Supporting zero-deforestation soy initiative through monitoring
Proforest sitting on Environmental Committee to assess and verify performance of the new Responsible Commodities Facility.
Proforest has been invited to sit on the Environmental Committee of The Responsible Commodities Facility (RCF).
RCF is a new system of financial incentives for farmers in Brazil who commit to deforestation- and conversion-free (DCF) soy cultivation. The goal is to prevent negative climate impacts and loss of habitat, and act as a delivery mechanism for the objectives of the Cerrado Manifesto, the SOS Cerrado group, and the IFACC facility (Innovative Finance for the Amazon, Cerrado and Chaco).
RCF announced on August 2 that UK supermarkets Tesco, Sainsbury’s and Waitrose have invested US$11 million into the facility, designed by Sustainable Investment Management Ltd, to be managed by a consortium.
The RCF will provide finance to 36 eligible farms in the Cerrado region of Brazil, producing 75,000 tons of soy per year (for four years), resulting in the conservation of around 11,000 ha of native vegetation, 4,200 in excess of legal reserves. All farms in the trial stage will be located in the Matopiba, Goiás and Mato Grosso regions, areas at risk of deforestation and biodiversity loss.
Monitoring of compliance with the Eligibility Criteria and the assessment of the environmental performance of the programme will be independently verified by an Environmental Committee, including Proforest, The Nature Conservancy, Conservation International Brazil, UNEP, WWF and IPAM, coordinated by Brazilian NGO BVRio.
After an initial 12-month trial phase, it is expected that the Responsible Commodities Facility (RCF) will be scaled up to include hundreds of farmers across Brazil, helping to protect vast tracts of native Cerrado vegetation in Brazil conserving biodiversity, water quality and carbon stocks.
Proforest brings expertise in working in soy production and sourcing, particularly in Brazil. Proforest also supports the Consumer Goods Forum Forest Positive Coalition and is a member of the Advisory Group of the Soft Commodities Forum. In 2018, we launched the Soy Toolkit, a capacity building programme, designed to help traders, food processors and retailers understand how to make progress and deliver on responsible sourcing of soy.
Read the full press release: SIM launches zero-deforestation soy initiative funded by green bonds