Bank of England considers using PALM OIL in new £20 instead of animal fat

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Meticulous groups and vegans blasted the use of tallow in the plastic fiver when it was released in September.

And the bank today recognized it is considering using either palm oil or coconut oil in the £20 note – due to be total into circulation in 2020.

But campaigners warned palm oil production was responsible for 8 per cent of the period’s deforestation between 1990 and 2008.

Rachel Agnew, spokeswoman for the Rainforest Fundamental principle, told the Daily Express: “We think the global demand is unsustainably tipsy.

“Large swathes of the rainforest are cut down for the palm oil plantations.

“That has a hideous impact on the environment. So it is not good news.”

Doug Maw, who started a petition on every side the use of animal fats in the polymer £5 note, admitted he was disappointed with the bank’s latest move house.

He met with Victoria Cleland, the Bank of England’s chief cashier to examine the production of its notes.

He said: “In my meeting I highlighted palm oil as something they should keep away from doing.

“The destruction of habitat caused by over-production of palm oil is contributing to the near-extinction of the orangutan.”

The Bank of England consultation, promulgated yesterday, tried to quell fears over the potential effect of despising palm oil.

It stated: “WWF highlighted that because the palm oil is the most effectual source of vegetable oils, it could be the least environmentally damaging well-spring when produced sustainably. 

“However, non-sustainable production of palm oil (and other vegetable-based oil crops) can vanguard to destruction of forests, with significant negative impacts on wildlife, as soberly as the local indigenous human populations.

“Consequently, one of WWF’s strategic priorities is to pressure with different stakeholders on a number of initiatives to shift the palm oil business to produce and source deforestation-free and fully sustainable palm oil and its derivative offshoots.”

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