BURSA MALAYSIA DERIVATIVES, MPOCC INK MOU TO PROMOTE SUSTAINABILITY IN PALM OIL INDUSTRY
SHAH ALAM, Jan 14 -- Bursa Malaysia Derivatives Bhd (BMD) and the Malaysian Palm Oil Certification Council (MPOCC) have signed a Memorandum of Understanding (MoU) to establish a mutually beneficial partnership that promotes sustainability and responsible practices amongst palm oil players across the supply chain.
BMD chief executive officer (CEO) Samuel Ho said the MoU entailed BMD and MPOCC's commitment to set up a collaboration framework in information exchange, including exploring opportunities to develop and promote sustainability-related initiatives in the palm oil industry.
MPOCC CEO Mohammad Hafezh Abdul Rahman said there is a need to strengthen in the Environmental, Social and Governance (ESG) initiative and joint-ventures with like-minded establishments would make it a reality.
“We need stability as it is important to push forward the sustainability agenda,” he said at the virtual MoU signing ceremony here, today.
MPOCC's vision is to be sustainability driver to transform Malaysia's palm oil supply chain for global market consumption by making the Malaysian Sustainable Palm Oil (MSPO) a credible certification scheme that is accepted by the relevant stakeholders.
The MSPO-certified crude palm oil (CPO) is integrated into the derivatives market delivery process through BMD’s Crude Palm Oil Futures (FCPO) and East Malaysia Crude Palm Oil Futures (FEPO) contracts.
-- BERNAMA
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