Palm Oil will go to the EU
2023.01.12 03:46
Palm Oil will go to the EU
By Ray Johnson
Budrigannews.com – Following new legislation from the European Union (EU) that aims to reduce the use of fuels derived from palm oil, Malaysia on Thursday urged countries that produce palm oil to strengthen their cooperation.
Due to a renewable energy directive to phase out palm-based transport fuels by 2030 due to perceived links to deforestation, demand for palm oil in the EU is expected to decline significantly within the next ten years.
Indonesia and Malaysia, two of the world’s largest producers, expressed outrage when the 27-nation bloc agreed last month to enact a new law that prohibits the sale of goods linked to deforestation.
The commodities minister of Malaysia, Fadillah Yusof, urged the Council of Palm Oil Producing Countries (CPOPC), which is led by Indonesia and Malaysia, to collaborate against the new regulations and to combat “baseless allegations” regarding the edible oil’s sustainability made by the EU and the United States.
“This will mean that we will have to be more coordinated in our efforts to convey our stand and stance on policy matters that will affect the socio-economic wellbeing of our respective countries,” Fadillah, who is also the deputy prime minister, told a seminar. “This will mean that we will have to be more coordinated in our efforts.”
CPOPC had previously alleged that the EU imposed trade barriers and unfairly targeted palm oil.
This week, Malaysian Prime Minister Anwar Ibrahim and Indonesian President Joko Widodo agreed to “fight discrimination against palm oil” and improve cooperation through CPOPC.
More Oil is growing but growth is limited
