2017-04-13 Thu

The Bank of England announced that it might use palm oil to produce new £20 notes as there were agitations over the use of animal fat in the new £5 notes. It was announced earlier that the £5 notes will not be withdrawn but opinions will be taken from public on what should be used to make the upcoming new notes.

But palm oil has also been in controversies as it leads to a lot of deforestation. There are some statistics that state that 8 percent of the world's deforestation between 1990 and 2008 has been caused due to palm oil.

Experts from World Wide Fund stated that palm oil produces more oil per land area than any other oil crop. Its demand would double by 2050 but it would affect human rights, tropical forests and endangered wildlife. It was suggested that the bank must only source Roundtable on Sustainable Palm Oil or nothing. The Bank authorities stated that these concerns will have to be taken care of by the Bank's suppliers who acquire additives.