Efeca Supports Bank of England’s Polymer Banknotes Consultation
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 these three feedstocks. The aim was to inform the Bank’s decision-making process and contribute to the contents of its consultation document regarding the future composition of polymer substrates for the new £20 polymer note and future reprints of the £5 and £10 polymer notes. In addition to analysing the environmental and social impacts of feedstock production, Efeca assessed the capacity and credibility of relevant sustainability assurance initiatives. This evaluation was crucial to ensure that the Bank’s decision aligned with robust sustainability standards and best practices.
The Bank of England initiated an external consultation on The Future Composition of Polymer Banknotes, starting on 30th March 2017. This consultation sought input from stakeholders and experts to gather diverse perspectives on the sustainability, practicality, and suitability of different polymer substrates. Insights from this consultation process informed the Bank’s final decision on polymer substrate composition, balancing environmental considerations with functional and economic factors.
For more detailed information on the Bank of England’s consultation and the future composition of polymer banknotes, please refer to their official publications and announcements or contact us.
