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  • May 2, 2018 •

    The Financing of Leakage Refiners

    Shareholders and Loan Issuers Include International Financial Institutions with Palm Oil Policies Please download the full report here (PDF). A segment of the palm oil industry continues to produce or purchase palm oil from recently deforested plantations and cleared peatlands. Actors in this segment contribute to the ‘leakage’ of unsustainable palm oil into the overall …

  • April 26, 2018 •

    Cargill: Zero-Deforestation Approach Leaves Room for Land Clearing in Brazil’s Maranhão

    Cargill Inc. is the largest privately held corporation in the United States. It is involved in the purchasing, trading, processing and distribution of food, agriculture, financial and industrial products and services. Cargill is also one of the largest food companies in Brazil, where it operates 22 processing factories, six port terminals, and 192 warehouses and …

  • April 19, 2018 •

    Tunas Baru Lampung: Contested land and peat clearing could drive substantial value loss

    Tunas Baru Lampung (TBLA) is an integrated palm oil and sugar cane company established in 1973. It was publicly listed on the Jakarta Stock Exchange in 2000. TBLA is a member of the Sungai Budi Group, which is one of Indonesia’s largest manufacturers and distributers of agricultural consumer products. As of January 2018, 46 percent …

  • April 19, 2018 •

    Chain Reaction Research response to TBLA rebuttal

    Chain Reaction Research, a joint effort between Climate Advisers, Aidenvironment and Profundo published a financial risk assessment report entitled “Tunas Baru Lampung: Contested Land and Peat Clearing Could Drive Substantial Value Loss.” on 14 March 2018. On March 16 2018, TBLA posted its rebuttal on the company’s website. We appreciate the company’s openness for further …

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Company Profiles

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  • December 19, 2016 •

    PT Bakrie Sumatera Plantations (UNSP:IJ)

    UNSP is part of the Bakrie Group, whose business interests span oil and gas, mining, agribusiness, telecommunications, metals and infrastructure. As of Q3 2016, the public held 75 percent of the UNSP’s shares. UNSP’s business covers oil palm plantations, rubber plantations and oleochemical lines of business. In October 2016, UNSP announced a reverse stock split, …

  • December 19, 2016 •

    PT Austindo Nusantara Jaya Tbk (ANJT:IJ)

    ANJT is majority owned by the Indonesian Tahija family. As of Q3 2016, the company had 40,000 ha of productive oil palm plantations in Sumatra (North Sumatra and Belitung Island) and West Kalimantan. The total land bank of ANJT comprises 158,000 ha. Its oil palm concessions in West Papua (91,000 ha) and South Sumatra (13,000 …

  • December 19, 2016 •

    PT Tunas Baru Lampung Tbk (TBLA:IJ)

    PT Tunas Baru Lampung Tbk (TBLA) is a subsidiary of the Indonesian Sungai Budi Group, an agribusiness company controlled by the Widarto Oey family. By June 2016, TBLA had planted 53,000 ha with oil palm in Lampung and South Sumatra provinces in Sumatra and West Kalimantan. TBLA is more focused on becoming a downstream oil …

  • December 19, 2016 •

    PT Sawit Sumbermas Sarana Tbk (SSMS:IJ)

    SSMS is an Indonesian palm oil company operating in Central Kalimantan. The company is under control of Abdul Rasyid and his family. As of Q2 2016, SSMS had a landbank of 100,000 ha, of which 70,000 ha were already converted into oil palm plantations. SSMS’s parent company PT Citra Borneo Indah also has its own …


Chain Reaction Research conducts sustainability risk analysis for financial analysts and investors. Our special focus is on sectors that deal with environmentally intensive commodities, especially those sourced from tropical regions like palm oil, and pulp and paper. Chain Reaction Research has received support, in part, from 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.Learn More




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  • September 1, 2017 • •

    Event: Risks for Investors in Tropical Commodities, September 27, 2017, Berlin

    Risks for Investors in Tropical Commodities An event at the PRI in Person 2017 Conference in Berlin Wednesday, September 27, 2017, 1:30 pm to 2:30pm InterContinental Hotel, Berlin, Germany Free Admission To register, or if you have any questions regarding this event, please email Production of tropical commodities such as palm oil, soy, beef …

  • November 3, 2016 • •

    Discussion Event: Making No Deforestation Commitments Work

    Aidenvironment Presents A Discussion Event: Making No Deforestation Commitments Work December 1, Amsterdam In an interactive afternoon event, Aidenvironment, Chain Reaction Research coalition partner, will bring stakeholders from the private, public, and finance sectors together to share views on advancing No Deforestation practices – with special attention being given to the perspective of institutional investors. Implementing corporate No …

  • September 19, 2016 • •

    Conference and Webinar: Nature’s Risks and Returns Conference and Live-stream Webinar with Palm Oil Panel, October 25, New York City

    MSCI, Columbia Business School, The Earth Institute at Columbia University, The Prometheus Institute of Sustainable Development, and Chain Reaction Research present: Nature’s Risks and Returns Conference and Live-stream Webinar with Palm Oil Panel October 25 in New York City Please join us for a practitioners’ exchange on the risks and opportunities of natural capital dependency. …


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