Why soybean oil?

 

1) It's eco-friendly.

• Soybeans are grown naturally in the USA, especially in the Midwest.

• Its production process is deforestation-free.

• In comparison to palm oil, soybean oil wastes less. The percentage of oil per bean is double the percentage of oil per palm kernel.

• Pollution is significantly lower, as the freight shipment is domestic instead of international.

2) It's profitable.

• Shipping domestically allows corporations to cut down on transportation costs by $90 million, as soybean plants are grown right here in the Midwest.

• The switch to soybean oil would allow companies to gain a profit of $72 million.

• Despite soybean oil costing $40 more per ton, the decreased transportation costs allow companies to sell their products for less money while still being sustainable.

3) It's consumer-friendly.

• Consumers can help by buying products that contain soybean oil instead of palm oil.

• 100% of participants in our studied focus group stated that they would change their buying habits for a product that is sustainable and less expensive.

• 50% of participants ranked climate change 10 on a 1-10 scale when asked how serious climate change is to our modern society. The average consumer clearly understands the important of climate change and values sustainability.

• Products produced with soybean oil would be less expensive and sustainable, targeting both of the consumers' needs.

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How can we implement it?

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An eco-tariff is a tariff on a good that causes significant environmental damage. As a result of the tariff, eco-friendly goods become less expensive to businesses and consumers. If the US can enforce an eco-tariff on palm oil, this will incentivize businesses to choose soybean oil.

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Further Steps for Sustainable Businesses:

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• Become B-corp certified to confirm sustainable practices and gain consumer trust.

• Post ESG metric data in sustainability report to prove that company is sustainable in comparison to the other companies in the food industry.

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