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  • August 17, 2021 •

    Several Large Indonesian Palm Oil Companies Also Have Risky Mining Businesses

    Indonesia is among the world’s largest mining countries. It is also a country of conglomerate companies with interests in various businesses, including deforestation-related sectors such as oil palm, industrial trees and mining. This report aims to shed a light on overlapping company groups in the Indonesian palm oil and mining sectors. Some large palm oil …

  • June 28, 2021 •

    Asian Banks Continue to Finance the Palm Oil Refining Sector as Leakage Declines

    Despite the increase in palm oil refining capacity covered by No Deforestation, No Peat, No Exploitation (NDPE) policies, eight of 25 largest refiners are still operating in the leakage market. This report analyzes the financiers and investors in these companies, updating a study published by Chain Reaction Research (CRR) in 2018. The financial institutions are …

  • June 22, 2021 •

    Indonesian Moratoria: Loopholes, Lack of Sanctions Fail to Stop Palm Oil-Linked Deforestation

    Indonesia’s government responded to the country’s loss of forests and peatlands and the 2015 fire and haze crisis with a forest-clearing ban, a moratorium on issuing of licenses for new oil palm plantations, and tightened peatland regulation. This report analyzes gaps in the moratoria amid looser environmental legislation and recently rising palm oil prices, and …

  • June 15, 2021 • palm oil seeds

    FMCGs, Retail Earn 66% of Gross Profits in Palm Oil Value Chain

    The palm oil value chain contains a number of stakeholder groups, such as smallholders, large plantations, refineries, the fast-moving consumer good (FMCG) industry, the oleochemical and pharmaceutical industry, and the retail and food service sector. In every step of the chain, palm oil is further processed or is embedded in products which contain other ingredients, …


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  • September 30, 2021 • •

    WEBINAR: Why Cross-Commodity No-Deforestation Policies Are Essential for Palm Oil Buyers

    Chain Reaction Research held a webinar on October 21st, 2021 looking into a recent Aidenvironment report that documented 133,000 hectares of deforestation since 2016 that are significant producers of palm oil. The event focused on the need for more palm oil buyers’ No Deforestation, No Peat, No Exploitation (NDPE) policies to be applied across all …

  • July 9, 2021 • palm oil deforestation

    WEBINAR: Financier Ties to Palm Oil Deforestation

    Chain Reaction Research (CRR) and Forests & Finance held a webinar on July 22nd, 2021 looking into their recent research of who provides financing to companies in palm oil supply chains tied to deforestation. The session covered CRR’s report on the share of palm oil refining covered by NDPE policies. Forests & Finance shared an …

  • April 28, 2021 • •

    WEBINAR: Japan’s Role in Global Palm Oil and Timber Markets

    Japan is a large buyer of palm oil and timber products from Indonesia and Malaysia. While the country has promoted sustainability ahead of the 2021 Tokyo Olympics, sourcing policies are still inadequate. Against this backdrop, Japan’s large demand for palm oil and plywood is linked to deforestation and leakage markets for both commodities. Japan is …

  • March 30, 2021 • •

    WEBINAR: Evaluating the Universe of Risks in Indonesia Palm Oil

    On April 15th, the Zoological Society of London SPOTT (ZSL SPOTT), Chain Reaction Research (CRR), and Orbitas hosted a webinar to discuss financiers should analyze a broad range of risks amongst palm oil companies in Indonesia as well as the whole supply chain to inform their ESG investment and lending strategies. Combining company transparency and …


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Chain Reaction Research (CRR) strives to provide objective insight and unbiased analysis on market trends and company and investor risk for its readers. CRR determines content based on what is considered to be of broad interest to readers and whether it can provide candid, high-level debate.

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Chain Reaction Research conducts free sustainability risk analysis for financial analysts, credit analysts, commercial bankers, institutional investors, corporations, and other stakeholders. Our special focus is demonstrating that deforestation is material financial risk. We focus on tropical deforestation-related commodities including palm oil, soy, cattle, coffee, cacao, timber pulp and paper, and other products. We are funded by the David and Lucile Packard Foundation, the International Climate and Forest Initiative (NICFI) scheme managed by the Norwegian Agency for Development Cooperation (Norad), and the Moore Charitable Foundation. Chain Reaction Research statements and materials do not necessarily reflect the standpoints of the Packard Foundation, the Moore Foundation or Norad.




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