GGGI signed Memorandum of Understanding to enhance collaboration and funding in the sustainable palm oil sector

GGGI and the Roundtable on Sustainable Palm Oil (RSPO) Secretariat signed a five-year Memorandum of Understanding (MoU), providing a framework for cooperation and collaboration in support of the 2030 Agenda for Sustainable Development and Paris Climate Agreement.

The five-year MoU is expected to align GGGI members’ initiatives towards green growth and low carbon development outcomes in the palm oil sector and related business opportunities to create green jobs and mobilize green investments globally.

GGGI and RSPO will work together towards common objectives, including the realisation of sustainable palm oil development, helping stakeholders to secure access to the global market and for responsible palm oil entrepreneurs to obtain premium prices for their certified sustainable products.

GGGI Assistant Director-General Susanne Pederson stated, “As an international intergovernmental organisation that promotes green growth development, the GGGI supports the commitments of the RSPO to stop deforestation, protect peatlands, and enforce human rights and socially responsible development. GGGI also recognises the important role of the palm oil sector to contribute to greenhouse gas emission reduction and the efforts to achieve the global climate and sustainable development goals. GGGI is interested to leverage the lessons learned from RSPO’s experiences to develop and/or strengthen national palm oil certification schemes and support our member countries to adopt and implement these lessons learned in their policies and plans.”

Building on their comparative advantages and ensuring their complementarity and mutual reinforcement, this partnership will contribute to meeting the Nationally Determined Contributions of GGGI members countries involved in the palm oil supply chain.

Original source: GGGI
Published on 15 January 2019