KUALA LUMPUR, Dec 3 (NNN-Bernama) — Monaco and Malaysia should explore opportunities using palm oil biofuel in the leisure marine industry, said chief executive officer of the Prince Albert II of Monaco Foundation Olivier Wenden.
This would be in line with the global environmental, sustainability and governance direction to reduce and replace fossil fuel usage with a green option.
The principality, nestled along the French Riviera, is known as a yachting hub amid the evolving industry as it establishes itself as a leader with a number of initiatives aimed at reducing the environmental impact brought about by yachting.
Simultaneously, there has been a lot of talk about new technologies and green fuels, such as palm oil-based biofuel, as a means of decarbonising the superyacht industry.
The usage of second-generation biofuels such as hydrotreated vegetable oil (HVO) from palm oil mill effluents can be particularly interesting for the two major palm oil producers Malaysia and Indonesia.
“We are very keen to explore in depth (on palm oil biofuel), in the mix (fuel) and in the biomass,” he told Bernama in conjunction with Prince Albert II’s first state visit to Malaysia.
However, Wenden said a holistic approach is needed as climate issues move in tandem with ocean and biodiversity matters.
Malaysia has established policies towards sustainable oil palm cultivation, which comprise, among others, a cap of 6.5 million hectares under oil palm cultivation; it is steadfast in its commitment to sustaining the current land use status quo.
Malaysia’s Deputy Prime Minister Fadillah Yusof, who is also Plantation and Commodities Minister, recently told the media that there will be no new land clearing or deforestation for oil palm plantations.
Previously, Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said Malaysia is committed to working with Monaco to foster a robust partnership towards sustainable economic growth.
Tengku Zafrul said it is important for Malaysia and Monaco to continue to engage each other at all levels, particularly in expanding business prospects, while mitigating global geopolitical dynamics and tapping into the good bilateral ties nurtured under the dynamic leadership of both countries.
The Prince Albert II foundation has launched ReOcean, a private equity fund dedicated to life below water, one of 17 sustainable development goals established by the United Nations.
“The fund will invest in five sectors that collectively unlock the regenerative potential of the ocean: solutions to plastic pollution; healthy, regenerative, and equitable blue food; green shipping and yachting; restoration and protection; and ocean data,” Welden said.