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General questions and answers regarding the sustainable production of palm oil.

Questions

Who owns GreenPalm?
How long has the programme been up and running?
How will honesty and integrity within the GreenPalm Programme be ensured?
Who can make a claim about GreenPalm?
Will the end-users of redeemed certificates be audited?
How do you check that a producer is not selling more oil and certificates than it is producing
When a buyer makes a bid is that what they pay?
When a seller makes an offer is that what they receive?
What if a buyer doesn’t pay for his certificates within 14 days?
What are the sanctions for contravention of the Membership Rules?
What claims can end-users make?
How much are brokerage fees?
How much does the RSPO get from the transactions?
Who can buy GreenPalm certificates?
Is there a minimum purchase?
Are the buyer and seller identified?
What information is made public?
The bid and offer currency is US$ - are all payments in US$?
Can a bid or offer be withdrawn?
Can I cover PFAD with GreenPalm certificates?

Answers

Who owns GreenPalm?
GreenPalm and GreenPalm Brokerage are trading names of Book&Claim Limited, which is a wholly owned subsidiary of AarhusKarlshamn UK Ltd. King George Dock Hull HU9 5PX U.K.
How long has the programme been up and running?
The first producers were audited by the RSPO in the Autumn of 2008. The first GreenPalm certificates were registered and sold through GreenPalm shortly afterwards.
How will honesty and integrity within the GreenPalm Programme be ensured?
Only producers certified by RSPO auditors as complying with RSPO Principles and Criteria are allowed to supply certificates for GreenPalm brokerage. A register of the number of certificates registered by producers with GreenPalm is being maintained here on the GreenPalm website for all to see. View registered certificate owners here
Subsequent audits will verify that certificate sales do not exceed production with sales by other approved supply chains. End users who wish to make claims may also be audited, in order to verify the end-user declaration.
Who can make a claim about GreenPalm?
Only those who have redeemed certificates (so that the certificates cannot be resold) can claim that they support RSPO verified sustainable palm oil production. There is a provision for Retailers to make claims associated with their suppliers who have bought and redeemed GreenPalm certificates.
Will the end-users of redeemed certificates be audited?
GreenPalm has the right to conduct random independent audits of end-users to verify that their claims are covered by the amount of certificates purchased.
How do you check that a producer is not selling more oil and certificates than it is producing
The RSPO is maintaining a central database. Producer volumes are being registered in this database. When a producer registers volume in the GreenPalm system their balance is reduced in the central database. The producer’s physical movements of oil will also reduce the balance in the database. This will prevent double selling of oil and certificates and over selling.
When a buyer makes a bid is that what they pay?
No. The buyer also pays brokerage ($2) and RSPO donation ($1) on each certificate. Excluding these amounts and associated taxes, the bid is the maximum the buyer pays.
When a seller makes an offer is that what they receive?
If the offer is matched, the seller receives at least the offer amount.
What if a buyer doesn’t pay for his certificates within 14 days?
The transaction is cancelled and the buyer remains liable for the brokerage fee and RSPO donation and for any loss suffered by the seller on a subsequent sale of certificates and interest.
What are the sanctions for contravention of the Membership Rules?
Members may be suspended from the GreenPalm Programme or their membership terminated. Suspension and termination of membership will be published on the public section of the GreenPalm website.
What claims can end-users make?
End-users can claim that they are promoting the production of RSPO verified sustainable palm oil to the extent that they have redeemed certificates for the year of the claim. Redeemed certificates can not be re-sold.
How much are brokerage fees?
GreenPalm brokerage fees, payable by the buyer to GreenPalm, are $2 per certificate bought.
How much does the RSPO get from the transactions?
The donation to the RSPO is $1 per certificate bought, payable by the buyer in addition to the payment to the seller and brokerage fees.
Who can buy GreenPalm certificates?
Any member of GreenPalm can buy certificates.
Is there a minimum purchase?
Yes, the minimum is 25 certificates in any one bid.
Are the buyer and seller identified?
No. All bids and offers are anonymous. No-one other than the offerer or bidder can know who is offering or bidding what price.
What information is made public?
Information on the public part of the website includes a list of RSPO verified producers and their respective certificates registered with the GreenPalm Programme; a list of end-users who have redeemed certificates and the respective volume of certificates redeemed; prices for recent matches of bids and offers; current unmatched bids and offers; and a list of suspended members.
The bid and offer currency is US$ - are all payments in US$?
No – the buyer can elect to pay in other currencies (limited initially to Euros and Sterling) and similarly the seller can be paid in these currencies by GreenPalm. GreenPalm’s nominated US Dollar exchange rate will be used to calculate the Euro and Sterling equivalent.
Can a bid or offer be withdrawn?
Yes. A bid or offer to sell can be withdrawn at any time prior to matching.
Can I cover PFAD with GreenPalm certificates?
Yes, 1 GreenPalm certificate can be used to cover 1mt of PFAD.

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