Panelists Felipe Carazo, Xiomara Lima, and Vijaya Subramaniam informed us that producing countries welcome the new regulation, but they call for more EU cooperation in its implementation. It will take approximately 18 months for producing countries to move from voluntary to mandatory measures, though this timeframe will vary by company and may be longer for small and medium enterprises who bear the highest costs and must be supported. With that said, producers are prepared to comply with the new regulation because of the sustainable strategies that they have been implementing for years now.

Conditions, environment, and business models differ by region and country, which must be considered when regulations of sectoral relevance are issued. If this is done properly, we may be able to channel investment into national or subnational structures which allow us to address hotspots where deforestation occurs.

Some highlights: 

• Technologies such as satellite and blockchain monitoring help to fulfill regulation requirements, increasing traceability and preventing deforestation.
• Malaysia, one of the world’s leading sustainable palm oil producers, has already put in place various environmental measures which protect the producing territory and affected communities.
• Companies such as Grupo HAME in Guatemala have been committed to sustainable practices for years and are enthusiastic about the new regulation.
• Producing countries and companies are working hard to comply with the regulation but smallholders need to be supported by a stronger cooperation with the EU.

You can watch the full discussion on our event page, where you can download the key takeaways and speakers’ slides.