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  • August 30, 2019 •

    Palm Oil Growers Suspended Over Deforestation Lose USD 1.1B in Equity Value

    A large majority of global palm oil traders and refiners have implemented No Deforestation, No Peat, No Exploitation (NDPE) sourcing policies in recent years. Violations of such policies have repeatedly led to suspensions of oil palm growers from supply chains. Four years after the first suspension events, data is available on both short- and long-term …

  • August 1, 2019 •

    Glencore Agriculture Exposes Canadian Pension Funds to Deforestation Risks

    Glencore Agriculture is an agricultural commodity trading company that operates in corn, cotton, soy, and grains markets. Glencore Agriculture has been a stand-alone business since Glencore PLC divested in 2016. Its main shareholders are Glencore PLC (49.99 percent), the Canada Pension Plan Investment Board (CPPIB; 39.99 percent) and the British Columbia Investment Management Corporation (BCI; …

  • July 22, 2019 •

    Cargill’s New Policies Insufficient to Fully Mitigate Deforestation Risks in Brazil

    Cargill is the largest privately-held company in the United States and the second largest soy exporter in Brazil. In April 2018, Chain Reaction Research (CRR) concluded that Cargill’s 2030 zero-deforestation deadline allowed its Brazilian suppliers to continue deforesting in the Cerrado. This report assesses Cargill’s current deforestation risks in Brazil’s soy supply chain, given recent …

  • July 9, 2019 •

    28 Percent of Indonesia’s Palm Oil Landbank Is Stranded

    In 2017, Chain Reaction Research (CRR) reported 6.1 million hectares (ha) of forest and peatland remained on oil palm concessions, land that can be considered “stranded assets.” This update discusses figures and trends in the palm oil industry since 2017 and argues that oil palm development on forest and peatland will remain economically unviable for …


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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 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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