New Britain Palm Oil Ltd Tops Global Rankings
New Britain Palm Oil Ltd (NBPOL) has outshone 100 companies to top global rankings on sustainable and transparent oil palm production from the sustainable palm oil transparency toolkit (Spott) assessment.
New Palm scored 94.4 per cent, putting the firm in a position to compete with others in challenging markets.
This achievement borders on strict certification schemes like the rainforest alliance’s sustainable agriculture standard and the roundtable on sustainable palm oil - in which New Palm was certified on both standards.
Other tools involved the buyers who were able to compare and assess the sustainability credentials of the palm oil producers they interact with.
One is the zoological society of London’s (ZSL) spott assessment - which detailed assessment of 100 of the world’s largest palm oil companies. The criteria of Spott included practices and policies linked with environmental, social and governance (ESG) best practice.
As part of its transparency linked with ESG risks, the companies received a percentage score. Transparency in supporting claims of sustainability was very much essential in the palm oil market and especially to the European market where much of PNG’s palm oil is sold.
In a statement, the company said that in spite of its huge contribution in improving rural poverty and providing employment and livelihood, it has faced some challenges such as environmentally irresponsible practices, negative press, and anti-palm oil campaigns overseas.