![]() With oil serving such a great number of purposes, it is unsurprising that oil (and gas) companies are among the largest corporations worldwide. Over four billion metric tons of oil is produced worldwide every year, with the Middle East housing the greatest share of proved oil reserves, at close to 50 percent. ![]() Through their exploration of shale oil and oil sands, the United States and Canada have become major oil-producing countries. As an increasing number of conventional reserves such as underground reservoirs were depleted, unconventional means of oil extraction have become more viable. Due to the time it takes for crude oil to form, it is considered a fossil fuel, and its reserves are finite. It accounts for 9.4% of palm oil exports from Malaysia, taking 1.47 million tonnes in 2022, down 10.5% from a year earlier.Crude oil is formed over millions of years by organic materials decomposing in a low oxygen, high pressure environment. The EU is the world’s third-largest palm oil consumer, according to Malaysian Palm Oil Board data. Indonesian President Joko Widodo and Malaysian Prime Minister Anwar Ibrahim this week agreed to “fight discrimination against palm oil” and strengthen cooperation through CPOPC. Indonesia and Malaysia have launched separate cases with the WTO, saying the fuels measure is discriminatory and constitutes a trade barrier. In 2018, an EU renewable-energy directive required the phasing out of palm-based transportation fuels by 2030 because of their perceived link to deforestation. The European Parliament voted Tuesday (13 September) in favour of a regulation requiring companies to ensure products sold in the EU do not come from deforested or degraded land, a move hailed as a “ray of hope” by green campaigners.ĮU demand for palm oil was expected to decline significantly over the next 10 years even before the new law was agreed to. ![]() 'Ray of hope': Activists hail EU's pioneering anti-deforestation law Rokas added that he looked forward to meeting Fadillah to ease Malaysia’s concerns. “(The law) applies equally to commodities produced in any country, including EU member states, and aims to ensure that commodity production does not drive further deforestation and forest degradation,” EU Ambassador Michalis Rokas told Reuters. ![]() Responding to Fadillah, the EU’s ambassador to Malaysia said it was not banning any imports of palm oil from the country and denied that its deforestation law created barriers to Malaysian exports. EU says it is not banning palm oilĮnvironmental activists blame the palm oil industry for rampant clearing of Southeast Asian rainforests, though Indonesia and Malaysia have created sustainability certification standards mandatory for all plantations.įadillah, who is also deputy prime minister, urged the members of the Council of Palm Oil Producing Countries (CPOPC) to work together against the new law and to combat “baseless allegations” made by the EU and United States about the sustainability of palm oil.ĬPOPC, which is led by Indonesia and Malaysia, has previously accused the EU of unfairly targeting palm oil. EU agrees new law to kick deforestation out of supply chainsĮU legislators reached an agreement in the early hours of Tuesday (6 December) to pass a new law guaranteeing that products sold in the EU are not linked to the destruction or degradation of forests. ![]()
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