Efeca writes independent report for The Bank of England
In 2017, The Bank of England commissioned Efeca to provide support in understanding the sustainability of plant-based alternatives to tallow, including palm oil and coconut; as feedstock for oleochemical derivatives used in the production of polymer banknotes.
Efeca conducted an independent review of the environmental and social impacts associated with the three feedstocks. The aim was to inform the Bank’s thinking as well as the contents of its consultation document, which led to a decision on the future composition of polymer substrate used for the new £20 polymer note and the future reprints of £5 and £10 polymer notes.
As well as an analysis of the environmental and social impacts associated with production of feedstocks for derivatives; an assessment of the capacity and credibility of relevant sustainability assurance initiatives was undertaken. It did not consider the wider environmental performance of polymer banknotes which were previously evaluated by the Bank. The Bank of England then undertook an extensive external consultation on The Future Composition of Polymer Banknotes.
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