Over $4m has been raised so far from the sale of GreenPalm certificates, since the start of the scheme 18 months ago, and there are plans for a European roll-out.
The $4m figure equates to the sale of 460,000 certificates, said Bob Norman, general manager of Book&Claim, which operates the Green-Palm certificate trading platform, endorsed by the Roundtable on Sustainable Palm Oil (RSPO). This allows manufacturers and retailers to support sustainable palm oil production.
"That $4m is the actual payment that goes back to sustainable palm oil producers," said Norman at BIE. He told BB that the organisation is beginning to see interest from mainland Europe and plans to expand the GreenPalm scheme out across the continent soon.