A major reduction in global deforestation is needed to mitigate climate change and biodiversity loss. Recent private sector commitments aim to eliminate deforestation from a company’s operations or supply chain, but they fall short on several fronts. Company pledges vary in the degree to which they include timebound interventions with clear definitions and criteria to achieve verifiable outcomes. Zero-deforestation policies by companies may be insufficient on their own to achieve broader impact due to leakage, lack of transparency and traceability, selective adoption, and smallholder marginalization. Public-private policy mixes are needed to increase the effectiveness of supply-chain initiatives aimed at reducing deforestation. We review current supply-chain initiatives, their effectiveness, the challenges they face, and identify knowledge gaps for complementary public-private policies