Da
teC
om
pa
ny
Lis
ted
co
un
try
Ba
ck
gro
un
d f
or
div
estm
en
t
15.S
ept.1
0Li
ngui
Dev
elo
p-
men
ts B
erha
d
Mal
aysi
aIll
egal
log
gin
g in
Mal
aysi
a. L
ing
ui is
a s
ubsi
dia
ry
of
Sam
ling
Glo
bal
Ltd
., w
hich
was
exc
lud
ed f
rom
GP
FG
the
sam
e ye
ar.
22.F
eb.10
Sam
ling
Glo
bal
Ltd
Mal
aysi
aIll
egal
log
gin
g in
Mal
aysi
a an
d in
Guy
ana.
15.F
eb.0
8R
io T
into
Plc
&
Rio
Tin
to L
td U
K
Aus
tral
iaP
arti
cip
atio
n in
the
po
lluti
ng F
reep
ort
co
op
er
min
e in
Ind
one
sian
rai
nfo
rest
.
24. A
ug.0
6D
RD
Go
ld L
tdS
out
h A
fric
aP
apua
New
Gui
nea
go
ldm
ine.
The
rec
om
men
-
dat
ion
was
rev
erse
d 1
3 F
eb 2
00
9 a
s D
RD
Go
ld
dis
cont
inue
d it
s o
wne
rshi
p in
the
PN
G m
ine.
15.F
eb.0
6F
reep
ort
McM
oR
an
Co
pp
er &
Go
ld In
c
US
Par
tici
pat
ion
in t
he p
ollu
ting
Fre
epo
rt c
oo
per
min
e in
Ind
one
sian
rai
nfo
rest
.
The
illus
ion
of
tran
spar
ency
‘We
have
a h
igh
degr
ee o
f tra
nspa
renc
y in
all
aspe
cts o
f the
Fun
d’s p
urpo
se a
nd o
pera
tion’
, th
e M
inist
er o
f For
eign
Affa
irs h
as st
ated
.43 S
uch
clai
ms,
whi
ch a
re re
gula
rly p
ut fo
rwar
d by
the
gove
rnm
ent,
repr
esen
t an
unba
lanc
ed v
iew
of t
he
state
of a
ffairs
, as h
ardl
y an
y in
form
atio
n is
mad
e pu
blic
with
rega
rd to
NBI
M’s
dial
ogue
with
the
8,00
5 co
mpa
nies
in w
hich
it h
as in
veste
d.
It is
true
that
som
e as
pect
s of t
he G
PFG
are
m
ore
tran
spar
ent t
han
is th
e ca
se o
f oth
er fu
nds
inte
rnat
iona
lly. O
nce
a ye
ar th
e ex
act p
ortfo
lio is
pu
blish
ed o
n th
e w
ebsit
e of
the
NBI
M.44
Fur
-th
erm
ore,
all
reco
mm
enda
tions
from
the
Cou
n-ci
l on
Ethi
cs a
re p
ublis
hed
in E
nglis
h –
both
th
e re
com
men
datio
ns th
at le
ad to
exc
lusio
ns,
and
thos
e th
at th
e M
inist
ry o
f Fin
ance
cho
oses
to
igno
re.45
Ann
ounc
emen
ts on
exc
lusio
n ar
e ta
king
incr
easin
gly
long
tim
e. O
ne y
ear o
r mor
e ca
n pa
ss fr
om th
e tim
e th
e C
ounc
il de
liver
s its
reco
mm
enda
tion
until
the
Min
istry
ann
ounc
es
the
deci
sion.
In th
e m
eant
ime,
the
Cou
ncil’
s re
com
men
datio
ns re
mai
n se
cret
.
Des
pite
the
prom
ises o
f tra
nspa
renc
y, ho
wev
er,
no in
form
atio
n is
shar
ed a
s to
the
cont
ent,
purp
ose
or o
utco
me
of th
e ‘ac
tive
owne
rshi
p ta
lks’
betw
een
NBI
M a
nd th
e co
mpa
nies
. It i
s kn
own
that
the
fund
man
ager
s are
instr
ucte
d to
giv
e pr
iorit
y to
the
issue
s of c
hild
labo
ur,
wat
er m
anag
emen
t and
clim
ate
chan
ges.
But
it re
mai
ns im
poss
ible
to fi
nd o
ut, f
or in
stanc
e,
whe
ther
NBI
M h
as e
ver r
aise
d iss
ues o
f rai
nfor
est
destr
uctio
n w
ith a
ny c
ompa
ny in
the
port
folio
at
any
poi
nt si
nce
the
intro
duct
ion
of th
e et
hica
l gu
idel
ines
. It s
eem
s unl
ikel
y, ho
wev
er, t
hat t
alks
of
rain
fore
st pr
otec
tion
have
eve
r tak
en p
lace
, as
the
topi
c is
expl
icitl
y no
t see
n as
a p
riorit
y iss
ue
for t
he G
PFG
man
ager
s .46
Too
litt
le, t
oo
late
Due
to th
e ra
ther
nar
row
nat
ure
of th
e et
hica
l gu
idel
ines
, the
re is
in g
ener
al a
ver
y hi
gh th
resh
-ol
d fo
r exc
lusio
n fro
m th
e G
PFG
. The
larg
e m
ajor
ity o
f the
54
excl
usio
ns to
dat
e ar
e sim
ply
a co
nseq
uenc
e of
pol
icy
deci
sions
take
n by
the
Nor
weg
ian
gove
rnm
ent,
to b
an in
vestm
ents
in
com
pani
es th
at p
rodu
ce n
ucle
ar a
rms,
clus
ter
mun
ition
s, la
ndm
ines
and
toba
cco.
In c
ontr
ast,
Che
vron
Tex
aco’s
con
tam
inat
ion
of th
e Ec
uado
rian
Amaz
on h
as
been
cal
led
the
bigg
est e
nviro
nmen
tal d
isaste
r of t
he p
lane
t.
Photo: Lou Dematteis
1617
only
17
have
bee
n bl
ackl
isted
afte
r ind
ivid
ual
cons
ider
atio
n of
thei
r une
thica
l beh
avio
ur, r
elat
ed
to th
e en
viro
nmen
tal d
amag
e or
hum
an ri
ghts
viol
atio
ns c
ause
d by
com
pany
act
iviti
es. Th
us,
only
17
com
pani
es o
ut o
f 8,0
05 in
the
port
folio
ha
ve b
een
asse
ssed
as p
erfo
rm u
neth
ical
ly, if
one
di
sreg
ards
the
auto
mat
ic d
ives
tmen
ts m
entio
ned
abov
e.
Con
sider
ing
the e
xten
sive d
ocum
enta
tion
of h
ow
seve
ral k
ey in
dustr
ies ar
e sys
tem
atica
lly d
estro
ying
an
d de
grad
ing
rain
fore
sts, a
nd th
e im
men
se si
ze o
f th
e fun
d’s in
vestm
ents,
toda
y’s m
anag
emen
t mod
el of
the G
PFG
is fa
r fro
m ad
equa
te.
The
excl
usio
n m
echa
nism
, bas
ed o
n re
com
men
-da
tions
from
the
Cou
ncil
of E
thic
s, is
clea
rly a
to
o slo
w a
pro
cess
. With
seve
ral y
ears
nee
ded
to
proc
ess e
ven
the
simpl
est o
f cas
es, t
he c
urre
nt
man
agem
ent p
ract
ice
mak
es it
impo
ssib
le to
kee
p th
e fu
nd fr
om in
vesti
ng in
com
pani
es re
spon
sible
fo
r una
ccep
tabl
e fo
rest
destr
uctio
n. Th
e pr
edic
a-
men
t of t
he ra
info
rest
is ac
ute,
as t
he N
orw
egia
n Pr
ime
Min
ister
adm
its.47
Yet
, the
rout
ine
that
th
e go
vern
men
t is a
llow
ing
for t
he e
thic
al m
an-
agem
ent o
f the
GPF
G is
una
ccep
tabl
e. U
sing
up
to fi
ve y
ears
pro
cess
ing
each
cas
e sh
ows t
hat t
he
urge
ncy
in st
oppi
ng d
efor
esta
tion
obvi
ously
doe
s no
t app
ly to
GPF
G in
vestm
ents.
Def
ore
stat
ion:
“N
ot
a p
olit
ical
act
ion”
The
Min
istry
of F
inan
ce o
ften
emph
asise
s tha
t its
fund
is n
ot a
pol
itica
l too
l, bu
t pur
ely
an in
vest-
men
t fun
d, a
nd m
ust t
here
fore
be
caut
ious
and
pr
inci
pled
in th
e in
itiat
ives
it ta
kes.
The
reas
on is
th
at th
e G
PFG
nee
ds to
uph
old
its c
redi
bilit
y in
th
e m
arke
ts as
an
inve
stor.
The
fact
that
Nor
weg
ian
gove
rnm
ent i
nves
ts
billi
ons o
f dol
lars
in in
dustr
ies t
hat d
estro
y th
e ra
info
rest,
mus
t thu
s be
seen
as a
n ap
oliti
cal a
ct,
acco
rdin
g to
the
gove
rnm
ent.
Cas
e st
udie
s
Wilm
ar: t
urni
ng r
ainf
ore
st
into
co
oki
ng o
ilM
illio
ns o
f he
ctar
es o
f p
rist
ine
and
ir
rep
lace
able
fo
rest
s ar
e lo
st e
very
ye
ar t
o t
he e
xpan
din
g p
alm
oil
ind
us-
try.
The
sp
read
ing
of
the
oil
pal
m
pla
ntat
ions
into
new
land
s is
the
si
ngle
larg
est
thre
at t
o t
he S
out
heas
t A
sian
rai
nfo
rest
s.
The
lucr
ativ
e oi
l pal
m tr
ee is
gro
wn
in e
norm
ous
plan
tatio
ns, a
nd h
as b
een
the
mai
n re
ason
for
defo
resta
tion
in S
outh
east
Asia
49. I
n In
done
sia,
the
tota
l pla
ntat
ion
land
bank
has
incr
ease
d by
an
asto
nish
ing
15.8
% a
nnua
lly, a
ccor
ding
to
UN
figu
res.5
0 A su
rface
are
a of
som
e 7
mill
ion
hect
ares
, the
size
of I
rela
nd, h
as b
een
turn
ed in
to
plan
tatio
ns in
Indo
nesia
, and
an
area
mor
e th
an
twic
e as
big
has
alre
ady
been
cle
ared
for p
lant
-in
g.51
The
rain
fore
st-co
vere
d ar
chip
elag
o is,
thro
ugh
the
expa
nsio
n of
the
oil p
alm
indu
stry,
slow
ly
turn
ing
into
wha
t env
ironm
enta
lists
call
a ‘g
reen
de
sert’
: the
div
ersit
y-ric
h or
igin
al fo
rest
cove
r ha
s bee
n re
plac
ed w
ith si
ngle
-spe
cies
pla
nta-
tions
. Acc
ordi
ng to
Indo
nesia
n go
vern
men
t fig
ures
from
200
6, a
s muc
h as
70
% o
f the
oil
palm
pla
ntat
ions
may
hav
e be
en e
stabl
ished
from
fo
rests
cle
aran
ce.52
This
is de
trim
enta
l to
the
biod
iver
sity
of th
e fo
rest.
Due
to th
e pr
essu
re
from
the
plan
tatio
ns, e
ndan
gere
d m
amm
als l
ike
the
oran
g-ut
an a
nd th
e Su
mat
ran
tiger
are
clo
se
to e
xtin
ctio
n. H
undr
eds o
f con
flict
s hav
e er
upte
d w
hen
oil p
alm
com
pani
es to
ok o
ver t
he la
nds
of lo
cal c
omm
uniti
es, a
nd d
estro
ying
the
livel
i-ho
ods o
f for
est-d
epen
dent
peo
ples
.
Ther
e is a
lso an
othe
r con
cern
: plan
tatio
ns ar
e ofte
n es
tabl
ished
on
peat
land
, dee
p so
ft sw
amps
that
sto
re la
rge q
uant
ities
of c
arbo
n. A
s the
tree
s are
bu
rnt d
own,
and
the w
ater
dra
ined
from
the h
umid
fo
rest
floor
, all
this
carb
on is
relea
sed
into
the a
ir.
In sh
ort,
the
grow
th o
f the
pal
m o
il in
dustr
y is
one
of th
e bi
gges
t thr
eats
to th
e bi
odiv
ersit
y an
d lo
cal c
omm
uniti
es –
and
to th
e w
orld
’s cl
imat
e.
Lead
ing
co
mp
any,
rut
hles
s b
ehav
iour
Si
ngap
ore
base
d W
ilmar
Inte
rnat
iona
l Ltd
is sa
id
to b
e th
e w
orld
’s la
rges
t pal
m o
il tr
ader
, with
do
wns
tream
pro
cess
ing
plan
ts lo
cate
d in
Indo
-ne
sia a
nd E
urop
e, a
nd a
pla
nted
land
bank
of
250,
000
hect
ares
. On
its w
ebpa
ges,
the
com
pany
cl
aim
s to
be A
sia’s
lead
ing
agrib
usin
ess g
roup
.
The
indi
geno
us p
eopl
e liv
ing
insid
e th
e co
n-ce
ssio
n ar
ea o
f one
of W
ilmar
’s su
bsid
iarie
s in
Sum
atra
, Ind
ones
ia, a
re st
rugg
ling
as a
resu
lt of
th
e co
mpa
ny’s
expa
nsio
n of
pal
m o
il pl
anta
tions
on
to th
eir l
ands
.
In A
ugus
t 201
1, In
done
sian
polic
e, to
geth
er w
ith
staff
from
Wilm
ar’s
subs
idia
ry, P
T A
siatic
Per
-sa
da, s
tart
ed te
arin
g do
wn
hous
es o
n th
e lic
ence
ar
ea a
llege
dly
belo
ngin
g to
the
loca
l ind
igen
ous
grou
p. W
ithou
t war
ning
, the
com
pany
’s ex
cava
-to
rs a
nd b
ulld
ozer
s, ar
e sa
id to
hav
e de
stroy
ed
the
hous
es o
f 83
fam
ilies
, whi
le th
e po
lice
fired
sh
ots i
nto
the
air.
Hom
es w
ere
rippe
d ap
art b
y tr
acto
rs, w
hile
the
fleei
ng v
illag
ers s
ough
t ref
uge
“We a
re su
rrou
nded
by t
he o
il pa
lms.
We a
re o
ppre
ssed.
We d
on’t
have
enou
gh to
m
ake a
live
lihoo
d; w
e are
just
surv
ivin
g no
w. B
efore
, no
one w
ent h
ungr
y. N
ow, w
ith
all t
his o
il pa
lm, t
here
are
no
liveli
hood
s at a
ll.”
Mr.
Pak
But
ar, J
amb
i, S
umat
ra.
Oil
palm
s rea
dy fo
r pla
ntin
g, S
araw
ak M
alay
sia.
Photo: Rainforest Foundation Norway
1819
of 5
50 in
vesti
gate
d fo
od p
rodu
cts i
n lo
cal N
or-
weg
ian
groc
ery
shop
s.56 N
o w
onde
r the
glo
bal
cons
umpt
ion
of p
alm
oil
has d
oubl
ed o
ver t
he
last
deca
de.
As o
f 31
Dec
embe
r 201
1, th
e N
orw
egia
n go
v-er
nmen
t had
inve
sted
in 2
1 pa
lm o
il pl
anta
tion
com
pani
es, a
t a v
alue
of 5
80 m
illio
n U
SD. I
t sta
rted
pla
cing
equ
ities
in W
ilmar
the
year
afte
r th
e co
mpa
ny to
ok o
ver t
he S
umat
ran
oper
atio
ns.
Nor
way
now
ow
ns sh
ares
wor
th 6
3.9
mill
ion
USD
in th
e co
mpa
ny.
With
the
indu
stry
expa
ndin
g, n
umer
ous c
on-
flict
s with
the
loca
l com
mun
ities
hav
e er
upte
d as
th
e fo
rest
front
ier i
s bei
ng p
ushe
d fu
rthe
r bac
k.
Wilm
ar, w
ith so
me
of it
s ove
r 400
subs
idia
ries,
has b
een
invo
lved
in a
serie
s of c
ontro
vers
ies.
A re
port
from
the
Indo
nesia
n or
gani
satio
n G
ree-
nom
ics c
laim
s tha
t five
of W
ilmar
’s se
ven
com
-pa
nies
on
Cen
tral
Kal
iman
tan
lack
the
nece
ssar
y fo
rest
licen
ces t
o op
erat
e, a
nd w
ith ‘r
easo
ns fo
r su
spec
ting’
that
the
othe
r tw
o al
so la
cked
the
requ
ired
perm
its.57
Cen
tral
Kal
iman
tan
happ
ens
to b
e th
e pi
lot p
rovi
nce
for N
orw
ay’s
and
Indo
-ne
sia’s
coop
erat
ion
on ra
info
rest
prot
ectio
n.
Wilm
ar’s
activ
ities
in S
umat
ra a
nd K
alim
anta
n le
d to
a su
spen
sion
of fu
ndin
g to
the
com
pany
in
2009
by
the
Inte
rnat
iona
l Fin
ance
Cor
pora
tion,
pa
rt o
f the
Wor
ld B
ank5
8 .
Do
ubts
ab
out
land
cla
ims
Acco
rdin
g to
Wilm
ar th
e ca
se in
Jam
bi is
ver
y co
nvol
uted
.
‘We
ackn
owle
dge
that
land
con
flict
s exi
st in
Ja
mbi
but
med
iatio
n pr
oces
s is o
ngoi
ng’,
Wilm
ar
CSR
man
ager
, Sha
ron
Cho
ng, h
as st
ated
.59
‘Ther
e ar
e, h
owev
er, a
lso c
ases
of l
and
spec
ula-
tions
and
ille
gitim
ate
land
cla
ims b
y so
me
loca
l pe
ople
who
exp
loit
the
ambi
guou
s lan
d te
nure
sy
stem
in th
e co
untr
y. Re
gret
tabl
y so
me
NG
Os
lum
ped
all t
hese
cas
es to
geth
er to
giv
e an
inco
m-
plet
e vi
ew o
f the
situ
atio
n th
at o
ften
lead
to a
bi
ased
per
cept
ion
of th
e co
mpa
ny’,
Cho
ng w
ent
on to
exp
lain
.
Or,
as a
loca
l Wilm
ar e
mpl
oyee
told
the
inve
sti-
gativ
e m
issio
n, ‘t
hey
are
nom
ads,
so th
eir r
ight
s to
land
are
fully
que
stion
able’
.60
“We
dem
ande
d th
at th
e oi
l pal
m b
e cl
eare
d fro
m h
ere[
…] B
ut th
ey a
re st
ill p
lant
ing
the
oil p
alm
aro
und
the
grav
es, a
nd so
met
imes
on
the
grav
es. Th
is is
dese
cra-
tion.
This
is an
insu
lt to
our
anc
esto
rs a
nd to
our
bro
ther
s”, s
tate
d Pa
k N
urm
an o
f the
loca
l ind
igen
ous g
roup
in Ja
mbi
, Sum
atra
, reg
ardi
ng th
e la
nd c
onfli
ct h
is pe
ople
is fa
cing
with
Wilm
ar In
tern
atio
nal.
Phot
o: S
ophi
e C
hao/
Fore
st Pe
ople
s Pro
gram
me
200
220
03
200
420
05
200
6
Wilm
ar In
tern
atio
nal
00
00
0
200
720
08
200
920
1020
11
Wilm
ar In
tern
atio
nal
30,0
49
,64
615
,78
5,39
46
0,3
46
,24
410
2,9
85,
728
63,
80
8,0
47
200
2
200
00
0 0
00 0
40
0 0
00
00
0
60
0 0
00
00
0
80
0 0
00
00
0
1 0
00
00
0 0
00
US
D
200
320
04
200
820
05
200
920
06
2010
200
720
11
Inve
stm
ents
of
No
rway
’s p
ensi
on
fund
in W
ilmar
Inte
rnat
iona
l:
in th
e fo
rest
or n
earb
y co
mm
uniti
es. Th
ere,
they
w
ere
supp
lied
with
em
erge
ncy
tent
s by
the
loca
l go
vern
men
t, w
hile
the
polic
e co
ntin
ued
patro
l-lin
g th
e ar
ea.53
PT A
siatic
Per
sada
star
ted
wor
king
in Ja
mbi
al
read
y in
198
7, w
hile
the
fore
st w
as st
ill in
tact
, an
d th
e in
dige
nous
peo
ple
of th
e ar
ea u
phel
d th
eir t
radi
tiona
l way
of l
ife, s
emi-n
omad
ical
ly
shift
ing
from
pla
ce to
pla
ce. S
ome
2,00
0 fa
mi-
lies l
ived
on
the
land
, but
they
wer
e no
t con
-su
lted
whe
n it
was
ope
ned
up fo
r the
indu
stry.
Resp
ondi
ng to
the
dem
ands
from
the
indi
geno
us
com
mun
ities
livi
ng in
the
area
, the
com
pany
off
ered
the
affec
ted
peop
le sm
allh
oldi
ngs i
nsid
e th
e co
nces
sion
area
. But
in 2
006,
Wilm
ar to
ok
cont
rol o
ver t
he c
ompa
ny, a
nd p
roce
eded
to
with
draw
the
earil
er o
ffer o
f sm
allh
oldi
ngs.
The
villa
gers
wer
e an
gry.
The
resu
lt ha
s bee
n a
spira
l-lin
g co
nflic
t whi
ch le
d up
to th
e br
utal
evi
ctio
ns
and
viol
ence
in 2
011.
‘They
are
just
toyi
ng w
ith
us a
nd th
is is
unac
cept
able’
, sai
d on
e of
the
vil-
lage
rs.54
In O
ctob
er 2
011,
a m
issio
n fro
m th
ree
civi
l soc
i-et
y or
gani
satio
ns w
as se
nt to
Sum
atra
to in
ves-
tigat
e. Th
e in
vesti
gatio
n re
port
stat
ed th
at 1
359
pers
ons o
f one
of t
he in
dige
nous
gro
ups h
as b
een
sque
ezed
into
241
hec
tare
s of a
vaila
ble
land
. Th
ey n
ow w
ork
as la
bour
ers o
n th
e pl
anta
tion,
or
live
from
selli
ng sn
akes
they
find
bet
wee
n th
e oi
l pa
lms.5
5
Om
nip
rese
nt v
eget
able
oil
Ther
e is
an im
port
ant r
easo
n w
hy o
il pa
lm is
so
lucr
ativ
e. Th
e fir
st ha
rves
ts ca
n be
mad
e as
so
on a
s thr
ee y
ears
afte
r pla
ntin
g. M
oreo
ver,
if th
e pl
anta
tion
repl
aces
a fo
rest
area
, tim
ber s
ales
pr
ovid
e a
good
sour
ce o
f inc
ome
until
the
plan
ta-
tion
start
s pro
duci
ng. I
nves
tors
thus
get
qui
ck
retu
rns.
Afte
r har
vesti
ng, t
he fr
uits
are
refin
ed, t
hen
final
ly e
xpor
ted
to m
arke
ts al
l aro
und
the
wor
ld.
The
oil e
nds u
p as
an
ingr
edie
nt in
a w
ide
rang
e of
food
pro
duct
s. A
rece
nt st
udy
by R
ainf
ores
t Fo
unda
tion
Nor
way
foun
d pa
lm o
il in
340
out
All
sum
s ar
e in
US
D
2021
Fro
m f
oss
il o
il to
pal
m o
il
The
No
rweg
ian
peo
ple
’s p
ensi
on
fund
(GP
FG
) ke
eps
gro
win
g, n
ot
onl
y th
roug
h
retu
rns
on
the
inve
stm
ents
alr
ead
y m
ade,
but
als
o t
hro
ugh
the
cont
inuo
us in
flo
w o
f
fres
h re
venu
es f
rom
nat
iona
l oil
and
gas
pro
duc
tio
n. H
ow
to
pla
ce t
he r
even
ues
for
max
imal
ris
k-sp
read
ing
, whi
le a
t th
e
sam
e ti
me
earn
ing
mo
ney?
At
tim
es o
f fi
nanc
ial c
risi
s in
the
ind
us-
tria
l wo
rld
, the
em
erg
ing
mar
kets
hav
e
pro
vid
ed a
pro
fita
ble
inve
stm
ent
stra
teg
y
for
the
long
-ter
m N
orw
egia
n in
vest
or.
Dur
ing
the
firs
t ye
ars
of
the
fund
’s e
xist
-
ence
, GP
FG
man
ager
s m
ost
ly p
lace
d t
he
asse
ts o
n th
e st
ock
mar
kets
of
‘ind
us-
tria
lised
’ co
untr
ies.
The
the
pas
t fi
ve
year
s, h
ow
ever
, the
fun
d’s
pla
cem
ents
in
the
the
wo
rld
’s e
mer
gin
g m
arke
ts h
ave
incr
ease
d m
any
tim
es o
ver.
So
me
of
the
sig
nifi
cant
ly e
mer
gin
g m
arke
ts o
f in
ter-
est
to t
he N
orw
egia
n ec
ono
mis
ts h
app
en
to b
e he
avily
-po
pul
ated
co
untr
ies
near
the
equa
tori
al t
rop
ical
bel
t. P
arts
of
the
loca
l eco
nom
ies
are
spee
ded
up
by
thei
r
gov
ernm
ents
op
enin
g u
p r
ainf
ore
sts
for
area
-int
ensi
ve in
dus
trie
s.
Fro
m 1
Jan
uary
20
04
, the
No
rweg
ian
Min
istr
y o
f F
inan
ce a
llow
ed t
he f
und
man
ager
s to
sta
rt in
vest
ing
on
the
sto
ck
mar
kets
in M
alay
sia
and
Ind
one
sia,
the
two
glo
bal
lead
ers
in p
alm
oil
exp
ort
s.
Fro
m 2
00
8, t
he t
wo
co
untr
ies
wer
e b
oth
intr
od
uced
into
the
so
-cal
led
ref
eren
ce
po
rtfo
lio, o
pen
ing
up
fo
r la
rger
-sca
le
inve
stm
ents
. Fo
llow
ing
thi
s d
ecis
ion,
inve
stm
ents
in t
he p
alm
oil
sect
or
have
incr
ease
d t
enfo
ld, t
o 6
37 m
illio
n U
SD
.
Per
u en
tere
d t
he G
PF
G p
ort
folio
in 2
00
8.
Bra
zil,
the
cham
pio
n o
f b
eef
exp
ort
s, w
as
intr
od
uced
in J
anua
ry 2
00
1 an
d c
ons
ti-
tute
s to
day
nea
r 2
% o
f th
e en
tire
fun
d.6
1
NB
IM u
ses
exte
rnal
fun
d m
anag
ers
bas
ed
aro
und
the
glo
be,
incl
udin
g S
ão P
aulo
,
Rio
de
Jane
iro
, Kua
la L
ump
ur, S
ing
apo
re
and
Jak
arta
. In
June
20
10, N
BIM
op
ened
a se
par
ate
offi
ce in
Sin
gap
ore
, in
ord
er t
o
be
‘clo
ser
to im
po
rtan
t em
erg
ing
mar
kets
in A
sia’
.62
Che
vro
n: t
he o
il g
iant
ru
nnin
g f
rom
just
ice
One
of
the
wo
rld
’s b
igg
est
oil
com
pa-
nies
ref
uses
to
acc
ept
an E
cuad
ori
an
cour
t’s
dec
isio
n to
co
mp
ensa
te t
he
vict
ims
of
po
lluti
ng o
il p
rod
ucti
on
in
the
Am
azo
n. T
he c
ase
illus
trat
es h
ow
an o
il co
mp
any
can
be
foun
d g
uilt
y o
f sy
stem
atic
ally
des
troy
ing
the
rai
n-fo
rest
– a
nd y
et s
eem
ing
ly g
et a
way
w
ith
it, w
hile
it a
ttra
cts
‘eth
ical
inve
s-to
rs’ l
ike
No
rway
.
A th
ousa
nd o
pen
pits
fille
d w
ith to
xic
lefto
vers
. 68
bill
ion
litre
s of d
ange
rous
was
te d
umpe
d in
to
the
river
syste
ms.
Larg
e an
d un
touc
hed
rain
for-
est a
reas
des
troye
d fo
reve
r. Th
at w
as th
e le
gacy
w
hen
the
US
oil c
ompa
ny T
exac
o ab
ando
ned
its
empt
ied
oilfi
elds
in th
e Ec
uado
rian
Amaz
on in
19
92.63
It ha
s bee
n ca
lled
the
bigg
est e
nviro
nmen
tal
disa
ster o
n th
e pl
anet
.64 T
ens o
f tho
usan
ds o
f pe
ople
are
toda
y vi
ctim
s, an
d in
dige
nous
peo
ples
ca
n ba
rely
pra
ctic
e th
eir t
radi
tiona
l way
of l
ife o
n th
eir t
errit
orie
s. Th
e m
assiv
e po
llutio
n of
the
for-
est a
nd th
e so
il m
akes
it h
ard
to g
row
food
, whi
le
cont
amin
atio
n of
the
wat
er so
urce
s has
led
to
fish
deat
h an
d se
rious
hea
lth p
robl
ems.
A to
tal o
f 14
01 c
ance
r dea
ths i
n th
e re
gion
wer
e co
nnec
ted
to o
il co
ntam
inat
ion,
acc
ordi
ng to
som
e stu
dies
, an
d se
vera
l com
mun
ities
hav
e be
en d
ispla
ced
from
the
area
s whe
re th
ey to
live
.65
Texa
co st
arte
d pr
oduc
tion
in th
e Ec
uado
rian
Amaz
on in
196
0s, a
nd d
rille
d an
asto
nish
ing
350
wel
ls on
the
licen
ce g
rant
ed. A
pply
ing
envi
ron-
men
tal s
tand
ards
far b
elow
wou
ld b
e co
nsid
ered
le
gal a
t hom
e in
the
USA
, the
com
pany
took
all
mea
sure
s to
redu
ce c
osts
in th
eir A
maz
on o
pera
-tio
ns. A
ccor
ding
to th
e ca
mpa
ign
grou
p Am
azon
W
atch
, the
poo
r han
dlin
g of
the
toxi
c w
aste
m
eant
an
addi
tiona
l pro
fit o
f 3 d
olla
rs p
er b
arre
l of
oil
prod
uced
.66
Foun
d g
uilt
y –
re
fusi
ng t
o p
ayC
hevr
on, w
hich
pur
chas
ed T
exac
o sh
ortly
afte
r th
e Ec
uado
r exi
t, ha
s fou
ght v
igor
ously
to a
void
bein
g he
ld li
able
for t
he d
amag
es in
curr
ed to
the
rain
fore
st an
d its
peo
ple.
The
Ecua
doria
n co
m-
mun
ities
firs
t too
k C
hevr
on to
a U
S fe
dera
l cou
rt
in 1
993.
This
has b
een
a to
rtuo
us p
roce
ss, a
nd it
is
still
not o
ver.
Che
vron
cla
ims i
t has
dul
y cl
eane
d up
all
the
open
pits
that
use
d to
be
scat
tere
d ar
ound
the
licen
ce, f
ull o
f oil.
The
plai
ntiff
s’ la
wye
rs d
isagr
ee,
and
poin
t to
pond
s of o
il sti
ll le
ft be
hind
, lea
king
in
to th
e w
ater
sour
ces o
f the
loca
l com
mun
ities
.
Afte
r ten
yea
rs o
f liti
gatio
ns, t
he U
S co
urt
acce
pted
Che
vron
’s re
ques
t to
have
the
case
m
oved
to E
cuad
or. E
ight
yea
rs la
ter,
in 2
011,
an
Ecua
doria
n co
urt fi
nally
foun
d C
hevr
on li
able
fo
r mas
sive
envi
ronm
enta
l des
truc
tion
and
sen-
tenc
ed it
to p
ay 8
.6 b
illio
n U
SD to
resto
re th
e en
viro
nmen
t.
The
cour
ts cr
itici
sed
Che
vron
’s ‘m
anife
st, n
otor
i-ou
s and
evi
dent
bad
faith
’ and
its h
avin
g ‘re
fuse
d to
reco
gnize
the
auth
ority
and
juris
dict
ion
of
Ecua
doria
n C
ourt
s’. Th
e co
mpa
ny’s
appr
oach
to
war
ds th
e co
urt w
as la
belle
d ‘o
penl
y ag
gres
sive
and
hosti
le’.67
Afte
r firs
t req
uesti
ng th
at c
ase
be m
oved
from
the
USA
to E
cuad
or, C
hevr
on n
ow, e
ight
yea
rs la
ter,
has c
hang
ed it
s min
d, a
nd in
tend
s to
brin
g th
e ca
se o
ut o
f the
Lat
in A
mer
ican
cou
ntry
. At t
he
sam
e tim
e, th
e co
mpa
ny h
as re
cent
ly st
arte
d its
ow
n ju
dici
al p
roce
ss a
gain
st th
e vi
ctim
s and
thei
r la
wye
rs, c
laim
ing
ther
e w
ere
irreg
ular
ities
in th
e fil
ing
of th
e ca
se.
Acco
rdin
g to
Am
azon
Wat
ch, t
he c
ompa
ny
uses
dela
ying
tact
ics a
nd c
reat
ive
strat
egie
s to
subv
ert t
he ju
dici
al p
roce
ss. C
hevr
on is
said
to
have
app
lied
misl
eadi
ng sa
mpl
ing
tech
niqu
es in
pr
evio
us st
udie
s of t
he c
onta
min
atio
n, to
hav
e tri
ed to
mak
e th
e U
S go
vern
men
t exe
rt p
ress
ure
on E
cuad
or th
roug
h its
trad
e re
latio
ns, a
nd to
ha
ve c
laim
ed th
e pl
aint
iffs a
nd th
eir l
awye
rs w
ere
fraud
ulen
t .68
Che
vron
is n
ow tr
ying
to o
utm
a-no
euvr
e th
e va
lidity
of t
he c
ourt’
s dec
ision
s by
brin
ging
the
case
bef
ore
a sp
ecia
l US-
Ecua
doria
n tra
de n
egot
iatio
n fo
rum
, ord
erin
g th
e Ec
uado
rian
Photo credit: Lou Dematteis
Che
vron
’s le
gacy
in E
cuad
or:
gas fl
ares
ligh
t up
the
cont
amin
ated
rain
fore
st
2223
exec
utiv
e br
anch
to o
verr
ule
the
conc
lusio
n of
the
Ecua
doria
n co
urts.
In th
e m
eant
ime,
Che
vron
has
alre
ady
pulle
d al
l its
ass
ets o
ut o
f Ecu
ador
, to
prev
ent p
ayin
g ou
t w
hat t
hey
are
due,
acc
ordi
ng to
Am
azon
Wat
ch.
Incr
ease
d N
orw
egia
n in
vest
men
ts‘It
is im
port
ant t
hat p
eopl
e kn
ow w
hat t
heir
com
pani
es a
re d
oing
abr
oad.
Com
pani
es o
ften
use
a do
uble
stan
dard
: They
beh
ave
resp
onsib
ly
and
resp
ectfu
lly a
t hom
e, b
ut o
nce
they
ope
rate
in
a m
ore
fragi
le c
ount
ry, t
hey
do th
e co
mpl
ete
oppo
site”
, sai
d Pa
blo
Faja
rdo,
hea
d la
wye
r for
the
Ecua
doria
n co
mm
uniti
es w
ho st
arte
d th
e la
wsu
it ag
ains
t Che
vron
in 1
993 .
69
This
seem
s to
be th
e fir
st ti
me
that
a c
ompa
ny
of th
e siz
e of
Che
vron
has
lost
in a
cou
rt a
gain
st
loca
l com
mun
ities
in th
is m
anne
r. ‘F
or 1
8 ye
ars,
peas
ant a
nd in
dige
nous
gro
ups,
who
m h
ave
alw
ays f
elt m
argi
nalis
ed, h
ave
chal
leng
ed o
ne
of th
e m
ost p
ower
ful c
ompa
nies
in th
e w
orld
. W
ith th
is le
gal p
roce
ss, w
e ha
ve sh
own
that
th
e m
ultin
atio
nal c
ompa
nies
that
des
troy
the
natu
re a
nd ru
in th
e liv
es o
f hum
an b
eing
s are
in
fact
not
unt
ouch
able”
, Faj
ardo
has
said
, add
-in
g ‘C
hevr
on h
as tr
ied to
run
away
from
justi
ce.
We w
ill k
eep
chas
ing
them
unt
il th
ey h
ave p
aid al
l th
ey ar
e due
acco
rdin
g to
the c
ourts
’. An
d fin
ally:
th
e ow
ners
of C
hevr
on ‘s
houl
d de
man
d fro
m th
e co
mpa
ny’s
exec
utiv
e tha
t the
ir in
vestm
ents
in th
e fir
m sh
ould
be s
pent
on
prod
ucin
g oi
l, no
t to
caus
e ha
rm o
r dea
th to
oth
er p
eopl
e’.
In it
s lat
est a
nnua
l rep
ort,
Che
vron
claim
ed th
at
all lo
cal d
amag
es h
ave a
lread
y be
en p
rope
rly d
ealt
with
, and
that
the c
ompa
ny h
as b
een
relea
sed
from
all
envi
ronm
enta
l liab
ility
follo
win
g Tex
aco’s
ope
ra-
tions
.70
Sinc
e sh
ortly
afte
r the
esta
blish
men
t of i
ts na
tiona
l pen
sion
fund
, the
Nor
weg
ian
gove
rn-
men
t sta
rted
pla
cing
mon
ey in
Che
vron
and
Te
xaco
shar
es, a
nd th
e in
vestm
ent k
ept g
row
ing.
As
of 3
1 D
ecem
ber 2
011,
the
GPF
G h
ad 1
.4
billi
on U
SD in
the
Cal
iforn
ia b
ased
com
pany
. In
line
with
the
polic
y of
non
-tran
spar
ency
in it
s in
vesto
r dia
logu
e w
ith fo
reig
n co
mpa
nies
, it i
s im
poss
ible
to k
now
wha
t NBI
M h
as c
omm
uni-
cate
d w
ith C
hevr
on o
n th
e Ec
uado
rian
proc
ess,
if an
ythi
ng. N
o en
ergy
com
pany
has
to d
ate
been
ex
clud
ed fr
om th
e G
PFG
ove
r env
ironm
enta
l, cl
imat
e or
hum
an ri
ghts
conc
erns
.
No
rway
pla
ces
3.8
bill
USD
in P
eruv
ian
Am
azo
n o
il
His
tory
rep
eats
itse
lf. W
hile
the
Che
vro
n le
gal
cas
e in
Ecu
ado
r ill
ustr
ates
the
her
itag
e fr
om
pas
t
and
irre
vers
ible
rai
nfo
rest
deg
rad
atio
n in
the
Ecu
ado
rian
Am
azo
n, a
mas
sive
hyd
roca
rbo
n ex
plo
-
rati
on
pro
gra
mm
e is
no
w s
tart
ing
up
in t
he n
eig
hbo
urin
g c
oun
try,
Per
u. B
etw
een
200
6 a
nd 2
00
8,
the
Per
uvia
n M
inis
try
of
Ene
rgy
and
Min
es o
pen
ed u
p h
alf
of
its
enti
re u
nto
uche
d A
maz
on
rain
-
fore
st f
or
oil
exp
lora
tio
n. A
ll th
ese
terr
ito
ries
are
inha
bit
ed b
y in
dig
eno
us p
eop
les,
so
me
of
them
still
unc
ont
acte
d a
nd li
ving
in v
olu
ntar
y is
ola
tio
n fr
om
the
out
sid
e w
orl
d. I
n so
me
pla
ces,
vio
lent
confl
icts
hav
e er
upte
d b
etw
een
ind
igen
ous
co
mm
unit
ies
and
Per
uvia
n au
tho
riti
es, f
ollo
win
g t
he
oil
ind
ustr
y’s
exp
ansi
on.
The
No
rweg
ian
gov
ernm
ent
is h
eavi
ly in
volv
ed in
a m
ajo
rity
of
the
com
pan
ies
eng
aged
in t
his
Per
uvia
n p
rog
ram
me
tod
ay:
Our
cal
cula
tio
ns s
how
tha
t 6
6 %
of
the
tota
l oil
conc
essi
on
area
in t
he P
eruv
ian
rain
fore
st is
co
n-
tro
lled
by
15 c
om
pan
ies7
1 whi
ch a
re p
arti
ally
ow
ned
by
the
No
rweg
ian
gov
ernm
ent.
The
No
rwe-
gia
n in
vest
men
t in
the
se c
om
pan
ies
amo
unts
to
3.8
bill
ion
US
D.
Rai
nfo
rest
Fo
und
atio
n N
orw
ay h
as s
ince
20
07
chal
leng
ed t
he la
rge
No
rweg
ian
inve
stm
ents
in
Sp
anis
h o
il co
mp
any
Rep
sol Y
PF,
whi
ch f
rom
20
08
intr
uded
on
the
land
s o
f in
dig
eno
us p
eop
les
livin
g in
vo
lunt
ary
iso
lati
on
in N
apo
Tig
re in
the
Lo
reto
reg
ion.
The
se in
dig
eno
us c
om
mun
itie
s ar
e
hig
hly
vuln
erab
le if
the
are
bro
ught
into
co
ntac
t w
ith
peo
ple
fro
m t
he o
utsi
de
wo
rld
. Dis
ease
s
that
are
co
mm
on
and
unh
azar
do
us f
or
us, c
an w
ipe
out
ent
ire
villa
ges
. Irr
esp
ecti
ve o
f th
e ri
sk,
Rep
sol s
ent
hund
red
s o
f w
ork
ers
to lo
ok
for
oil
into
the
ir t
erri
tory
. The
y b
uilt
land
ing
sit
es f
or
heli-
cop
ters
, cle
ared
hun
dre
ds
of
kilo
met
res
of
seis
mic
co
rrid
ors
, and
car
ried
out
num
ero
us e
xplo
sive
test
s w
ithi
n th
e co
re a
rea
of
the
unco
ntac
ted
ind
igen
ous
peo
ple
s.
The
US
oil
com
pan
y O
ccid
enta
l rep
rese
nts
ano
ther
cas
e o
f en
viro
nmen
tal d
estr
ucti
on
in P
eru.
The
y ha
ve b
een
sued
in t
he U
SA
fo
r ha
ving
rel
ease
d, o
n av
erag
e, 8
50,0
00
gal
lons
of
po
iso
nous
was
te o
ver
a 30
yea
r p
erio
d in
to t
he r
ainf
ore
st in
Co
rrie
ntes
, Per
u, le
adin
g t
o d
amag
e to
nat
ure,
anim
als
and
peo
ple
. In
the
year
20
00
, the
y so
ld t
heir
rig
hts
to a
noth
er c
om
pan
y, b
ut t
hey
neve
r
trie
d t
o c
lean
up
aft
er t
hem
selv
es.
It is
no
t kn
ow
n w
heth
er t
he N
orw
egia
n G
PF
G m
anag
ers
have
eve
r ra
ised
any
env
iro
nmen
tal o
r
hum
an r
ight
s co
ncer
ns w
ith
any
of
the
15 c
om
pan
ies
it p
arti
ally
ow
ns t
hat
are
wo
rkin
g in
the
Pe-
ruvi
an r
ainf
ore
st. M
inin
g a
nd o
il co
mp
anie
s w
ith
sig
nifi
cant
No
rweg
ian
ow
ners
hip
, are
als
o e
xplo
r-
ing
fo
r o
il an
d m
iner
als
in o
ther
key
rai
nfo
rest
co
untr
ies
in S
out
h A
mer
ica,
Afr
ica
and
Asi
a.
200
720
08
200
920
1020
11
Che
vro
n C
orp
249
,410
,659
777,
973
,70
69
10,2
58,7
64
1,078
,872
,04
21,3
86
,470
,573
200
220
03
200
420
05
200
6
Che
vro
n C
orp
96
,977
,06
714
6,8
65,
144
25,5
187,
356
920
,453
,90
06
8,7
72,4
37
200
2
US
D
200
320
04
200
820
05
200
920
06
2010
200
720
11
200
00
0 0
00 0
40
0 0
00
00
0
60
0 0
00
00
0
80
0 0
00
00
0
1 0
00
00
0 0
00
1 20
0 0
00
00
0
Inve
stm
ents
of
No
rway
’s p
ensi
on
fund
in C
hevr
on
Co
rp:
All
sum
s ar
e in
US
D
Che
vron
’s le
gacy
in E
cuad
or: t
he ra
info
rest
arou
nd L
ago
Agrio
is c
rissc
ross
ed w
ith o
il pi
pelin
es.
Photo: Lou Dematteis
2425
Mas
sive
gro
wth
:
No
rweg
ian
inve
stm
ents
in h
igh-
risk
ind
ustr
ies
Our
inve
stiga
tions
show
that
the
Nor
weg
ian
gov-
ernm
ent p
ensio
n fu
nd h
as in
veste
d 13
.7 b
illio
n U
SD in
73
com
pani
es in
hig
h-ris
k se
ctor
s, w
here
it
is w
ell d
ocum
ente
d th
at th
e in
dustr
ies’
activ
i-tie
s are
maj
or d
river
s of d
efor
esta
tion
and
fore
st de
grad
atio
n.72
As t
his r
epor
t sho
ws,
this
incr
ease
co
ntin
ues,
even
thou
gh th
e sa
me
gove
rnm
ent
has p
lace
d ra
info
rest
prot
ectio
n at
the
top
of it
s ag
enda
for i
nter
natio
nal d
evel
opm
ent c
oope
ra-
tion.
The
gove
rnm
ent o
f Nor
way
has
ple
dged
0.5
bi
llion
USD
for r
ainf
ores
t pro
tect
ion
for t
he y
ear
2012
.
The
valu
e of
the
inve
stmen
ts in
the
cont
rove
rsia
l se
ctor
s out
lined
in th
is re
port
has
incr
ease
d fa
r m
ore
than
the
valu
e of
the
rest
of th
e G
PFG
. The
figur
es b
elow
show
an
incr
ease
of 1
3.6
% fr
om
2010
to 2
011.
In c
ompa
rison
, the
retu
rn o
n th
e fu
nd’s
over
all i
nves
tmen
ts in
liste
d co
mpa
nies
du
ring
the
sam
e pe
riod
was
neg
ativ
e - 8
.8 %
. Th
e fu
nd h
ad in
tota
l inv
este
d in
8,0
05 c
ompa
-ni
es in
201
1, c
ompa
red
to 8
,496
com
pani
es th
e pr
evio
us y
ear.
The
impa
ct o
f the
oil
palm
sect
or o
n fo
rests
in
Sout
h Ea
st As
ia is
so m
assiv
e, th
at th
e en
tire
sect
or is
incl
uded
in th
e lis
t bel
ow. A
ll co
mpa
nies
in
the
othe
r sec
tors
are
incl
uded
on
the
twin
ba
sis o
f bel
ongi
ng to
an
indu
stry
whi
ch p
lays
a
maj
or ro
le in
fore
st de
struc
tion,
and
hav
ing
licen
ces o
r act
iviti
es in
rain
fore
st ar
eas.
Not
all
of
the
com
pani
es o
n th
e lis
t hav
e ne
cess
arily
bee
n di
rect
ly a
ccus
ed o
f cau
sing
rain
fore
st de
struc
tion,
al
thou
gh m
any
have
.
Inve
stm
ents
of
No
rway
’s p
ensi
on
fund
in d
rive
rs o
f d
efo
rest
atio
n 20
02-
2011
200
220
03
200
420
05
200
6
Min
ing
251
,79
6,5
88
4
82,
00
6,9
23
56
8,4
65,
99
6
99
6,4
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53
1,3
83,
307,
259
Oil
and
gas
30
4,5
24,5
00
5
50,5
49
,735
9
64
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2,2
80
,327
,88
6
1,8
16,5
96
,94
2
Oil
pal
m p
lant
atio
ns 1
,036
,40
2 -
7
91,0
79
10
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35,
04
6,6
20
Mea
t in
dus
try
-
-
-
-
-
Tim
ber
, pap
er, p
ulp
8
82,
595
1,11
8,9
00
1
,00
6,8
43
9,5
00
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30
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Soy
13,
559
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48
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91
69
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6
1,18
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6
Hyd
roel
ectr
ic/E
nerg
y 1
0,8
92,
575
27,
60
7,9
39
41,5
38,9
12
154
,78
4,7
85
279
,354
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Tota
l, al
l sec
tors
582,
692,
225
1,0
80,4
08,
504
1,
624
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3,
520
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3,
60
6,2
32,9
03
200
720
08
200
920
1020
11
2,5
19,6
00
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1,17
8,5
59,2
27
1,6
96
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1,56
1 2
,90
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3,6
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9
3,8
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636
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8
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8
6,7
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612
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2
30,3
36,0
02
515
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9
826
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6
637
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23
-
8,0
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767
38
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1 2
8,9
44
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6
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62
16
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2,6
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26
,950
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4
6,7
88
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22,4
45,
817
1
07,
972
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119
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132
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2
15,8
69
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1
89
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1,48
8
18
4,9
79,3
58
426
,935
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1
,428
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8,3
94
2
,04
4,15
8,16
0
1,8
83,
780
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1
,924
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2,9
09
7,0
27,4
35,6
51
6,7
08,
838,
339
9,
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4,8
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36,5
67,4
66
13
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200
2
2 0
00
00
0 0
00 0
4 0
00
00
0 0
00
6 0
00
00
0 0
00
8 0
00
00
0 0
00
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00
00
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00
10 0
00
00
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00
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00
00
0 0
00
US
D
200
320
04
200
820
05
200
920
06
2010
200
720
11
Hyd
roel
ectr
ic/E
nerg
yS
oyTi
mb
er, p
aper
, pul
pM
eat
ind
ustr
yO
il p
alm
pla
ntat
ions
Oil
and
gas
Min
ing
New
ly d
efor
este
d ar
ea in
Mat
o G
ross
o, B
razil
ian
Amaz
on
Photo: Jørgen Braastad
2627
Lis
ted
co
un
try
20
11 U
SD
Min
ing
Alc
oa
Inc
US
69
,50
4,0
54A
nglo
Go
ld A
shan
ti L
td B
So
uth
Afr
ica
224
,49
2,6
27B
HP
Bill
ito
nA
ustr
alia
1,753
,957
,76
0B
umi R
eso
urce
s T
bk
PT
Ind
one
sia
115,
184
,638
Chi
na R
ailw
ay C
ons
truc
tio
n C
orp
Ltd
Chi
na
789
,39
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old
en S
tar
Res
our
ces
Can
ada
2,8
46
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Go
ld F
ield
s Lt
dS
out
h A
fric
a24
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ana
Go
ldfi
eld
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anad
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met
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ing
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rpC
anad
a29
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Kin
ross
Go
ld C
orp
Can
ada
121,5
43,
678
Met
allu
rgic
al C
orp
of
Chi
na L
tdC
hina
53
0,7
03
New
mo
nt M
inin
g C
orp
US
294
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7,8
07
Occ
iden
tal P
etro
leum
Co
rpU
S59
4,4
27,4
92
New
cres
t M
inin
g L
td
Aus
tral
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3,0
28,8
63
Tong
ling
No
nfer
rous
Met
als
Gro
up C
o L
td B
Chi
na
622
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Xst
rata
PLC
UK
735,
219
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Tota
l min
ing
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65,7
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il a
nd
ga
s
Che
vro
n C
orp
US
1,38
6,4
70,5
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ono
coP
hilli
ps
US
6
14,16
0,5
87
Duk
e E
nerg
y C
orp
US
51,5
51,17
5E
NI S
pA
Ital
y1,2
56,8
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ran
Tier
ra E
nerg
y In
cU
S8
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s C
orp
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139
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5,36
0K
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on
Gas
Aus
tral
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tdA
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alia
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s E
tab
lisse
men
ts M
ore
l & P
rom
Fra
nce
33,3
99
,90
0M
arub
eni C
orp
Jap
an50
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7,54
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itsu
bis
hi C
orp
Jap
an17
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Oil
Sea
rch
Ltd
Aus
tral
ia8
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acifi
c R
ubia
les
Ene
rgy
Co
rpC
anad
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Bra
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rom
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Ltd
Can
ada
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7R
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l YP
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n74
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anto
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aso
l Ltd
So
uth
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Sin
och
em In
tern
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nal C
orp
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na
275,
223
So
co In
tern
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nal P
LCU
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y In
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The
ann
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epo
rt o
f th
e P
ensi
on
Fun
d a
lway
s o
per
ates
wit
h fi
gur
es in
No
rweg
ian
kro
ner.
In t
he li
st o
f ho
ldin
gs
in t
his
rep
ort
, fo
r co
nven
ienc
e, a
ll su
ms
are
pre
sent
ed in
US
D, a
t an
exc
hang
e ra
te o
f 0
,167
NO
K/U
SD
all
year
s (r
ate
as o
f 31
.12.2
011
).
Lis
ted
co
un
try
20
11 U
SD
Tullo
w O
il P
LCU
K4
27,6
71,4
85
Wo
od
sid
e P
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leum
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tral
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33To
tal o
il an
d g
as6,
783,
612,
426
Oil
pa
lm
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ans
& v
an H
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n N
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ra In
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nal T
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In
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ya C
orp
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alay
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ollo
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ranc
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uste
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old
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irst
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ng B
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aysi
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ng M
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aysi
a23
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ting
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ntat
ions
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a4
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rces
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ing
apo
re4
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rp B
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aysi
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od
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s Lt
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pur
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ong
Bhd
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alay
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ulim
Mal
aysi
a B
hdM
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ble
Gro
up L
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ime
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Ann
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The
list
of
com
pan
ies
show
s th
ose
wit
h lic
ence
s o
r ac
tivi
ties
in r
ainf
ore
sts,
all
in s
ecto
rs t
hat
are
pro
ven
to b
e ke
y ca
uses
of
fore
st d
estr
ucti
on.
But
the
list
of
invo
lved
co
mp
anie
s co
uld
be
far
long
er. I
nves
ting
in fi
rms
all o
ver
the
wo
rld
, in
all s
ecto
rs, m
eans
tha
t N
orw
ay p
lace
s m
one
y
in a
ll p
arts
of
the
chai
n th
at k
eep
the
eng
ine
of
the
cont
rove
rsia
l rai
nfo
rest
ind
ustr
ies
runn
ing
:
not
onl
y th
e fi
rms
wit
h lic
ence
s to
op
erat
e in
the
rai
nfo
rest
, but
als
o t
he fi
nanc
ial s
ecto
r th
at
upho
lds
them
, the
cer
tifi
cati
on
com
pan
ies
that
gre
enw
ash
thei
r o
per
atio
ns, t
he s
ubco
ntra
c-
tors
tha
t ca
rry
out
wo
rk o
n th
e g
roun
d, t
he t
rans
po
rtat
ion
com
pan
ies
ship
pin
g t
he r
ainf
ore
st
pro
duc
ts, t
he lo
ng t
erm
clie
nts
in t
he im
po
rtin
g c
oun
try,
the
sup
erm
arke
ts, f
ast
foo
d c
hain
s,
car
com
pan
ies
and
fas
hio
n o
utle
ts t
hat
sell
the
pro
duc
ts o
rig
inat
ing
fro
m f
orm
er r
ainf
ore
st
land
s. M
any
com
pan
ies
may
hav
e a
hand
in t
he d
estr
ucti
on
of
one
pri
stin
e ra
info
rest
ter
rito
ry.
Hun
dre
ds
of
mo
re c
om
pan
ies
coul
d in
fac
t b
e ad
ded
to
the
list
.
The
ove
rvie
w d
oes
no
t in
clud
e G
PF
G in
vest
men
ts in
bo
nds.
The
to
tal a
nnua
l val
ue o
f th
e
bo
nds
amo
unt
to b
etw
een
2.5
and
7.5
% o
f th
e to
tal v
alue
of
the
shar
es in
the
co
mp
anie
s o
n
the
list.
GP
FG in
vest
men
ts in
hig
h-ri
sk s
ecto
rs.
Inve
stm
ents
in e
qui
ties
as
of
31.1
2.20
11
2829
Dri
vers
of
def
ore
stat
ion
and
the
UN
clim
ate
talk
sEs
tabl
ishin
g a
fram
ewor
k fo
r red
ucin
g G
HG
em
issio
ns fr
om d
efor
esta
tion
and
fore
st de
grad
a-tio
n (R
EDD
+) h
as b
ecom
e an
impo
rtan
t par
t of
the
nego
tiatio
ns o
n a
new
inte
rnat
iona
l clim
ate
agre
emen
t und
er th
e U
N F
ram
ewor
k C
onve
n-tio
n on
Clim
ate
Cha
nge
(UN
FCC
C).
Disc
us-
sions
on
RED
D+
have
focu
sed
on e
stabl
ishin
g in
cent
ives
to re
war
d de
velo
ping
cou
ntrie
s for
re
duci
ng th
eir d
efor
esta
tion
or fo
rest
degr
ada-
tion
rate
s, or
for c
onse
rvin
g or
enh
anci
ng th
e ca
rbon
stor
age
capa
city
of t
heir
exist
ing
fore
sts.
The
idea
of a
per
form
ance
-bas
ed m
echa
nism
th
roug
h w
hich
dev
elop
ing
coun
trie
s are
rew
arde
d fo
r pro
ven
resu
lts in
redu
cing
thei
r em
issio
ns
from
def
ores
tatio
n ha
s gai
ned
broa
d su
ppor
t, al
thou
gh si
gnifi
cant
que
stion
s rem
ain
as to
how
th
e m
echa
nism
shou
ld o
pera
te.
Addr
essin
g in
tern
atio
nal d
river
s of d
efor
esta
-tio
n w
as in
itial
ly n
ot p
art o
f the
neg
otia
tions
on
RED
D+.
One
reas
on m
ight
hav
e be
en th
at,
thro
ugh
the
focu
s on
deve
lopi
ng a
syste
m fo
r pa
ymen
ts ba
sed
on a
chie
ved
resu
lts ex
-pos
t, in
suffi
cien
t atte
ntio
n w
as p
aid
to th
e pr
oces
s le
adin
g to
the
antic
ipat
ed re
sults
– th
e po
licie
s an
d m
easu
res n
eces
sary
to a
chie
ve th
em. S
ec-
ondl
y, as
RED
D+
is de
signe
d as
a m
echa
nism
to
ince
ntiv
ize d
evel
opin
g co
untr
ies,
less
impo
rtan
ce
was
giv
en to
driv
ers o
f def
ores
tatio
n th
at m
ight
op
erat
e ou
tside
the
fore
st co
untr
y or
at t
he in
ter-
natio
nal l
evel
.
This
situa
tion
has c
hang
ed a
s the
disc
ussio
n on
RED
D+
has m
atur
ed. Th
ere
is no
w b
road
re
cogn
ition
that
in o
rder
for d
evelo
ping
cou
ntrie
s to
ach
ieve
resu
lts th
at c
an b
e re
war
ded
thro
ugh
a R
EDD
+ m
echa
nism
, nat
iona
l pla
nnin
g pr
o-ce
sses
and
impl
emen
tatio
n of
ena
blin
g po
licie
s an
d m
easu
res w
ill b
e es
sent
ial.
This
reco
gniti
on
led to
the
adop
tion
of a
thre
e-ph
ased
app
roac
h to
R
EDD
+ at
the
UN
clim
ate
chan
ge c
onfe
renc
e in
C
ancú
n in
201
0. A
ccor
ding
to th
is ap
proa
ch, t
he
phas
e in
whi
ch m
easu
rabl
e, re
port
able
and
verifi
-ab
le re
sults
are
com
pens
ated
dire
ctly
shou
ld b
e pr
eced
ed b
y a
plan
ning
pha
se a
nd a
pol
icy
refo
rm
and
impl
emen
tatio
n ph
ase.
Iden
tifyi
ng a
nd d
eal-
ing
with
the
driv
ers o
f def
ores
tatio
n an
d fo
rest
degr
adat
ion
at th
e na
tiona
l lev
el is
an im
port
ant
part
of t
he fi
rst t
wo
phas
es.73
Ther
e is
also
a g
row
ing
unde
rsta
ndin
g th
at fo
r R
EDD
+ to
be
succ
essfu
l in
redu
cing
def
ores
ta-
tion
and
fore
st de
grad
atio
n gl
obal
ly, a
ddre
ssin
g dr
iver
s with
in e
ach
fore
st co
untr
y w
ill n
ot b
e su
ffici
ent.
Ther
efor
e, th
e de
cisio
n fro
m C
ancú
n “e
ncou
rage
s all
Part
ies to
find
effe
ctiv
e w
ays t
o re
duce
the
hum
an p
ress
ure
on fo
rests
that
resu
lts
in g
reen
hous
e ga
s em
issio
ns, i
nclu
ding
acti
ons t
o ad
dress
driv
ers o
f defo
resta
tion”
74. Th
is is
a re
ques
t to
all
coun
trie
s, de
velo
ped
and
deve
lopi
ng, f
or-
este
d an
d no
n-fo
reste
d, to
take
spec
ific
steps
to
limit
the
pres
sure
that
they
, dire
ctly
or i
ndire
ctly,
pu
t on
the
wor
ld’s
tropi
cal f
ores
ts.
Neg
otia
tions
und
er th
e U
NFC
CC
in 2
012
will
lo
ok m
ore
clos
ely in
to h
ow to
ope
ratio
naliz
e th
is re
ques
t. C
ount
ries h
ave
been
ask
ed to
subm
it th
eir v
iew
s on
how
to a
ddre
ss d
river
s of d
efor
esta
-tio
n at
the
natio
nal a
nd in
tern
atio
nal l
evel.
Dis-
cuss
ions
are
like
ly to
focu
s on
wha
t all
coun
tries
ca
n do
to re
form
pol
icie
s in
area
s suc
h as
taxe
s, su
bsid
ies a
nd in
vestm
ent.
The
nego
tiatio
ns c
ould
al
so re
sult
in re
quire
men
ts to
repo
rt o
n ac
tion
take
n to
add
ress
driv
ers o
f def
ores
tatio
n.
The
nego
tiatio
ns u
nder
the
UN
FCC
C o
n ho
w to
de
al w
ith th
e dr
iver
s of d
efor
esta
tion
and
fore
st de
grad
atio
n pr
ovid
e an
impo
rtan
t opp
ortu
nity
to
ensu
re th
at a
ll co
untr
ies c
ontr
ibut
e to
the
over
all
goal
from
the
Can
cún
clim
ate
chan
ge c
onfe
renc
e to
‘slo
w, h
alt a
nd re
vers
e fo
rest
cove
r and
car
bon
loss’
glo
bally
.
In th
e ca
se o
f Nor
way
, the
big
gest
cont
ribut
or to
in
tern
atio
nal d
efor
esta
tion
and
fore
st de
grad
a-tio
n by
far i
s the
GPF
G, t
hrou
gh it
s inv
estm
ents
in in
dustr
ies t
hat a
re re
spon
sible
for l
arge
-sca
le
fore
st de
struc
tion.
The
Can
cún
Agre
emen
ts,
ther
efor
e, c
reat
e a
clea
r obl
igat
ion,
and
opp
ortu
-ni
ty, f
or th
e go
vern
men
t of N
orw
ay to
exa
min
e ho
w th
e Fu
nd p
lays
a ro
le in
driv
ing
defo
resta
-tio
n an
d, su
bseq
uent
ly, h
ow th
is ca
n be
miti
-ga
ted.
Rec
om
men
dat
ions
Rai
nfor
est F
ound
atio
n N
orw
ay a
nd F
riend
s of
the
Eart
h N
orw
ay re
com
men
d th
at th
e N
orw
e-gi
an g
over
nmen
t red
uce
its n
egat
ive
impa
ct o
n ra
info
rests
by
taki
ng th
e fo
llow
ing
imm
edia
te
mea
sure
s:
Asse
ss th
e im
pact
of t
he G
over
nmen
t Pen
sion
Fund
- G
loba
l (G
PFG
) on
destr
uctio
n an
d de
grad
atio
n of
trop
ical
fore
sts. Th
e as
sess
men
t sh
ould
con
sider
the
cons
eque
nces
of t
he
fund
’s ra
info
rest
inve
stmen
ts on
gre
enho
use
gas e
miss
ions
, los
s of b
iodi
vers
ity a
nd
viol
atio
ns o
f the
righ
ts of
indi
geno
us p
eopl
es
and
othe
r loc
al c
omm
uniti
es. Th
e as
sess
men
t sh
ould
be
pres
ente
d to
the
UN
FCC
C a
s a
step
tow
ards
com
plia
nce
with
the
Can
cún
Agre
emen
ts.En
sure
that
the
Cou
ncil
on E
thic
s sy
stem
atic
ally
and
urg
ently
inve
stiga
tes a
ll th
e Fu
nd’s
inve
stmen
ts in
indu
strie
s whe
re th
e risk
of
cau
sing
fore
st de
struc
tion
is es
peci
ally
hig
h.
Low
er th
e th
resh
old
for e
xclu
ding
from
th
e Fu
nd c
ompa
nies
that
are
invo
lved
in
rain
fore
st de
struc
tion.
Take
step
s to
ensu
re a
nd st
reng
then
the
inde
pend
ence
of t
he C
ounc
il on
Eth
ics,
by li
miti
ng th
e ab
ility
of t
he M
inist
ry
of F
inan
ce’s
abili
ty to
ove
rrul
e th
e re
com
men
datio
ns o
f the
Cou
ncil.
The
gove
rnm
ent s
houl
d co
nsid
er w
heth
er
the
Cou
ncil
shou
ld b
e gi
ven
auth
ority
to
inde
pend
ently
mak
e de
cisio
ns o
n ex
clus
ions
fro
m th
e pe
nsio
n fu
nd’s
inve
stmen
t uni
vers
e.
Instr
uct t
he fu
nd m
anag
er N
orge
s Ban
k In
vestm
ent M
anag
emen
t to
incr
ease
its
open
ness
and
tran
spar
ency
with
rega
rd to
th
e ex
erci
se o
f its
man
date
for r
espo
nsib
le
inve
stmen
t and
act
ive
owne
rshi
p, so
that
th
e pr
ogre
ss a
nd q
ualit
y of
its w
ork
can
be
inde
pend
ently
mon
itore
d.
To m
ake
susta
inab
le m
anag
emen
t of
rain
fore
sts a
stra
tegi
c fo
cus a
rea
for N
orge
s Ba
nk In
vestm
ent M
anag
emen
t’s o
wne
rshi
p ac
tiviti
es, a
nd to
use
all
avai
labl
e to
ols t
o pr
omot
e go
od so
cial
and
env
ironm
enta
l pe
rform
ance
in c
ompa
nies
and
sect
ors t
hat
oper
ate
in ra
info
rest
area
s.
In a
dditi
on, w
e ha
ve th
e fo
llow
ing
reco
mm
enda
-tio
n fo
r the
UN
Fra
mew
ork
Con
vent
ion
on
Clim
ate
Cha
nge
(UN
FCC
C) d
iscus
sions
on
driv
ers o
f def
ores
tatio
n:
The
Con
fere
nce
of th
e Pa
rtie
s sho
uld
requ
est a
ll Pa
rtie
s to
esta
blish
pol
icie
s to
avoi
d sta
te a
nd p
rivat
e in
vestm
ents
that
co
ntrib
ute
signi
fican
tly to
def
ores
tatio
n an
d fo
rest
degr
adat
ion,
and
to re
port
thro
ugh
UN
FCC
C re
port
ing
chan
nels
on th
eir
actio
ns a
nd re
sults
.
Photo: Thomas Marent
3031
No
tes
1 Re
duci
ng E
miss
ions
from
Def
ores
tatio
n an
d fo
rest
Deg
rada
-tio
n, R
EDD
+, w
hich
is th
e he
adin
g us
ed fo
r fo
rest
prot
ectio
n in
the
UN
clim
ate
nego
tiatio
ns
2 D
own
to E
arth
. Apr
il 20
11. 1
00 y
ears
of o
il pa
lm. h
ttp://
ww
w.do
wnt
oear
th-in
done
sia.o
rg/s
tory
/100
-yea
rs-o
il-pa
lm#_
edn-
ref1
6
3 G
over
nmen
t.no.
16.0
9.20
08. N
orw
ay o
ffers
up
to 1
bill
ion
to
save
the
rain
fore
st. h
ttp://
ww
w.re
gjer
inge
n.no
/en/
dep/
smk/
pres
s-ce
nter
/Pre
ss-r
elea
ses/
2008
/nor
way
-offe
rs-u
p-to
-1-b
illio
n-to
-sav
e-th
.htm
l?id=
5264
92
4 D
agbl
adet
. 26.
05.2
010.
Får
med
fler
e på
å re
dde
regn
skog
en
http
://w
ww.
dagb
lade
t.no/
2010
/05/
26/n
yhet
er/m
iljo/
polit
ikk/
jens
_sto
ltenb
erg/
erik
_sol
heim
/118
6921
4/
5 FA
O. 2
010.
Glo
bal F
ores
t Res
ourc
es A
sses
smen
t.
6 Ba
sed
on a
con
serv
ativ
e es
timat
e of
100
00 to
ns o
f CO
2 pe
r sq
uare
km
.
7 Th
e C
limat
e An
alys
is In
icat
ors T
ool (
CAI
T).
USA
em
itted
ap
prox
imat
ely
6.6
billi
on to
ns C
O2-
equi
vale
nts i
n 20
09.
8 Re
gnsk
ogfo
ndet
. 200
9. R
egns
koge
ns ti
lstan
d.
9 Ro
bins
on B
E, H
olla
nd M
B, N
augh
ton-
Trev
es L
. 201
1. D
oes
secu
re la
nd te
nure
save
fore
sts? A
revi
ew o
f the
rela
tions
hip
bet-
wee
n la
nd te
nure
and
trop
ical
def
ores
tatio
n. C
CAF
S W
orki
ng
Pape
r no.
7. C
GIA
R R
esea
rch
Prog
ram
on
Clim
ate
Cha
nge,
Ag
ricul
ture
and
Foo
d Se
curit
y (C
CAF
S). C
open
hage
n, D
en-
mar
k. A
vaila
ble
onlin
e at
: ww
w.cc
afs.c
giar
.org
10
FAO
. 201
0. G
loba
l For
est R
esou
rces
Ass
essm
ent.
11
Regn
skog
fond
et. 2
009.
Reg
nsko
gens
tilst
and.
12
INPE
. 06.
12.2
011.
Pre
ss re
leas
e. h
ttp://
ww
w.in
pe.b
r/in
gles
/ne
ws/
new
s.php
?Cod
_Not
icia
=271
13
Stol
tenb
erg,
J. 2
010.
Ste
ppin
g up
clim
ate
and
fore
st ac
tion.
U
NEP
. http
://w
ww.
unep
.org
/clim
atec
hang
e/Po
rtal
s/5/
docu
-m
ents/
Clim
ateA
ctio
nNor
way
PM.p
df
14
Ibid
.
15
UN
FCC
C. D
ecisi
on 1
/CP.1
6, A
ppen
dix
1.
16
Indo
nesia
n C
oal R
epor
t. Ja
nuar
y 20
11. D
efor
esta
tion
mor
a-to
rium
has
the
pote
ntia
l to
frustr
ate
inve
stors
. http
://w
ww.
coal
port
al.c
om/te
mp_
files
/IC
P-16
0.In
done
sian%
20C
oal%
20Po
wer
.28-
Jan-
2011
17
Uni
on o
f Con
cern
ed S
cien
tists.
201
1. Th
e Ro
ot o
f the
Pro
-bl
em: W
hat’s
Driv
ing
Trop
ical
Def
ores
tatio
n To
day?
18
Wor
ld B
ank
Disc
ussio
n Pa
per.
2010
. Env
ironm
enta
l, Ec
ono-
mic
, and
Soc
ial I
mpa
cts o
f Oil
palm
in In
done
sia.
19
The
Jaka
rta
Post.
12.
02.2
009.
Indo
nesia
allo
cate
s 18
mill
ion
hect
ares
of l
and
for p
alm
oil.
http
://w
ww.
thej
akar
tapo
st.co
m/
new
s/20
09/1
2/02
/indo
nesia
-allo
cate
s-18
-mill
ion-
hect
ares
-la
nd-p
alm
-oil.
htm
l
20
Stab
roek
New
s. 13
.10.
2010
. Min
ing
defo
resta
tion
near
ly
trip
led
betw
een
2000
-08
–WW
F. h
ttp://
ww
w.sta
broe
knew
s.
com
/201
0/ar
chiv
es/1
0/13
/min
ing-
defo
resta
tion-
near
ly-tr
iple
d-be
twee
n-20
00-0
8-%
E2%
80%
93w
wf/
21
The
Jaka
rta
Glo
be. 2
7.12
.201
1. A
s Kal
iman
tan
Coa
l Rise
s, Its
Maj
or R
iver
s Disa
ppea
r. ht
tp://
ww
w.th
ejak
arta
glob
e.co
m/h
ome/
as-k
alim
anta
n-co
al-r
ises-
its-m
ajor
-riv
ers-
disa
p-pe
ar/4
8721
4
22
Jack
Hew
son,
22.
04.2
011.
Gla
ring
emiss
ions
: the
thre
at to
In
done
sia’s
rain
fore
st. h
ttp://
ww
w.op
ende
moc
racy
.net
/jack
-he
wso
n/gl
arin
g-em
issio
ns-th
reat
-to-in
done
sias-
rain
fore
st
23
Nat
iona
l Ins
titut
e fo
r Spa
ce R
esea
rch.
TER
RA
CLA
SS:
Leva
ntam
ento
de
info
rmaç
ões d
e us
o e
cobe
rtur
a da
terr
a na
Am
azôn
ia (S
ept 2
011)
, quo
ted
in G
reen
peac
e (2
010)
, Bro
ken
Prom
ises.
24 B
arre
to, P
. and
D. S
ilva,
IMAZ
ON
. 18.
-19.
11.2
010.
Will
cat
tle
ranc
hing
con
tinue
to d
rive
defo
resta
tion
in th
e Br
azili
an A
ma-
zon?
Pap
er p
rese
nted
at t
he In
tern
atio
nal C
onfe
renc
e: E
nviro
n-m
ent a
nd N
atur
al R
esou
rces
Man
agem
ent i
n D
evel
opin
g an
d Tr
ansit
ion
Econ
omie
s, C
ERD
I, U
nive
rsity
of A
uver
gne.
25
Ibid
.
26
Gre
enpe
ace.
June
200
9. A
Far
ra d
o Bo
i na
Amaz
ônia
.
27
Inte
rvie
w w
ith a
utho
rs. 0
1.03
.201
2.
28
Uni
on o
f Con
cern
ed S
cien
tists.
201
1. Th
e Ro
ot o
f the
Pro
-bl
em: W
hat’s
Driv
ing
Trop
ical
Def
ores
tatio
n To
day?
29
Asne
r, G
. et a
l. 20
06. C
ondi
tion
and
fate
of l
ogge
d fo
rests
in
the
Braz
ilian
Am
azon
.
30
Ger
win
g, J.
200
2. D
egra
datio
n of
fore
sts th
roug
h lo
ggin
g an
d fir
e in
the
easte
rn B
razil
ian
Amaz
on. R
efer
red
to in
Uni
on o
f C
once
rned
Sci
entis
ts. 2
011.
The
Root
of t
he P
robl
em: W
hat’s
D
rivin
g Tr
opic
al D
efor
esta
tion
Toda
y?
31
Con
trera
s-H
erm
osill
a, A
., R
. Doo
rnbo
sch,
and
M. L
odge
. 20
07. R
ound
tabl
e on
susta
inab
le d
evel
opm
ent:
The
econ
omic
s of
ille
gal l
oggi
ng a
nd a
ssoc
iate
d tr
ade.
Ref
erre
d to
Uni
on o
f C
once
rned
Sci
entis
ts. 2
011.
The
Root
of t
he P
robl
em: W
hat’s
D
rivin
g Tr
opic
al D
efor
esta
tion
Toda
y?
32
FAO
. 201
0. G
loba
l For
est R
esou
rces
Ass
essm
ent.
33
Lapo
rte,
N.T
., J.A
. Sta
bach
, R. G
rosc
h, T
.S. L
in, a
nd S
.J.
Goe
tz. 2
007.
Exp
ansio
n of
indu
stria
l log
ging
in C
entr
al A
frica
. Sc
ienc
e 31
6: 1
451,
refe
rred
to U
nion
of C
once
rned
Sci
entis
ts.
2011
. The
Root
of t
he P
robl
em: W
hat’s
Driv
ing
Trop
ical
D
efor
esta
tion
Toda
y?
34
Uni
on o
f Con
cern
ed S
cien
tists.
201
1. Th
e Ro
ot o
f the
Pro
-bl
em: W
hat’s
Driv
ing
Trop
ical
Def
ores
tatio
n To
day?
35
ECO
RYS.
201
0. S
tudy
on
the
evol
utio
n of
som
e de
fore
statio
n dr
iver
s and
thei
r im
pact
s on
the
costs
of a
n av
oide
d de
fore
sta-
tion
sche
me.
36
Mor
ton,
et a
l. 20
06. C
ropl
and
expa
nsio
n ch
ange
s def
ores
tatio
n dy
nam
ics i
n th
e so
uthe
rn B
razil
ian
Amaz
on. P
roce
edin
gs o
f the
na
tura
l Aca
dem
y of
Sci
ence
s 103
: 146
37-1
4641
.
37
Uni
on o
f Con
cern
ed S
cien
tists.
201
1. Th
e Ro
ot o
f the
Pro
-bl
em: W
hat’s
Driv
ing
Trop
ical
Def
ores
tatio
n To
day?
38
Regn
skog
fond
et. 2
007.
Soy
a og
bio
dies
el i
Amaz
onas
.
39
Wor
ld C
omm
issio
n on
Dam
s. 20
00. D
ams a
nd D
evel
opm
ent:
A N
ew F
ram
ewor
k fo
r Dec
ision
-Mak
ing.
40
Ibid
.
41
Inte
rnat
iona
l Riv
ers.
2010
. Bel
o M
onte
Fac
t She
et.
42
Min
ister
of F
orei
gn A
ffairs
, Mr.
Jona
s Gah
r Stø
re. 0
4.-
05.0
6.20
08. S
tate
men
t at O
ECD
Min
ister
ial C
ounc
il M
eetin
g, P
aris.
http
://w
ww.
regj
erin
gen.
no/n
b/de
p/ud
/akt
uelt/
tale
r_ar
tikle
r/ut
enrik
smin
ister
en/2
008/
oecd
_par
is080
6.ht
ml?i
d=51
5262
43
Min
ister
of F
orei
gn A
ffairs
, Mr.
Jona
s Gah
r Stø
re. 0
4.-
05.0
6.20
08. S
tate
men
t at O
ECD
Min
ister
ial C
ounc
il M
eetin
g, P
aris.
http
://w
ww.
regj
erin
gen.
no/n
b/de
p/ud
/akt
uelt/
tale
r_ar
tikle
r/ut
enrik
smin
ister
en/2
008/
oecd
_par
is080
6.ht
ml?i
d=51
5262
44
The
exac
t por
tfolio
of t
he N
orw
egia
n go
vern
men
t pen
sion
fund
can
be
acce
ssed
thro
ugh
an e
asy-
to-u
se se
arch
able
da
taba
se o
n th
e w
ebsit
e ht
tp://
ww
w.nb
im.n
o/en
/Inv
estm
ents/
hold
ings
-/ho
ldin
gs-a
nd-v
otin
g/
45
Cou
ncil
on E
thic
s web
page
s: w
ww.
etik
krad
et.n
o
46
Lette
r fro
m N
BIM
to R
ainf
ores
t Fou
ndat
ion
Nor
way
. 01
.02.
2011
.
47
Offi
ce o
f the
prim
e M
inist
er. 1
1.12
.200
7. P
ress
rele
ase.
http
://w
ww.
regj
erin
gen.
no/e
n/de
p/sm
k/ak
tuel
t/nyh
eter
/200
7/sto
lten-
berg
-til-v
iktig
e-kl
imaf
orha
ndlin
g.ht
ml?i
d=49
3782
48
All r
ecom
men
datio
n re
port
s are
to b
e fo
und
on th
e C
ounc
il on
Et
hics
’s w
ebpa
ges h
ttp://
ww
w.re
gjer
inge
n.no
/en/
sub/
styre
r-ra
d-ut
valg
/eth
ics_
coun
cil/R
ecom
men
datio
ns/R
ecom
men
datio
ns/
reco
mm
enda
tions
-on-
envi
ronm
enta
l-dam
age.
htm
l?id=
6143
04
Dat
es re
fer t
o th
e re
com
men
datio
n of
exc
lusio
n fro
m th
e C
ounc
il on
Eth
ics t
o th
e N
orw
egia
n M
inist
ry o
f Fin
ance
s.
49
Uni
on o
f Con
cern
ed S
cien
tists.
201
1. Th
e Ro
ot o
f the
Pro
-bl
em: W
hat’s
Driv
ing
Trop
ical
Def
ores
tatio
n To
day?
50
FAO
. 201
1. S
outh
east
Asia
n fo
rests
and
fore
stry
to 2
020:
Su
breg
iona
l rep
ort o
f the
seco
nd A
sia-P
acifi
c fo
restr
y se
ctor
ou
tlook
stud
y. Q
uote
d in
Uni
on o
f Con
cern
ed S
cien
tists.
20
11. Th
e Ro
ot o
f the
Pro
blem
: Wha
t’s D
rivin
g Tr
opic
al
Def
ores
tatio
n To
day?
51
Saw
it W
atch
, FPP
, HuM
a an
d W
orld
Agr
ofor
estr
y C
entre
. 20
06. P
rom
ised
Land
. ht
tp://
ww
w.fo
restp
eopl
es.o
rg/s
ites/
fpp/
files
/pub
licat
ion/
2010
/08/
prom
isedl
ande
ng.p
df
52
Dow
n to
Ear
th. A
pril
2011
. 100
yea
rs o
f oil
palm
. http
://w
ww.
dow
ntoe
arth
-indo
nesia
.org
/sto
ry/1
00-y
ears
-oil-
palm
#_ed
nref
16
53
Mar
cus C
olch
este
r, Pa
tric
k An
ders
on, A
sep
Yuna
n Fi
rdau
s, Fa
tilda
Has
ibua
n an
d So
phie
Cha
o. N
ovem
ber 2
011.
Hum
an
right
s abu
ses a
nd la
nd c
onfli
cts i
n th
e PT
Asia
tic P
ersa
da c
on-
cess
ion
in Ja
mbi
. Rep
ort o
f an
inde
pend
ent i
nves
tigat
ion
into
la
nd d
isput
es a
nd fo
rced
evi
ctio
ns in
a p
alm
oil
esta
te. h
ttp://
ww
w.fo
restp
eopl
es.o
rg/s
ites/
fpp/
files
/pub
licat
ion/
2011
/11/
final
-rep
ort-p
t-ap-
nov-
2011
-low
-res
-1.p
df
54
Ibid
.
55
Ibid
.
56
Rai
nfor
est F
ound
atio
n N
orw
ay. 2
5.01
.201
2. N
ordm
enn
spise
r op
p re
gnsk
ogen
. http
://w
ww.
regn
skog
.no/
bevi
sst-f
orbr
uker
/pa
lmeo
lje/n
ordm
enn-
spise
r-op
p-re
gnsk
ogen
57
Gre
enom
ics I
ndon
esia
. Mar
ch 2
011.
Nor
way
Nee
ds to
Wal
k th
e Wal
k, D
ives
t Hol
ding
s in
Gia
nt P
alm
Oil
Gro
ups O
pera
-tin
g Ill
egal
ly in
Bor
neo.
58
The
Jaka
rta
Post.
Oct
ober
200
9. IF
C su
spen
ds in
vestm
ent i
n pa
lm o
il ov
er W
ilmar
cas
e. h
ttp://
ww
w.th
ejak
arta
post.
com
/ne
ws/
2009
/09/
10/if
c-su
spen
ds-in
vestm
ent-p
alm
-oil-
over
-w
ilmar
-cas
e.ht
ml
59
CSR
man
ager
Sha
ron
Cho
ng. 1
6.03
.201
2. In
terv
iew
with
au
thor
s.
60
Mar
cus C
olch
este
r, Pa
tric
k An
ders
on, A
sep
Yuna
n Fi
rdau
s, Fa
tilda
Has
ibua
n an
d So
phie
Cha
o. N
ovem
ber 2
011.
Hum
an
right
s abu
ses a
nd la
nd c
onfli
cts i
n th
e PT
Asia
tic P
ersa
da c
on-
cess
ion
in Ja
mbi
. Rep
ort o
f an
inde
pend
ent i
nves
tigat
ion
into
la
nd d
isput
es a
nd fo
rced
evi
ctio
ns in
a p
alm
oil
esta
te.
61
Stat
ens P
ensjo
nsfo
nd U
tland
. 201
0. Å
rsra
ppor
t.
62
Ibid
.
63
Amaz
on W
atch
and
Fre
nte
de D
efen
sa d
e la
Am
azon
ia, w
ww.
amaz
onto
xico
.com
64
Rai
nfor
est A
ctio
n N
etw
ork.
04.
01.2
012.
Che
vron
’s To
xic
Lega
cy in
Ecu
ador
. http
://ra
n.or
g/ch
evro
ns-to
xic-
lega
cy-e
cua-
dor
65
Amaz
on W
atch
and
Fre
nte
de D
efen
sa d
e la
Am
azon
ia, w
ww.
amaz
onto
xico
.com
66
Ibid
.
67
Cor
te P
rovi
ncia
l de
Justi
cia
de S
ucum
bios
. 03.
01.2
012.
Juic
io
No.
201
1-01
06.
68
Amaz
on W
atch
and
Fre
nte
de D
efen
sa d
e la
Am
azon
ia. U
nda-
ted,
pag
e vi
sited
15.
03.2
012.
Che
vron
’s Eff
orts
to U
nder
min
e th
e Ru
le o
f Law
. http
://ch
evro
ntox
ico.
com
/abo
ut/h
istor
ic-tr
ial/
chev
rons
-effo
rts-
to-u
nder
min
e-th
e-ru
le-o
f-law
.htm
l.
69
Inte
rvie
w w
ith a
utho
rs. 0
4.03
.201
2.
70
Che
vron
Cor
p. 2
010.
Ann
ual R
epor
t. w
ww.
chev
ron.
com
/do
cum
ents/
pdf/C
hevr
on20
10An
nual
Repo
rt.p
df
71
The
Nor
we¬
gian
inve
stmen
t in
the
follo
win
g co
mpa
nies
am
ount
s to
3.8
billi
on U
SD: C
onoc
oPhi
llips
, Duk
e En
ergy
, H
ess,
Kar
oon
Gas
(KEI
), Le
s Eta
bliss
emen
ts M
orel
& P
rom
, M
arub
eni,
Occ
iden
tal,
Paci
fic R
ubia
les,
Petro
bank
Ene
rgy,
Petro
bras
, Pet
rom
iner
ales
(Gra
n Ti
erra
), Re
psol
YPF
, Sin
oche
m
(Em
eral
d), T
alism
an a
nd W
oods
ide
72
Sou
rces
use
d in
put
ting
toge
ther
this
list i
s ava
ilabl
e on
ww
w.ra
info
rest.
no a
nd u
pon
requ
est.
73
UN
FCC
C d
ecisi
on 1
/CP.1
6, p
arag
raph
s 70-
73
74
UN
FCC
C d
ecisi
on 1
/CP.1
6, p
arag
raph
68.
Em
phas
is ad
ded.
32
Rai
nfor
est,
Peru
. Pho
to: W
alte
r Silv
era
