Julie Gorte是Impax Asset Management LLC和Pax世界资金的可持续投资高级副总裁。她监督对预期和当前投资以及公司股东参与和公共政策倡导有关的环境，社会和治理相关的研究。
Gortes最近与Ceres发言了关于她如何与公司与森林砍伐和气候变化进行谈判。以下是一种轻微编辑的Inteview。
朱莉纳什：偶发如何接近森林砍伐的话题，为什么更多投资者应该热衷于今天解决森林砍伐？
朱莉戈特：偶尔，森林砍伐包括在我们使用的环境标准中，以评估纳入我们的投资组合。在过去的三年里，我们还增加了对森林砍伐的直接参与，部分原则是负责任投资（PRI）和Ceres-LED与全球公司砍伐森林砍伐的敬意。
森林砍伐is critical for us to address because avoiding the catastrophe of climate change is like a global game of Whac-a-Mole. Everything that contributes to climate change is a mole we need to whack, and deforestation and other land-use change are becoming bigger moles over time.
森林砍伐is critical to address for three main reasons. First, greenhouse gas emissions from other sectors have decreased while emissions related to deforestation have largely remained stable. The No. 1 contributor to greenhouse gas emissions in the United States used to be electricity production, but that changed in 2019 due to efforts by the electricity sector to decarbonize. In the wake of those changes, deforestation in the supply chain has taken on increasing importance as a driver of global GHG emissions. Second, the loss of forests means that we are also losing an important global carbon sink. Third, science has indicated a strong possibility that forests may become carbon emitters if we keep cutting them down. This would have incredible impact on global climate flux and would be devastating for the climate.
Everything that contributes to climate change is a mole we need to whack, and deforestation and other land-use change are becoming bigger moles over time.
森林砍伐is not only important because of climate change, though. Deforestation also contributes to the global crisis of biodiversity, endangering both ecosystems and people. Losing a million species this century is a crisis.
电力部门表明，如果公司积极采取行动，以减少温室气体排放，则可以更好地装备以避免未来的物质风险。越来越多地，主流投资者正在发出恐慌是毁灭性的警报是一个巨大的关注点。我们投资者带到桌面的力量越多，公司将越多。
Nash: How are companies addressing — or not addressing — deforestation, and what strategies do you employ to engage with those companies?
Gorte:I categorize companies’ responses to engagement on deforestation in three buckets.
第一个是“我们的电源链的小部分来自热带森林。”这种反应非常普遍，特别是对于具有许多不同产品和供应链的跨国公司。我们试图帮助这些公司了解，尽管来自热带森林的商品可能代表其供应链或整体收入的相对较小的部分，但它们来源的体积仍然可能对特定的森林生物群落产生很大的影响。我们告诉这些公司，虽然这可能不是他们的一个主要问题，但它仍然是他们对需要解决的重要问题。
The second response is "we address many of the causes of deforestation in our supply chains." We let these companies know we approve of what they are doing, but that we’d like them to exert a similar amount of energy to tackle causes of deforestation they are not already addressing.
可追溯性拿钱，即使是，即使是全球跨国公司，也不容易。
The third response — and this really is a problem for everybody — is that there is lack of traceability for the commodities that companies source from tropical forests. Traceability takes money and, even then, it is not easy to do, even for a global multinational company.
纳什：投资者指南在无森林砍伐承诺之间区分（不允许供应链中的任何森林砍伐，无论是合法的或非法的）和净零森林的承诺（只要森林损失的相同区域，允许森林砍伐在其他地方重新造林）。前者是非政府组织和投资者的首选，但后者更常见。作为投资者如何与公司聘用这些主题？
Gorte:没有森林砍伐是目标。由于我们不知道人类活动如何影响森林吸收或发出碳的能力，因此净零森林森林砍伐复杂复杂。
例如，如果公司依靠重新造林以满足其净零的森林砍伐承诺，这意味着该公司正在扰乱土壤或其他地方的森林。该公司可能已经计算了使用日期（且现在不准确）的碳封存估计数或者可能未能解决相关问题，如生物多样性。
As investors, we encourage companies with net-zero deforestation commitments to keep up with the science.
Nash: We use similar terms when we speak about greenhouse gas emissions. How do you explain these terms to investors?
Gorte:Net-zero emissions is where we absolutely need to get to by 2050. Net-zero emissions means that we are not emitting anything to the atmosphere that we are not also sequestering. One way to do this is to have zero emissions. At this stage, zero emissions is extremely tough to do, so net-zero emissions is the common 2050 goal.
To get to net-zero emissions, we must cut as many emissions as possible and then we need to make up for remaining emissions. One way for companies to address remaining emissions is through purchasing carbon offsets, which are emissions reductions or carbon sequestration accomplished by someone else. When companies want to purchase carbon offsets, we ask that the carbon offsets be certified and verified, which increases certainty in the permanence and viability of the emissions reductions or carbon that is being sequestered.
另一种方式，即公司的目标是通过碳捕获和储存技术达到净零排放，防止温室气体排放进入大气。除了重新造林外，没有经济上没有经济的碳捕获和储存技术，尽管正在进行大量的研发。作为投资者，我们支持研发，但我们提醒公司在这些努力不制定的情况下，他们需要另一个计划实现净零的排放。
Nash: Is sufficient progress being made towards eliminating supply chain deforestation and reducing climate change risks associated with deforestation?
Gorte:不，我们的进展甚至没有接近它需要的地方。我们没有现实的待命机会低于1.5摄氏度，大多数气候科学家都说我们不会停留在2摄氏度以下。事实上，在森林砍伐停止并陷入重新造林之前，供应链风险将继续增加。为了进行有意义的进步，我们必须开发一条将使我们到2050年净零排放的道路。
编者注：这次采访是投资者谈话森林砍伐的一部分，这是一系列与有影响力的投资者和合作伙伴组织的讨论，他们支持CERES投资者指南森林砍伐和气候变化的发展。该指南旨在从他们的投资组合中聘请投资者对森林砍伐排放和其他相关风险，并在该问题上推动更多的企业行动。您可以找到与包括Blackrock，Compere和Free Century（包括Blackrock）的组织的过去对话的报道here。
