Malaysian tech firm DiBiz has launched the world’s first online marketplace for sustainable palm oil to encourage sales of products certified as environmentally compliant as buyers have avoided the more expensive goods.
The trading platform, called Trustparent Marketplace, will link palm oil buyers and sellers across the supply chain and has additional measures for traceability to ensure the industry’s commitment to ‘No Deforestation, No Peat and No Exploitation’.
DiBiz Co-Founder and CEO U.R. Unnithan said, “What this means is just like you go to Amazon to buy your products, now, every stakeholder in palm oil can come on to the Dibiz marketplace.”
Western critics have often blamed the rapid expansion of palm plantations for rainforest deforestation and human rights abuses, prompting consumer boycotts against the edible oil. But palm oil industry officials said such campaigns are hindering efforts to achieve sustainability certification and develop a market for certified sustainable palm oil (CSPO).
Currently, around 14.6 million tonnes or 19.3% of global palm oil produced is certified by the Roundtable of Sustainable Palm Oil (RSPO), which is seen as a global standard for sustainability claims.
However, planters in Indonesia and Malaysia, the world’s 2 largest palm oil producers, have complained that demand for the more expensive oil with CSPO certification is lacking despite investing millions to meet the requirements.