The Palm Oil Industry: Challenges and the Need for Sustainable Solutions
Published: 2023-10-14The palm oil industry, responsible for 40% of global trade volume in vegetable oils, is facing significant challenges related to sustainability, violence, and deforestation. Reports of human rights abuses and environmental destruction are common, as the industry is a primary driver of deforestation, threatening wildlife and biodiversity. As consumers, we play a role in supporting the industry, but avoiding palm oil may not be the best solution. Instead, we should look for products made with certified sustainable palm oil and pressure companies for higher sustainable standards.
In other news, GITEX Impact has announced the selection of 300 Impact Leaders from various sectors and regions for the year 2023. These leaders will be part of the GITEX Impact CSO Business Club, a community focused on driving sustainability and collaboration through advanced tech solutions. Notable members of the Impact Leaders list include Chief Sustainability Officers from General Electric, Abu Dhabi National Oil Company, and the United Nations Environment Programme. The aim of the community is to address current challenges in the field and foster meaningful connections and progress.
The concept of “green capitalism” is being discussed as a solution to climate change. While many capitalist leaders and companies are investing in green technologies, this approach is flawed as it ignores the systemic aspects of capitalism that contribute to environmental destruction. Technology alone is not enough to prevent extinction; larger systemic changes are needed. The practice of “greenwashing” by corporations, where they promote themselves as environmentally friendly without making substantial changes, is also criticized in the article.
Metro Star Investment Co., Ltd. celebrated Vietnam Entrepreneurs' Day by emphasizing the importance of sustainable growth in entrepreneurship. Vietnamese businesspeople play a crucial role in promoting international partnerships and cooperation. Unity and collaboration among entrepreneurs are encouraged to overcome challenges and seize opportunities for cooperation. Metro Star’s ESG model, which focuses on developing green transit-oriented projects, was showcased at the event.
The SuperBridge Summit Dubai, taking place in October 2023, aims to bring together leaders from developed and emerging economies to explore opportunities in green energy transition and climate finance. The summit will focus on topics such as sustainable urban development, smart living technologies, and the role of technology in promoting a more eco-friendly lifestyle. The goal is to accelerate investment and co-creation opportunities in untapped markets and drive the global energy transition.
A survey conducted by Protect, a charity that defends whistleblowers, found that fear of reprisals and uncertainty about providing proof are the main barriers preventing employees from reporting on poor and misleading behavior regarding the environment. Protect has published a guide for environmental whistleblowers to help address this issue and raise awareness about legal protections.
South Lake Tahoe city council member Scott Robbins is facing backlash after writing an op-ed article about the struggles faced by Lake Tahoe communities. While Robbins has received positive feedback from the public, there have been calls for a recall petition against him. Robbins remains unfazed by the potential recall and continues to work on addressing the issues faced by the community.
JK Tyre & Industries, a leading tyre manufacturer in India, has been graded “Very Good” for the second consecutive year by CareEdge Research in their ESG assessment study. The company’s efforts and investments in ESG are contributing to overall environmental and societal development.
Investors who want to prioritize sustainability are facing increasing challenges. The definition of sustainability has expanded beyond excluding certain industries to now include concepts like materiality and the overlap between climate and nature. Greenwashing and green hushing remain problems, as companies may make vague net-zero targets without clear timelines or scientific basis. Other complexities in sustainable investing include determining materiality and considering planetary boundaries and nature-related risks.
In conclusion, the fight against greenwashing and the promotion of sustainability are ongoing battles. It is essential for consumers to be aware of the practices of industries and companies they support and to demand higher sustainable standards. Collaboration and meaningful connections among leaders and entrepreneurs are crucial in driving progress towards a more sustainable future.
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