GREENING SUPPLY CHAINS: A WIN-WIN APPROACH

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1 BUSINESS WITH IMPACT We have noticed a progressive trend in our clients interests, who do not want simply to maximise their financial profit. They want more. They see that shareholder value also depends on their standing in the society be it local, national or global where they operate. They want to do good as well for their clients and all of society. Indufor aligns strongly with this kind of thinking. There is a new term for an investor with this kind of philosophy an impact investor, who makes impact investments into companies, organisations, and funds, with the intention to generate positive social and environmental impacts alongside the financial return. In forestry, where operations cover large areas of land, the best investments have always been impact investments although not known as such. However, now the positive environmental and social impacts are purposefully targeted, they are not just a side products of good work. Impact investments are neither donations nor charity. Impact investors always expect a financial return, at a minimum the return of capital but in most cases with a reasonable profit, either at a risk-adjusted market rate or sometimes something below that. There is an increasing understanding that investments with positive environmental and social impacts are also good business. For a long time, Indufor has been helping clients to conduct good business with positive impacts. We have also supported our clients in measuring and reporting on the social and environmental performance and progress of their investments. Over the years, we have been developing our own understanding of best practises that are suitable for different geographic areas and situations, and developing tools that allow our consultants to give well-grounded and robust advice to our clients on how to make positive impacts and earn a good return at the same time. We are now specifically improving our services to our clients who want to make a socially responsible impact. This issue of Indufor s newsletter contains articles that highlight how we can support our clients in doing better business with this goal in mind. Jyrki Salmi, Managing Director, Senior Partner Indufor Newsletter No 24, June

2 IMPACT INVESTING Managing forestlands for economic, ecological, and social returns is nothing new, but the ways in which this is financed is changing shape. A growing number of impact investors target specific social and environmental objectives while seeking a financial return on their investments. The forest and agro-forestry landscape could offer opportunities to generate returns, advance development and safeguard the environment. Adding impact to the risk/return calculation, impact investors can support businesses that strengthen the environment and the society. In previous generations, philanthropy funded charities to fill gaps that the market failed to reach. That is changing. Impact investors are shifting the focus from the act of giving to using the market to generate the impact. A similar trend is seen in the official development aid arena where international donors focus on promoting trade rather than aid and performance-based grants. The emerging scarcity of natural resources has dictated global economic development over the past decades and perhaps even over the human history at local levels. On one hand, the scarcity causes severe disasters, and on the other hand it offers opportunities for market participants. Many recent global downturns and conflicts, particularly the 2008 financial crisis, have also awakened corporates to long-term financial thinking and building sustainable economies, and to the sustainable use of natural resources. At the same time the number of impact-driven entrepreneurs working to find innovative solutions to societal problems has increased. In Southeast Asia and Africa, countries such as Malaysia, Indonesia, Ghana and Côte d'ivoire used to be significant industrial players in the global tropical timber business. Now many industries are struggling to get high-quality logs from tropical forests. Many of the traditional family entrepreneurs who had a key role in their business community are shutting down operations. Natural forests have largely disappeared and many industrial operators are now small players with obsolete production assets. However, some pioneers have realised the opportunity and started to invest in new plantation forests and processing facilities with a long-term vision of a sustainable resource base and growing local demand. Indufor has been in the forefront evidencing this development. The investments are true impact investments where, instead of quick returns, the main drivers are long term economic benefits, as well as improved environment and social well-being. Indufor has been a technical advisor for the new investors as well as for the lenders, ensuring that the ventures are financially and technically solid as well as sustainable. Forest investments inherently generate social and environmental impacts that are often seen as risks that must be mitigated. The sector has a base of experience to learn from, and it can also learn from other sectors such as mining to improve the risk/return/impact calculus. Done well, sustainable forest management can catalyse numerous beneficial impacts: it can Indufor Newsletter No 24, June

3 create local jobs, contribute to food security, protect indigenous communities, foster ecotourism, and enhance ecosystem services including climate change mitigation. In order to see such benefits, investors that see the reward from taking such risks will play a central role in financing the actions required to generate positive impacts in the forest landscape. Jeff Hatcher, Managing Director of Indufor North America, and Mariia Kaikkonen, Consultant, Corporate Responsibility Management GREENING SUPPLY CHAINS: A WIN-WIN APPROACH Unsustainable production of commodities is having devastating effects on the earth s limited stock of natural capital. Ecosystem degradation, water scarcity, biodiversity loss, and the severe impacts of climate change are just some of the results. Now, there is mounting pressure from civil society for businesses to account for their negative externalities. A growing middle-class, not only in the western societies but also in emerging economies like China, India and Brazil, is more and more concerned with environmental and health consequences of food production. Today s Chinese mothers read carefully the specifications of consumer goods in food stores in order to have pure and healthy food for their children. Brazilian students resist eating meat that is sourced from the deforested Amazon. Investors, such as pension funds and financial institutions, are also starting to divest from companies that mismanage the social or environmental impacts of their supply chain. In order to address these challenges, businesses are gradually acknowledging the importance of working closely with suppliers to green their value chains. This includes not only addressing direct externalities such as greenhouse gas emissions from their operations, but also indirect impacts such as deforestation and degradation caused from clearing land to produce raw materials. The companies that are able to communicate their sustainable value chains to consumers can improve their financial performance and consumer satisfaction, as well as the environment. Companies that manage their supply chains well can have long-term cost savings due to more efficient and sustained sourcing, while consumers are ready to pay premium prices for safe and healthy products. At the same time, production ecosystems are sustainable and carbon neutral, and as a result companies are able to improve their financial performance. Indufor Newsletter No 24, June

4 Indufor has recently assisted several forest product and bioenergy companies in their sourcing strategies. These companies have been able to improve their relationships with suppliers and even open platforms to exchange practices on how to improve the sustainability of the supply chain. In some cases, Indufor has been able to demonstrate to some energy companies, which are in the process of switching from fossil fuel based sourcing to biomass, that a long-term strategy is a must in order to secure sustainable biomass supply. Renewable biomass is not a commodity that you can get easily from the global markets in required volumes and qualities. Instead, you have to manage the whole supply chain. In addition to companies, Indufor has advised governments in designing policies and related smart regulations that reward sustainability front-runners and lead laggards towards a more sustainable path. Marisa Camilher Camargo Senior Consultant, Environmental Law and Policy STRANDED ASSETS The notion of stranded assets is gaining recognition and increasingly affecting mainstream investment decisions. Stranded assets are resources that at some point prior to the end of their economic life are no longer able to earn the expected economic return. This is due to changes in the market or regulatory environment associated with the transition from a fossil fuel dominant economy to a climate smart, sustainable economy. Stranded assets are a regular and ordinary feature of economic systems. Recent developments, however, illustrate that environmental risks are increasingly responsible for stranding assets, and their significance is likely to grow over time. Stranding takes place when an asset suffers from unanticipated or premature write-offs, downward revaluations or when it is converted to a liability due to environmental risks. A multitude of current and emerging environmental risks can result in stranding assets. However, these risks as the cause for stranding have in the past been poorly understood and therefore they have often been mispriced, resulting in a significant over-exposure of environmentally unsustainable assets throughout the global financial and economic systems. A change is now taking place as the risk profile of natural assets is broadening and the shift to low-carbon business is becoming mainstream. Global concerns about the development of a carbon bubble, together with the relatively rapid pace of innovations in clean energy and low-carbon technologies leave many fossil fuel investors with increasing doubts and growing willingness to withhold capital from companies seen to be engaged in unsustainable activities. Divesting is not uncommon as risk minimisation and safeguarding long-term profitability are naturally priorities. Forest assets are not excluded from stranding. If environmental risks materialise, they can result in stranding assets in the forest based value chains. Forests can, however, also work as a remediation mechanism, or a counterforce to stranding. Afforestation and reforestation are currently classified as Negative Emissions Technologies (NETs) that remove carbon Indufor Newsletter No 24, June

5 dioxide from the atmosphere and thus alleviate the risks of global warming. This in turn makes forests a sustainable investment option and attractive for sustainable investors. Indufor works as a global advisor for investors thinking ahead and wishing to tap this potential. Indufor s clients often come to realise the bundle of benefits of forest investments as they learn to understand the full spectrum of the goods that forest ecosystems offer. One futureoriented advantage is that, unlike fossil fuel assets, forests embody the potential for additional revenue creation in the future, such as the sales of ecosystem services. This is possible in only selected markets so far, but all signs point to its expansion. Thus, instead of divesting this makes investing in forests an ever more attractive option. Mariia Kaikkonen, Consultant, Corporate Responsibility Management GREEN BONDS A green bond is a way to raise up-front finance at scale from the private sector. The bond is earmarked with a promise to invest the accumulated capital into sustainable projects, processes and technologies. Green bonds are targeted at the growing pool of investors looking for low-risk bonds with an additional positive environmental and social impact. A green bond is basically like any other bond issued by a government, financial institution or company. It is a tradable financial instrument that allows the issuer to borrow funds with a promise to pay back the money usually with annual interest by a certain date. The distinction from traditional bonds is that green bonds are supposed to raise money for environmentally and socially beneficial purposes only. The range of projects eligible for financing under green bonds are manifold as there is no single definition of green so far. The proceeds can be used e.g. for financing renewable energy, energy efficiency, water conservation, sustainable forest management, avoidance of deforestation, or reducing the corporate environmental footprint. The projects typically receive a third-party opinion from a known environmental specialist or certification body. Bank of America Merrill Lynch started a green bond index in November 2014 and noted that the bonds on the index have lower credit risk and lower volatility of returns than average bonds. The World Bank issued the first green bond in Back then, the investors buying green bonds were mostly public sector institutions. A change took place in November 2013 when the first corporate (non-bank) bond was issued by the French energy group EDF. In March 2014, the Swedish hygiene and forest products company SCA announced it had raised SEK1.5 billion through a green bond for renewable energy and energy efficiency purposes. Currently green bonds globalise with speed; in early June 2015 the Brazilian food giant BRF, the world s seventh largest food producer, issued a green bond worth EUR500 million to finance e.g. sustainable forest management (development of eucalyptus plantations). The Industrial Bank of China is in the process of issuing its inaugural green bond the first ever from China. Indufor Newsletter No 24, June

6 A forest bond is a category under the green bonds that allows the issuer to borrow money from the international markets to fund sustainable forest activities. A forest bond can be issued on the basis of future cash flows from a suitable forest project, e.g. selling of ecosystem goods and services like carbon offsets. The general challenge with sustainable forest activities is that they require greater upfront expenditures than many nonsustainable activities. Forestry participants who want to adopt more sustainable land-use practices and have access to the associated cash flows will not be able to do so if they do not have access to affordable financing first. Forest bonds provide one suitable option to overcome the challenge. Indufor advises companies thinking of using this option as part of their debt financing strategy, as well as investors interested in buying forest bonds. Working on both sides gives Indufor a good understading of the rationales and motivations of both. Indufor, as a forest advisor with long experience in the natural resources sector, can also see the benefits and risks on both sides and give guidance based on realistic projections. Mariia Kaikkonen, Consultant, Corporate Responsibility Management Indufor Newsletter No 24, June

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