COFCO sees second shipment of deforestation-free soybeans

The transaction builds on the first-ever agreement, shipped by COFCO in May, as part of the Green Value Chain Task Force initiated by the World Economic Forum’s Tropical Forest Alliance.

The soybeans were produced as a rotational crop at COFCO International’s sugar plantations in São Paulo, Brazil. Crop rotation is a regenerative agriculture practice that improves soil health, boosts yields, and reduces emissions by minimizing use of synthetic fertilizers.  

Brazil is the world’s biggest soy producer, but the increased production is associated with deforestation and conversion of natural ecosystems, COFCO said. As a major exporter of Brazilian soy, COFCO International is taking steps to improve traceability, risk management and supplier performance.

In addition to being deforestation- and conversion-free with a Dec. 31, 2020, cut-off date, the soybeans passed third-party audits certifying they were produced in compliance with the COFCO International Responsible Agriculture Standard, which requires use of sustainable farming practices including water management, biodiversity conservation, and ethical labor standards.

The transaction follows a mass balance trade system. COFCO International also has completed pilot shipments of soy products from Brazil and Argentina in preparation for compliance with the European Union Deforestation Regulation (EUDR), which requires a segregated trade system.

COFCO International said it isdedicated to eliminating deforestationfrom its global soy, corn and palm supply chains by 2025.