COFCO International Sets 2030 Target for Soybean Land Use in South America

0

The logo of China Oil and Foodstuffs Corporation (COFCO) is seen at its headquarters in Beijing, China November 3, 2016. Picture taken November 3, 2016. REUTERS/Thomas Peter

Join now for FREE unlimited access to Reuters.com

Register

PARIS, May 23 (Reuters) – COFCO International has pledged to make its soybean supply chain free of deforestation and land conversion by 2030 in environmentally sensitive regions of South America, including the Amazon. and the Cerrado, said the Chinese trader.

Like other global grain traders, COFCO International has previously pledged to further audit soybean crops to help stem land clearing in Brazil, which is blamed for reducing biodiversity and contributing to global warming.

The 2030 target would cover the Amazon rainforest region, Brazil’s Cerrado savannah belt, and the Gran Chaco zone, which spans parts of Argentina, Bolivia, Brazil, and Paraguay. COFCO International General Manager Wei (David) Dong said in a sustainability report released by the company. Monday.

Join now for FREE unlimited access to Reuters.com

Register

US-based Bunge (BG.N) has pledged to eliminate deforestation in its global supply chain by 2025, while some Brazilian companies have already announced their sourcing is deforestation-free.

COFCO International, based in Geneva and controlled by Chinese state food group COFCO Corp (CNCOF.UL), also said it generated sales of $48 billion last year, compared to $33 billion in 2020, and traded 133 million tons of crops against 131 million the previous year.

He did not disclose any profit figures.

Grain traders have seen their financial results boosted by strong demand and rising commodity prices, and some expect another strong performance this year as the war in Ukraine heightens staple crop supply tensions . Read more

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Gus Trompiz, editing by Louise Heavens, Kirsten Donovan

Our standards: The Thomson Reuters Trust Principles.

Share.

Comments are closed.