Frozen food specialist Iceland is reluctantly using palm oil again in some own-brand products as the Ukraine war has sent the price of the alternative, sunflower oil, rocketing.
Iceland’s reversion to the use of palm oil is on a temporary basis and is done “with regret”. The grocer has been a prominent campaigner against the use of palm oil, which is a contributor to deforestation.
Russia’s invasion of Ukraine has powered a 1,000% increase in the price of sunflower oil as both countries are big suppliers. Iceland’s decision came as the high cost of living – inflation was already spiralling up before the war – puts its customers’ spending power under pressure.
Iceland managing director Richard Walker wrote in a blog: “The only alternative to using palm oil under the current circumstances would simply be to clear our freezers and shelves of a wide range of staples including frozen chips and other potato products.”
He described the use of sustainable palm oil as “a last resort and as a strictly temporary measure” in a limited number of products.
Walker wrote: “I haven’t changed my mind about palm oil, which is why this is strictly a temporary move, and one that I would not countenance at all if I could see any viable alternative.
“This is a serious emergency and one that requires tough choices and compromises if we are to achieve our prime objective of continuing to feed the nation and of delivering affordable food to those on tight budgets, who will inevitably be worst affected by the unprecedented pressures now building up in our supply chains.”
Retail Week Live 2022
Iceland’s Richard Walker is among the first 70 speakers to be announced for this year’s Retail Week Live.
The event is a global retail festival that connects, inspires and challenges the retail ecosystem to create efficient and purposeful businesses to succeed in an ever-changing world.
The strapline for this year’s event is ‘Time for Radical Change’, with an agenda split across two days to focus on the themes of digital transformation and innovation, and people and the planet.
Our speakers are pioneers of their industry, handpicked for their track records in leading change, anticipating new trends and harnessing innovation. They represent a fierce group of leaders who aren’t afraid to take back a measure of control – and provide a sense of hope. But more than that, they will give you the tools to deliver radical change.
As well as world-class content, Retail Week Live also boasts a whole host of unforgettable experiences ranging from wellness and pampering through to live entertainment, all designed to spark connections.
To find out more about Retail Week Live 2022 and secure your place at this year’s event, click here.
1 Reader's comment