The Malaysian Palm Oil Council (MPOC) commissioned the London based consulting firm Europe Economics to quantify the enormous benefits of palm oil for the world economy.
The new study uses economic modelling to analyse palm oil’s role as the world’s most popular, land-efficient and cost-effective oil, and measure the positive impacts for importing countries.
Europe Economics found that:
• Palm oil imports add $39bn of GDP growth to the global economy
• Palm oil imports are associated with the creation of 2.9 million jobs globally
• EU 28: €6.42BN in GDP; €1.2BN in tax revenues and 93,620 jobs
The French government’s planned palm oil tax was withdrawn in the National Assembly in June as part of the revision of the biodiversity bill. The removal of the tax led to protests from Greens, but was supported by the palm oil sector. In my opinion removing the tax was the right thing to do.
Food and fuel; fuel and food. The two essentials that humanity has sought to produce, and provide for, since time immemorial. Palm oil – used by the ancient Egyptians, then more recently cultivated in West Africa and latterly in Malaysia and Indonesia – is a source of both
The EU’s health policy should be aimed at improving the health of its citizens. That would normally be taken as a given. However, the European Commission’s recently released Roadmap on Trans Fats falls short in this regard.