While oil palm enterprises have made good strides in ESG reporting in the initial phase, tackling Scope 3 AND traceability can be daunting without leveraging the right tools. Recent international sustainability standards and the stringent deforestation regulation accelerate the urgency to address Scope 3 and traceability concurrently.
Industrial enterprises’ supply chain is estimated to generate more than 70% of total carbon emissions. The International Sustainability Standards Board (ISSB) and the European Sustainability Reporting Standards (ESRS), compel transparency and comprehensive ESG reporting, including GHG emissions of their supply chains. These standards require enterprises in the global supply chain to account for their carbon emission, including Scope 3. Many jurisdictions in Asean, including Indonesia, have adopted or planned to adopt these standards into their sustainability reporting. In particular, Singapore and Malaysia have made climate-related disclosure reporting mandatory starting in 2024 and 2025, respectively. In addition, Oil palm enterprises are compelled to meet local deadlines; they are also expected to meet their MNC clients’ requirements as part of the global supply chain. Non-compliance may result in loss of market share, reputation, and penalties.
The EU Deforestation Regulation (EUDR) requires companies to demonstrate that their products are deforestation-free, and not linked to illegal harvesting, trade and forest degradation. Starting in December 2024, the oil palm enterprises are expected to demonstrate and trace their products to the point of origin, i.e. “plantation”. The inability to trace the entire supply chain may result in an inability to access the European markets.
Given its urgency and the paramount importance of accessing the global market, it is most optimal to undertake Scope 3 and traceability concurrently, especially when there are many overlaps along the entire supply chain.
In this half-day event for the Palm Oil industry, HCLTech and Eco-Business offers you a front row seat to uncover the expertise and collective experience of our partners to address your challenges, opportunities to leverage on technology to help managed Scope 3 and traceability.
Join us in this discussion as we bring leading subject matter experts to support your journey to ESG compliance through Technology. Register today!
About HCLTech:
HCLTech is a global technology company, home to more than 222,000 team members across 60 countries, delivering industry-leading capabilities centred around digital, engineering and cloud, powered by a broad portfolio of technology services and products. With decades of IT and Tech experience, HCLTech has deep expertise in Malaysia’s agriculture and plantations industry and is uniquely positioned to assist organizations to accelerate towards Scope 3 decarbonization and global targets as well as traceability.
This event is by invitation only. If you are keen to find out more about this event, please email events@eco-business.com
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