Mighty Earth and Olam Renew Agreement
The World Resources Institute (WRI) moderated a meeting between Mighty Earth and Olam on January 17th 2018, to discuss progress on commitments made by both parties at a similar meeting in January 2017, related to Olam’s plantations in Gabon and its Palm Products trading business. It was acknowledged that the last agreement had been respected and that significant progress has been made across the board. Olam and Mighty Earth agreed on a number of new commitments demonstrating their shared interest in developing sustainable agriculture.
For Palm Products sourcing, both parties agreed to support broader industry moves to improve compliance of suppliers with no-deforestation commitments, and Olam will continue its drive towards greater transparency, engagement and verification with its own suppliers. On its oil palm and rubber operations in Gabon, Olam agreed to wait for the resolution of questions on the application of HCS (High Carbon Stock) methodologies in Gabon for a further year.
Olam shared the progress it has made on its forthcoming global cross-commodities sustainability policy and Mighty agreed to explore conservation and restoration initiatives related to this policy. On Cocoa, Olam reiterated its commitment to halting deforestation across its origins worldwide and both parties affirmed their support for the Cocoa and Forests Initiative.
Mighty Earth and Olam will continue to engage on areas of mutual interest and resolve issues through a process of dialogue.
