Malaysian company launches first online marketplace for sustainable palm oil

A worker unloads bunches of palm oil fruits at a palm oil plantation in Slim River, Malaysia August 12, 2021. Picture taken August 12, 2021. REUTERS/Lim Huey Teng

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KUALA LUMPUR, March 8 (Reuters) – Malaysian technology company DiBiz launched the world’s first online marketplace for sustainable palm oil on Tuesday to encourage sales of certified environmentally friendly products, buyers having avoided the most expensive products.

The trading platform, called Trustparent Marketplace, will connect buyers and sellers of palm oil throughout the supply chain and has additional traceability measures to ensure the industry’s commitment to “No Deforestation, no peat and no exploitation”.

“What this means is like you go to Amazon to buy your products, now every palm oil player can access the Dibiz marketplace,” said DiBiz co-founder and CEO, UR Unnithan, who is also president of the Malaysian Biodiesel Association, told Reuters on the sidelines of an industry conference.

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Critics blame the rapid expansion of palm plantations for rainforest deforestation and human rights abuses, prompting consumers to boycott the edible oil.

But palm oil industry officials say such campaigns are hampering efforts to gain sustainability certification and develop a market for Certified Sustainable Palm Oil (CSPO).

Around 14.6 million tonnes, or 19.3% of the world’s palm oil produced, is certified by the Roundtable on Sustainable Palm Oil (RSPO), which is considered a global standard for palm oil claims. durability.

However, planters in Indonesia and Malaysia, the world’s two largest palm oil producers, have complained about lack of demand for the most expensive oil with CSPO certification despite investing millions to meet. according to the requirements.

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Reporting by Mei Mei Chu; Editing by Christian Schmollinger

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