Palm oil – navigating through sustainability
The palm industry is being forced to clean up its sustainability image. HSBC strengthened its “no deforestation” palm oil policy following a Greenpeace investigation linking the bank to companies destroying large areas of land. Later in the year, European politicians voted in favor of a palm oil clampdown to ensure sustainable production of the sought-after commodity. Elsewhere, after being suspended from the RSPO in 2016, the IOI Group made a pledge to protect rainforests when sourcing palm oil ingredients. Some of the largest global leaders in palm oil such as Wilmar, Sime Darby and Musim Mas, have agreed to team up with NGOs to address deforestation.