2ND SUSTAINABLE VEGETABLE OIL CONFERENCE 2023
- Created Date: 04 September 2023
Vegetable oils, the fastest-growing food commodity, face an ongoing challenge of meeting the escalating high demand that increasingly outstrips supply. Climate change impacts and sustainability concerns pose persistent obstacles for major vegetable oil producers, with long-term stress aggravate vulnerabilities to shocks.
The surge in global biofuel production may exacerbate the shortage of vegetable oils as governments worldwide shift towards plant-based energy sources, intensifying the food versus fuel debate. Severe dryness threatens the soybean crop for 2023, posing a significant risk to oil supply, since Argentina, the world's largest exporter of the commodity, is experiencing the lowest rainfall in three decades. Sluggish growth in palm oil production adds to the concerns.
Triggered by a vegetable oils crisis, global food inflation remains high despite some decline from record highs in early 2022. Another contributing factor to the global food crisis is the growing number of food trade restrictions imposed by countries aiming to boost domestic supply and reduce prices, especially due to the impacts of Ukraine war.
Achieving Net Zero Emission by 2050 is a significant challenge, given the vital role of vegetable oils in developing biofuels for global decarbonization. However, meeting this goal requires a more than threefold increase in biofuels production. To mitigate potential supply constraints, optimizing the circular economy in the vegetable oils sector is crucial.
Swift and decisive action are required from vegetable oils producing countries to address immediate challenges and enhance future resilience in providing sustainable vegetable oils. To facilitate this, the Council of Palm Oil Producing Countries (CPOPC) and Indonesian Palm Oil Association (GAPKI) will co-host the 2nd Sustainable Vegetable Oils Conference (2nd SVOC). The event will be held on 27 September 2023. Taking place in Mumbai, India, aligning with the G20 meetings, the conference supports the Indian presidency's agenda to strengthen cooperation on sustainability, food and energy security, renewable energy, resilience and inclusive food value chains, and circular economy.
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