Norway is now the first country committed to the zero deforestation, which precludes deforestation in public procurement. Any companies related to deforestation will not be able to have contract with the Norwegian government. For crops associated with large-scale rainforest destruction like soy, timber, palm oil and beef, if they are to be procured by the government, they will have to be produced in a sustainable way. In addition, now there are recommendations for Norway’s Government Pension Fund Global (GFPG), the largest sovereign wealth fund in the world, to consider biodiversity when making investment decisions.

Norway’s sovereign wealth fund will require companies in its portfolio to ‘to manage risk associated with the causes and impacts of climate change resulting from greenhouse gas emissions and tropical deforestation.’ The move comes after campaigners had targeted the fund for continuing to invest in companies associated with deforestation while the Norwegian government had committed $522 million to protecting the world’s forests. Questions considered in assessing company risk will include: disclosure on tropical forest footprint; commitment to international standards for sustainable production of agricultural commodities; and reporting on the implementation of its commitments.