New Report from Sinergia Animal Reveals Financial Institution’s Lag in Animal Welfare and Food System Sustainability Policies
New Report from Sinergia Animal Reveals Financial Institution’s Lag in Animal Welfare and Food System Sustainability Policies
Rabu, 24 April 2024 | 11:46
BANGKOK, THAILAND -
Media OuReach Newswire
- 24 April 2024 - International animal protection NGO Sinergia Animal
has released a groundbreaking report titled “Beyond Profits: Global
Review of Financial Institutions in Animal Welfare and Food Systems.”
The study comprehensively analyses 80 financial institutions across 22
countries, exposing significant deficiencies in the financial sector’s
commitment to animal welfare and sustainable food systems.
Key findings from the global assessment highlight a concerning trend:
the compliance rate of the evaluated financial institutions in having
policies to divest from animal cruelty practices and promote plant-based
alternatives remains at only 10%, with over 53% scoring zero. Despite
some progress, with eleven banks improving their policies since 2023,
notable entities like Goldman Sachs and ICBC have regressed in their
previous commitments.
A Wake-Up Call for Financial Institutions
“Our world faces unprecedented challenges: the unfolding climate crisis,
public health risks, and increased food insecurity demand immediate
action from all sectors. We’ve assessed banks’ performance in these
areas using 21 criteria, including policies that prohibit the financing
of the cruellest practices against farmed animals or other harmful
activities like wildlife trade, non-medical and medical testing, and the
indiscriminate use of antibiotics. Support for a transition to
plant-based alternatives was also measured,” said Merel van der Mark,
Head of the Animal Welfare and Finance Program at Sinergia Animal.
Krung Thai Bank scored only 2% of the points, while Kasikornbank and
Siam Commercial Bank scored none. Meanwhile, the international banks
Triodos, de Volksbank, Australian Ethical, Rabobank, and ABN Amro remain
the top five assessed banks with the best animal welfare and
sustainable food systems practices.
The report reveals that most financial institutions are lagging behind
in alignment with global calls for animal protection and transformation
of food systems, echoed in recent international statements. For
instance, the United Nations Assembly urged
greater ambition to strengthen animal health and welfare as a significant contributor to the Sustainable Development Goals. Additionally, COP28
issued a declaration prioritizing resilient food systems and climate action. The OECD has
updated its guidelines to include provisions on animal welfare, and the World Health Organization called for healthier, diversified, and
more plant-based diets.
“Banks have the power and responsibility to foster a future where animal
welfare, climate action, and human health are integrated into the core
of economic practices. This report is a wake-up call for the finance
sector to prioritize long-term sustainability over short-term profits,
prioritize animal welfare, and build more sustainable food systems,”
says van der Mark.
Activism towards progress
This report also presents a case study of a campaign that asks the Dutch
bank Rabobank to fully implement its animal welfare policies. The
campaign requires that some of its clients, such as the international
retailers Makro and Ahold Delhaze, stop sourcing eggs from hens confined
in controversial battery cages in all their operations—including in
lower-income countries like Argentina, Colombia, and Indonesia.
“With this campaign, we highlight the important role of financial
institutions in facilitating positive change. Financing companies in the
food industry that don’t change their supply chains to eliminate the
cruellest practices against animals contradicts the positive policies
that Rabobank has in place. Having a good policy is not enough—banks
must also ensure they are implemented,” says van der Mark.
More details about other banks’ performance can be found in the full
report, “Beyond Profits: Global Review of Financial Institutions in
Animal Welfare and Food Systems,” available at
www.banksforanimals.org. The website also allows consumers to message different institutions asking for improvements.
“We hope that banks see this as an opportunity for improvement and that
better results will come as we continue to evaluate and give visibility
to their policies,” concludes van der Mark.