A new platform is set to help verify cocoa and coffee as deforestation-free ahead of new EU rules. Intercontinental Exchange Inc. (ICE) has partnered with Space Intelligence to use satellite mapping for this initiative. The platform aims to meet the European Union's traceability requirements, which will take effect at the end of the year. This shift marks a significant change from optional sustainability practices to mandatory compliance.
• The Commodity Traceability Service will assess deforestation in cocoa and coffee-growing areas post-2020.
• The platform is currently in a pilot phase, with over 50 firms interested and 18 already signed up.
• It uses a methodology from Meridia Land BV, allowing businesses to check compliance by uploading farm coordinates.
• ICE is also an investor in Space Intelligence’s recent funding round.
This new platform is crucial as it addresses the growing demand for sustainable practices in the cocoa and coffee industries. With Europe being the largest market for these goods, compliance with these regulations could reshape how these commodities are sourced and marketed, promoting environmental responsibility.
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