Ecuador Investing US$1.2 Billion in Sustainable Palm Oil
Ecuador, the top palm oil exporting country in Latin America, is investing US$1.2 billion as part of a plan to modernize and achieve RSPO certification on a national scale.
In March of this year, the Ecuadorian government called together the top names in its palm oil supply chain to develop a five-year plan. Through an agreement signed by the country’s minister of agriculture and livestock, and minister of the environment, the Inter-institutional Committee for Sustainable Palm Monitoring (CISPS) was created. This group will focus on three areas: the development of agricultural practices and the achievement of RSPO certification; promoting sustainability and innovation in commerce and trade; and technical and phytosanitary issues.
The US$1.2 billion investment behind this plan is being secured from 300,000 private sector investors, 70 percent of which are in agriculture. The funds will be used to strengthen the country’s agricultural associations, which will allocate the funds to innovative projects by oil palm growers and processors, research, and product development.