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  • GPA’s (Casino Group) Beef Supply Chain Exposed to Deforestation Risks

    Casino Group is a French multi-banner food retailer, with a controlling share in Grupo Pão de Açúcar (GPA) in Brazil. This report analyses GPA’s deforestation risk exposure based on beef samples collected through store visits. Chain Reaction Research (CRR) visited 50 GPA supermarkets in five Brazilian cities and inspected 500 randomly selected beef products. Data …

  • April 1, 2019 •

    Brazilian State of Tocantins: A Hotspot for Cerrado Deforestation

    The Brazilian state of Tocantins is the latest hotspot for soy- and cattle-related deforestation. In 2018, more land was cleared there than in any other state of the Brazilian Cerrado, a large tropical savanna biome that covers more than 20 percent of Brazil. Overall Cerrado deforestation rates have declined in recent years, but Tocantins continues …

  • Carrefour May Face Financial Risks from Deforestation-Linked Beef Sourcing in Brazil

    Carrefour SA is a multinational food retailer that holds a majority share in Atacadão SA/Carrefour Brasil, the largest retailer in Brazil. Carrefour’s size makes it a major buyer of Brazilian beef and may expose it to deforestation risks, as cattle contributes to deforestation in the Brazilian Amazon. This report analyses Carrefour’s deforestation risk exposure based …

  • January 24, 2019 •

    AAK Lags in Implementation of NDPE Best Practices

    AAK is a vegetable oils producer, with its headquarters in Malmö, Sweden. The company has 20 production facilities worldwide, sales offices in more than 25 countries and a total workforce of 3,500 employees. In 2017, its revenue was equivalent to USD 3.2 billion in 2017. Within the world’s palm oil supply chain, AAK is positioned …


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  • April 9, 2019 • •

    Responsible Investment for Sustainable, Deforestation-free Agricultural Supply Chains – Which EU Policies Do We Need?

    On behalf of Fern, Aidenvironment & Principles for Responsible Investment (PRI), you are invited to the event “Responsible Investment into Sustainable, Deforestation-free Supply Chains – Which EU Policies Do We Need?” which will take place on May 6, from 12.30 to 15.00 at the Norway House, Rue Archimède 17, 1000 Bruxelles.  To register, please click here. Focusing on …

  • April 8, 2019 • •

    Chain Reaction Research Roadshows

    Chain Reaction Research has organized two roadshows for investors this year. The roadshows will discuss themes and companies related to tropical deforestation. Here are the dates for the roadshows to be held by CRR partner Profundo: June 18-19, 2019: Brussels Roadshow for investors. October 22-23, 2019: Frankfurt Roadshow to investors.  

  • March 21, 2019 • •

    Webinar: You have deforestation in your supply chain: What now?

    About this event This event is hosted by Ceres. Register here. Advances in satellite monitoring and activist campaigning have continued to highlight agricultural-driven deforestation happening in tropical biomes, tying environmental destruction to name brand companies. Numerous companies have commitments to end deforestation in their supply chains, but it is often unclear how companies act to …

  • January 18, 2019 • •

    Ceres Conference 2019

    When: Apr. 29-May 1, 2019 Where: San Francisco, CA The annual Ceres Conference brings more than 600 corporate sustainability leaders as well as institutional investors and social and environmental advocates together for a three-day program focused on building a path to a sustainable global economy. Attendees will hear from leaders who have achieved the highest …


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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.


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 Lucille 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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