In 2017, The Bank of England commissioned Efeca to provide expertise in assessing the sustainability aspects of plant-based alternatives to tallow, specifically palm oil and coconut, used as feedstock for oleochemical derivatives in the production of polymer banknotes.
Efeca conducted an independent review focusing on evaluating the environmental and social impacts associated with these three feedstocks. The objective was to support the Bank in making informed decisions regarding the future composition of polymer banknotes, including the new £20 note and future reprints of £5 and £10 notes. The findings from Efeca’s analysis were instrumental in shaping the Bank’s consultation document and subsequent decisions.
Alongside the environmental and social impact analysis of feedstock production, Efeca also assessed the capacity and credibility of relevant sustainability assurance initiatives. This included examining the effectiveness of existing sustainability frameworks and certifications in ensuring responsible sourcing practices within the supply chains of palm oil, coconut, and tallow alternatives.
It’s important to note that Efeca’s review did not encompass the broader environmental performance of polymer banknotes, which had been previously evaluated separately by the Bank of England. Following Efeca’s assessment, the Bank conducted an extensive external consultation on the future composition of polymer banknotes to gather additional stakeholder insights and feedback.
For further information on Efeca’s involvement in sustainability assessments or details regarding the Bank of England’s polymer banknotes consultation, please contact us at info@efeca.com.