Green Century-led Coalition of Investors Warn Indonesia Legislation Threatens Tropical Forests
Press Release Contact: Kyle W. Kempf, Green Century Capital Management, kkempf@greencentury.com, (617) 482-0800
Boston, October 9, 2020 – This week, Green Century° released a letter, signed by 36 global investors, representing more than $4.1 trillion in assets under management, in opposition to a bill that would roll back the environmental protections that have helped stem deforestation across Indonesia. The Omnibus Bill on Job Creation is intended to help Indonesia attract foreign investment and recover from the impacts of COVID-19.
Green Century and other global investors have been working for years with companies throughout the palm oil supply chain – from producers to retailers – to move the industry away from harmful practices that threaten Indonesia’s forests and peatlands. Protecting these ecosystems is key to addressing global crises like climate change and biodiversity loss.
In an effort spearheaded by Green Century, the coalition of global investors expressed their concerns about the effect that the massive regulatory overhaul would have on Indonesia’s environment and, in turn, on its investment climate. With demand for sustainable commodity production growing and investors increasingly calling for stronger environmental protections, any effort to stimulate foreign investment by weakening regulations is counterintuitive and could deter investors from Indonesian markets.
Although the Indonesian parliament approved the legislation, Green Century and other investors hope to continue their dialogue with the government about ways to pursue economic recovery that promotes the protection of native ecosystems, the development of sustainable markets, and a positive environment for long-term investments.
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About Green Century Capital Management
°Green Century Capital Management is the investment advisor to the Green Century Funds. The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
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