Here is how each stakeholder can contribute to a sustainable future:

1. POLICYMAKERS: They can play a pivotal role by crafting policies that incentivise responsible sourcing practices, advocating for transparency within corporate frameworks, and implementing strategies aimed at zero deforestation in specific industries and regions. These policies can be tailored to each palm oil-growing region, ensuring the effective protection of diverse ecosystems.

2. GLOBAL BUSINESSES: Conglomerates that create and sell palm oil products are now realising the value of addressing climate change by cultivating deforestation-free supply chains. According to the CDP Forests Analysis Report 2020, 93% of global companies have taken at least one industry-accepted step to safeguard forests, which can improve the palm oil value chain.

3. PRODUCERS: Their focus revolves around enhancing direct sourcing models, streamlining supply, and increasing traceability along each step of their value chain. Instituting clear timelines for zero-deforestation commitments while ensuring the active involvement of smallholder farmers in the process can promote equitable and inclusive development.

4. RETAILERS: Another important player between producers and consumers, the retailer impacts industry practices by prioritising sustainable palm oil, offering information on product origins and sustainability, collaborating with suppliers to improve sustainability, and educating consumers about the importance of choosing responsibly-sourced products.

5. FINANCIERS: These entities hold the power to redirect financial investments away from activities that lead to deforestation. Diverting funds away from deforestation-linked companies ensures capital aligns with environmental responsibility. By mandating commitments from all their clients, financiers set a clear, achievable goal for sustainable practices.

6. CIVIL SOCIETY ORGANISATIONS (CSOs): Their contributions involve supporting stakeholders through in-depth policy research, creating awareness through capacity-building initiatives, and advocating for the adoption of deforestation-free supply chains as a cost-efficient and profitable approach aligned with long-term climate goals.
 

7. BUYERS: As the bridge between producers and consumers, buyers hold immense power to steer the palm oil industry towards sustainability. The 2021 WWF Palm Oil Buyers Scorecard serves as an assessment tool, evaluating major buyer companies’ dedication to adopting sustainable practices. By ensuring deforestation-free supply chains and implementing transparent reporting, buyers build trust and demonstrate their commitment to environmental responsibility. Learn more about it here.

8. CONSUMERS: They can look out for sustainably sourced palm oil products and buy them whenever possible. A growing demand for sustainability will encourage companies towards sustainable palm oil sourcing. This simple lifestyle adjustment has the potential to create a significant global impact.