One example is the European Union Regulation on Deforestation Free Products, which takes effect from Dec 30.
This requires companies like Wilmar International, which work with products like palm oil, to produce documents showing they comply with the regulations aimed at preventing products linked to deforestation from entering the EU market.
Other regulations are the EU Emissions Trading System, which requires polluters to pay for their greenhouse gas emissions. Meanwhile, the FuelEU Maritime Regulation promotes the use of renewable, low-carbon fuels and clean energy technologies for ships.
Despite the regulatory challenges, companies like Singapore-listed Wilmar International continue to seek opportunities in the Netherlands and elsewhere in Europe to take advantage of the large and sophisticated consumer market there.
Mr Kuok Khoon Hong, chairman and chief executive of Wilmar International, told The Straits Times that as countries increasingly introduce more regulations to ensure better food safety and environmental protection, they should ultimately be an advantage for Wilmar, which has built plants that meet the highest standards of quality and safety.
This story is from the September 20, 2024 edition of The Straits Times.
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This story is from the September 20, 2024 edition of The Straits Times.
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