Banking on Deforestation-free Palm oil

As feedstock for the new £5 plastic notes, the Bank of England is considering palm oil. To have a closer look at the allegations of deforestation linked to the production of palm, the bank commissioned a report to examine sustainability certification schemes applied in the food and biofuels sector.

Whereas sustainability schemes in the food sector may allow compensation for land clearance, the schemes that were set up for biofuels, such as ISCC, clearly rule out such mechanism. Under ISCC, unambiguous statements can be made that no deforestation on certified areas has taken place since January 2008.
The ISCC certification is not only applicable to biofuels, but also for the food and feed markets, as well as for biobased products in the chemical industry.

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