Green palm oil push: Kit Kat, Dove makers could face fines

  • 📰 YahooSG
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 71%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

The Roundtable on Sustainable Palm Oil (RSPO) has established new rules aimed at improving the palm oil industry's environmental sustainability.

Companies that make top brands including Kit Kat chocolate and Dove soap may face fines if they fail to buy more green palm oil under new rules aimed at improving the controversial industry's environmental sustainability.

Swathes of jungle, particularly in the world's top producers Indonesia and Malaysia, continue to be cleared as plantations expand aggressively, laying waste to the habitats of a kaleidoscope of rare animals, including endangered orangutans and Borneo pygmy elephants. Iceland's managing director had previously criticised the"agonisingly slow" progress in sustainable palm oil production.

Major companies value membership as it boosts their green credentials and losing it can bring a flood of negative publicity. In a bid to force them into action, the watchdog will require companies to increase their purchases of sustainable palm oil by 15 percent every year or potentially face fines or suspension from the body.

Nestle, whose products also include Smarties and Quality Street chocolates, said it was committed to having 100 percent of its palm oil certified by the green body by 2023.Last year Nestle's sustainable palm oil use reached 56 percent in Europe but in China, where there is less consumer pressure, the figure was zero, according to data the company provided to the RSPO.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Green palm oil push: Kit Kat, Dove makers could face finesCompanies that make top brands including Kit Kat chocolate and Dove soap may face fines if they fail to buy more green palm oil under new rules ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

S'pore economy shows 'green shoots' as electronics bottoms out: OCBCS'pore economy shows 'green shoots' as electronics bottoms out: OCBC.
Source: BusinessTimes - 🏆 15. / 51 Read more »

OCBC to issue A$500m of senior floating-rate green notes due 2022OCBC to issue A$500m of senior floating-rate green notes due 2022.
Source: BusinessTimes - 🏆 15. / 51 Read more »

European Union looking to regulate green finance - a $41 trillion marketBRUSSELS (BLOOMBERG) - It's been the one bright spot for banks and money managers in these dark times of sluggish growth, a US$30 trillion (S$41 trillion) treasure trove that has remained largely unregulated. That's about to change.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Green palm oil push: Kit Kat, Dove makers could face finesCompanies that make top brands including Kit Kat chocolate and Dove soap may face fines if they fail to buy more green palm oil under new rules ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »