Chain Reaction Research (CRR) hosted a webinar on Oct. 29th with Mighty Earth and Envol Vert to examine the legal and financial risks Casino Group faces from ties to illegal deforestation.
French Casino Group and its subsidiary Grupo Pão de Açúcar (GPA), Brazil’s second-largest retailer, are facing a significant legal risk due to allegations of non-compliance with French law. Research by Envol Vert, Réporter Brasil, and Chain Reaction Research (CRR) shows that GPA purchased beef sourced from farms involved in illegal deforestation and encroachment on indigenous communities leading to a potential lawsuit from Mighty Earth and other NGOs. Some of the meat sold in GPA stores came from four farms that saw approximately 4,500 hectares of forest cleared for cattle ranching. Under government scrutiny and pressure from civil society, Casino, GPA, and its financers may face escalating financial impacts through financing and reputation risk. These are valued at USD 2.5 billion and could lead to financers’ engagement.
Chain Reaction Research held a webinar with guests from Envol Vert and Mighty Earth to discuss Casino’s ties to deforestation, the legal ramifications, and the financial risks the company faces.