PRECAUTIONARY AND SAFETY MEASURES FOR COVID-19
OVERVIEW
Is a Future-Proofed Palm Oil industry attainable? The palm oil conundrum continues with the latest spotlight turning to the proposed palm oil-based biofuel ban in the EU as the EU Resolution RED-II regulatory changes come into effect in 2021. Palm Oil has been claimed to be associated with deforestation, displacement of natural habitats and also unfairly blamed to cause haze-related air pollution in South-East-Asian cities. It has also been suggested as a major contributor to global warming through displaced carbon rich peat soils and wetlands purportedly used for oil palm cultivation. Even-though efforts by the governments to embrace sustainability through certifications, the results never seem to be enough. The goalposts keep moving.
From the plantation front, the challenges are even bigger. The plantations in Malaysia are faced with acute labour shortages; whereas, reduced yield, low productivity, poor extension services and low technology adoption continues to pose challenges to oil palm holdings especially the smallholders in both Malaysia and Indonesia.
Despite these challenges, Palm oil is the most consumed edible oil in the world, having surpassed all others; is projected to grow at a CAGR of 5.9 percent per annum to reach 104.84 million metric tons by 2025. The Palm oil industry is also a significant contributor to overall economic development, contributing about 4.5 percent and 2.5 percent of GDPs in Malaysia and Indonesia, respectively. It provides a constant source of income to approximately 650,000 smallholders in Malaysia, and another 3 million in Indonesia.
The billion dollar question is, can the industry achieve a future-proofed palm oil industry to create a barrier-free access to all markets, adopt automation and Artificial Intelligence (AI) to overcome labour shortage, exercise Good Agricultural Practices (GAP) without expanding on the landbank, and invest in R&D for new applications to further drive demand and attain a balanced palm oil price? The Future-Proofed Palm Oil Summit (FPPO) is designed to address these issues and recommend solutions as the conference unfolds discussions on market, policy, strategy, technology and innovation.
FOCUS AREAS OF DISCUSSION:
Unlocking hidden yields without hectarage expansion