KUALA LUMPUR (Commodity Online) : Palm oil industry around the world likely to present a brighter future soon, according to Roundtable on Sustainable Palm Oil (RSPO) which concluded here.

According to RSPO secretary-general Dr Vengeta Rao, the assembly has paved a progressive path for members to work towards a brighter future for the industry.

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He said the RSPO would continue to commit to the principles of integrity and transparency, and engagement with all stakeholders in achieving sustainability in agricultural practice.

The RSPO is a global initiative on sustainable palm oil with the aim of promoting the growth and use of sustainable palm oil through cooperation within the supply chain and open dialogue between its stakeholders.

Rao said the proposed resolutions by GAPKI or Gabungan Pengusaha Kelapa Sawit Indonesia and Malaysian Palm Oil Association for the RSPO to commission a working group to establish a system to share the cost of certification for smallholders had been well accepted.

Members have also agreed to commission a working group to establish a system to share the certification and verification costs on new plantings currently borne by growers, he told reporters after the meeting here today.

It has also accepted the establishment of a working group to provide recommendations on how to deal with existing plantations on peatlands, as proposed by Wetlands International, he said.

"By the eighth RSPO meeting next year, the executive board will have to develop the terms of reference for the committee and appoint its members," he added.

The committee will be tasked with developing business models for sustainable options for current oil palm plantations on peatlands, Rao said.

This, he said, will include exploring water management regimes appropriate to reduce emissions and mechanism to facilitate restoration of peatlands.

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