KUALA LUMPUR (Jan 14): Bursa Malaysia Derivatives Bhd and the Malaysian Palm Oil Certification Council are planning to jointly promote sustainability and responsible practices among palm oil players across the supply chain under a mutually beneficial partnership.
The two parties inked a memorandum of understanding for that on Friday (Jan 14), which will see Bursa Derivatives and MPOCC commit to a framework of cooperation and collaboration in the areas of information exchange, including exploring opportunities to develop and promote sustainability-related initiatives in the palm oil industry.
As the environmental, social and governance (ESG) agenda gains prominence, it is critical that the local palm oil industry mainstreams the adoption of environmental-friendly practices and compliance with the Sustainability Audit Standards, said Bursa Malaysia Derivatives CEO Samuel Ho.
"The MoU signed with MPOCC today not only reinforces our commitment to drive sustainable development in the palm oil supply chain through our product offerings, but also to collaborate closely with MPOCC to enhance the overall competitiveness and appeal of Malaysian palm oil to importing countries," Ho added.
MPOCC's CEO Mohammad Hafezh Abdul Rahman added that the certification body is committed to sustainability initiatives that goes beyond standard-setting and certification by building a conducive environment for sustainability to grow and make Malaysian Sustainable Palm Oil (MSPO) a globally accepted certified sustainable palm oil.
"We are working towards the continuous improvement of our systems, standards and governance, to ensure credible schemes with high integrity are available in the market.
"This strategic partnership will intensify our efforts, together with Bursa Malaysia Derivatives in the relevant sector," Hafezh added.
Meanwhile, the statement also highlighted that MSPO-certified crude palm oil (CPO) has been integrated into the derivatives market delivery process through its crude palm oil futures (FCPO) and East Malaysia crude palm oil futures (FEPO) contracts.
And since the implementation of the requirement for FCPO physical delivery on April 1, 2021, approximately 897,075 metric tonnes have been delivered through the exchange between April and December 2021.
The increase of 65.8% in trade volume from the 540,975 metric tonnes traded via FCPO during the same period in 2020 also showcased strong industry demand for palm oil derivatives products, the statement wrote.
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