Carina Mueller

André Vasconcelos

Emma Thomson

JBS, Marfrig, Minerva, Musim Mas, Royal Golden Eagle, Sinar Mas and Wilmar were exposed to 144.4 million tonnes of carbon dioxide equivalent emissions (Mt CO₂-eq) in 2022

 from deforestation linked to their exports of beef from Brazil and palm oil and wood pulp from Indonesia. By comparison, the entire economy of the Netherlands – with a population of 18 million people and GDP of $1.2 trillion – released 

These companies are exposed to land-use change emissions primarily by sourcing commodities from recently deforested areas. JBS, Marfrig and Minerva export Brazilian beef, Musim Mas and Wilmar export Indonesian palm oil,

 and Sinar Mas and Royal Golden Eagle export both palm oil and wood pulp from Indonesia. Palm oil and wood pulp have an especially high climate impact when 

, which releases large quantities of greenhouse gases into the atmosphere.

Trase quantified the emissions from tropical deforestation and peat degradation linked to the five globally traded agricultural commodities (beef, soy, cocoa, palm oil, wood pulp) with the greatest impact on forests produced in three key producing countries (Brazil, Indonesia, Cote d’Ivoire). This analysis identified that just seven companies account for 51% of the total deforestation and peat degradation-related emissions linked to exports of these commodities from these countries, and which therefore have an outsized influence in contributing to emissions reductions.

Although our analysis included companies exporting 

, none of these companies ranked among the top seven as their exposure to land-use change emissions is comparatively lower than for beef, palm oil, and wood pulp. Nonetheless, the continued expansion of plantations for soy and cocoa remains a major driver of deforestation and conversion of native vegetation in regions where they are produced.

Companies trading beef, palm oil and wood pulp have a climate footprint as large as the Netherlands

The need for collective action on deforestation at COP30

The findings could not be more timely in the run up to the 

 from 10 to 21 November. The country is home to the world’s largest tropical rainforest and a leading producer of agricultural commodities. The city of Belém is the gateway to the Amazon, one of the regions hardest hit by deforestation driven by the 

There is no route to net zero without tackling deforestation and peatland degradation. Forests and other ecosystems are critical not only for climate mitigation, but also for biodiversity protection and sustaining ecosystems that are vital for indigenous communities.

In preparation for COP30, countries have to submit their Nationally Determined Contributions (NDCs) setting out plans to reduce emissions and adapt to climate change. This COP is a pivotal opportunity to further integrate the nature and climate agendas. Tropical forests will take centre stage, offering a chance to drive action and increase momentum by both the public and private sectors.

In 2021 at COP26 in Glasgow, five of the seven companies committed to accelerate action on deforestation and align with global climate goals under the 

. Royal Golden Eagle and Minerva have not yet signed up to the roadmap.

When the roadmap was announced it represented a welcome step-up in ambition by some of the world's largest commodity traders. Yet research by Global Canopy’s Forest 500 corporate performance initiative shows that not all of the seven companies have clear emission reduction targets and transparent reporting of progress towards their goals.

 and additional research conducted in October 2025 shows that all seven traders have published commitments to zero deforestation or conversion for the commodities included in Trase’s analysis. Yet only four – Minerva, Musim Mas, Sinar Mas and Wilmar – have disclosed clear targets to reduce greenhouse gas emissions from land-use change.

 The targets have been issued and validated under the Science Based Target Initiative’s 

Forestry, Land use and Agriculture (FLAG)

 guidance as recommended in the Forest 500 

. Only two companies – Musim Mas and Wilmar – disclosed their land-use change emissions.

Marfrig has targets for ‘scope 3’ supply chain emissions, but it does not specify that these include land-use change emissions. As such, the targets are not recognised by the Forest 500 assessment.

In some cases, parent companies show inconsistent approaches to scope 3 emissions reporting and target-setting across their operations and subsidiaries. For instance, while parent company Royal Golden Eagle does not report on scope 3 land-use emissions or have related targets, its palm oil subsidiaries do: Asian Agri has a land-use emissions target and Apical reports land-use emissions, while its pulp subsidiary, APRIL, does both. Conversely, within the Sinar Mas Group, the pulp subsidiary APP excludes scope 3 FLAG emissions from its reporting and targets, whereas its palm oil subsidiary, Golden Agri-Resources, includes them. Ensuring consistent scope 3 FLAG reporting and targets at the parent company level across all subsidiaries is critical for corporate accountability and provides a more accurate representation of a company’s full land-use emissions footprint.

Not all traders have land-use change emissions reduction targets and reporting that align with Forest 500

As president of the COP, Brazil has made it clear that tackling climate change requires actions by all, including the private sector. Public disclosure of scope 3 emissions is essential for investors and downstream companies buying commodities from traders to better understand, assess and mitigate their risks. The Trase and Forest 500 analyses shows that, while the seven traders have huge potential to contribute towards addressing climate change, they have yet to demonstrate progress on the measures needed to come close to delivering on the roadmap’s ambitions. COP30 provides a much needed opportunity to reboot the ambition of the roadmap and provide the momentum needed to ensure it is implemented in full.