THE WHAT? The European Union has passed a new law which will impose import bans on products linked to deforestation, according to a report published by Reuters. Companies will be required to put together a due diligence statement proving that their supply chains are forest-safe in order to sell their wares in the bloc.
THE DETAILS Hefty fines will be levied on those found to be non-complaint. The new legislation will apply to palm oil and derivatives, soy, cocoa and coffee, among other materials.
THE WHY? Christophe Hansen, the European Parliament’s lead negotiator told Reuters, “I hope that this innovative regulation will give impetus to the protection of forests around the globe and inspire other countries at the COP15.”
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