financetom
Business
financetom
/
Business
/
Coffee growers look to postpone EU deforestation requirement
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Coffee growers look to postpone EU deforestation requirement
Sep 22, 2024 2:33 AM

TEGUCIGALPA (Reuters) - The world's top coffee body is set to request that the European Union postpone a requirement that imported beans come from areas not linked with deforestation, the group's head said on Wednesday.

The rule, set to take effect at the end of the year, would ban sales of coffee - as well as cocoa, soy, palm oil, wood, rubber and cattle - if companies are unable to prove the product comes from an area where forests haven't been cut down in recent years.

"We can't meet that date, it is not possible," said Vanusia Nogueira, director of the International Coffee Organization (ICO), in an interview.

The ICO, a United Nations-linked intergovernmental group, represents more than 90% of coffee production and more than 60% of consumption worldwide. Top coffee producers such as Brazil, Vietnam and Colombia are member countries.

"It's a very ambitious deadline," Nogueira said. "We believe that by working with (EU leaders), they might be more open to postponing that date."

She did not specify for how long the ICO was looking to postpone the deadline.

Asked about the potential repercussions if coffee producers did not meet the deadline, Nogueira said the EU "will find some solution."

"The European people like coffee very much... they will not be left without coffee," she added.

Nogueira spoke at a coffee summit hosted by the Community of Latin American and Caribbean States (CELAC) in Tegucigalpa.

The nearly three-dozen member nations of the CELAC are expected to close the summit with a declaration requesting the EU to postpone the deforestation requirement date, Honduran Deputy Minister of Coffee Growing Carlos Murillo said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
What's Going On With General Dynamics Stock Today?
What's Going On With General Dynamics Stock Today?
Mar 26, 2025
General Dynamics Corporation ( GD ) shares are trading higher after the company announced on Wednesday that its business unit, General Dynamics Electric Boat, has been awarded a $1 billion undefinitized contract modification by the U.S. Department of Defense. The funding will be used to purchase long lead-time materials for the Virginia-Class Block VI submarines, a component of the U.S....
VivoPower in Advanced Takeover Talks With Energi; Shares Rise
VivoPower in Advanced Takeover Talks With Energi; Shares Rise
Mar 26, 2025
10:04 AM EDT, 03/26/2025 (MT Newswires) -- VivoPower International ( VVPR ) said Wednesday it is in advanced talks with Abu Dhabi-based Energi Holdings on an unsolicited all-cash takeover bid for $120 million. Negotiations between VivoPower's ( VVPR ) board and Energi are expected to be completed by April 2, the company said. VivoPower ( VVPR ) said Energi proposed...
RBC investors weigh growth plans as US trade feud worsens
RBC investors weigh growth plans as US trade feud worsens
Mar 26, 2025
TORONTO, March 26 (Reuters) - When Royal Bank of Canada convenes its first investor day in seven years on Thursday, shareholders will focus on growth, as trade tensions worsen with its key U.S. market. The United States accounts for 26% of RBC's revenue, and CEO Dave McKay has often called it the bank's second home market. Where does Royal Bank...
UPS Launches Global Checkout Service to Avoid Unexpected Import Fees
UPS Launches Global Checkout Service to Avoid Unexpected Import Fees
Mar 26, 2025
10:04 AM EDT, 03/26/2025 (MT Newswires) -- UPS (UPS) said Wednesday it is launching the Global Checkout service targeting clients that make online purchases from shippers around the world. The service will guarantee upfront the amount that shoppers have to pay in duties, fees and taxes, the company said, adding it is intended to solve the issue of surprise costs...
Copyright 2023-2026 - www.financetom.com All Rights Reserved