The Investor Guide to Deforestation and Climate Change gives investors a first-of-its-kind framework to understand and engage on deforestation-driven climate risks across their portfolios. It is especially intended for investors – in particular, engagement specialists – who are relatively new to deforestation and may be engaging companies on climate change but not deforestation. The Guide explains the drivers of deforestation risk and how to prioritize company engagements based on industries, geographies and sourcing patterns. It also outlines key expectations that investors should be looking for in corporate climate and deforestation commitments and example questions for company and sector engagements. Lastly, the Guide provides concrete next steps investors can take to address deforestation risk. This companion website also hosts regularly updated additional resources to help investors assess portfolio deforestation risk and engage with companies.

Investor reviewers

Ceres would like to thank the following investors for generously sharing their time and expertise to review and provide feedback on the report content and its saliency with an investor audience:

Adam Kanzer, BNP Paribas
Michelle Edkins and Hilary Novik-Sandberg, BlackRock
Jimmy Yan, NYC Comptroller’s Office

The use of the BNP Paribas, Blackrock, and the NYC Comptroller logos and/or the feedback provided by these firms does not represent an investment endorsement or recommendation and does not reflect any policies or positions of BNP Paribas, Blackrock, or the NYC Comptroller.

Thanks also to the following investors for their additional input and historic engagement on these issues: 

Stu Dalheim, Calvert Research and Management; 
Lauren Compere, Boston Common Asset Management; 
Julie Gorte, Impax Asset Management; 
Frank Sherman and Natalie Wasek, Seventh Generation Interfaith Coalition for Responsible Investment; 
Yasmine Svan, Legal and General Investment Management;
Jessye Waxman, Green Century Capital Management.

Data providers

This guide would not have been possible without the data provided to Ceres by the following data partners:

Toby Gardner, Stockholm Environment Institute through its Trase project
Florence Pendrill and Martin Persson, Chalmers University of Technology
Thomas Kastner, Senckenberg Biodiversity and Climate Research Centre

Technical advisory committee

This guide was developed through a consultative process with an advisory committee of experts in deforestation and climate change. Our thanks to the following individuals who generously shared their time and expertise to review the data and information in this guide for methodology and transparency of messaging, and to the Meridian Institute for facilitating the review process.
Justin Adams, Tropical Forest Alliance
Ameer Azim, Climate Advisers
David Cleary, The Nature Conservancy
Stephen Donofrio, Forest Trends/Supply Change
Jamison Ervin, United Nations Development Programme, New York Declaration on Forests Global Platform Secretariat
Morgan Gillespy, CDP
Matthew Hansen, University of Maryland
Diane Holdorf, World Business Council for Sustainable Development
Michèlle Koper, Navigant a Guidehouse Company
Jeff Milder, Rainforest Alliance
Isabel Nepstad, Independent Consultant
Michael Obersteiner, International Institute for Applied Systems Analysis (IIASA)
Matt Ramlow, World Resources Institute, GHG Protocol

The opinions expressed in The Investor Guide to Deforestation and Climate Change are those of Ceres and do not necessarily reflect the views of any of our sponsors, reviewers or member organizations. Ceres does not endorse any of the organizations used as examples or otherwise referenced in the report.


Support for this guide was provided by the Norwegian International Climate and Forest Initiative (NICFI), the Gordon and Betty Moore Foundation, the David and Lucile Packard Foundation, and Erol Foundation.


Meryl Richards 
Nako Kobayashi
Rebecca Stern
Peyton Fleming
Thanks to Julie Nash, Hugh Brown, Ana Orians, Cambria Arvizo, Sarah McCracken and George Grattan for providing support for this project.

Graphic design

Maura Conron

Web design