Canadian canola could gain from EU's ban on palm oil

In January the EU capped palm oil biodiesel production at 2019 levels and the plans to begin phasing out its use in 2023 before complete elimination by 2030. Europe has decided to phase out palm oil due to concerns about deforestation in Malaysia and Indonesia. This could provide a great opportunity for Canadian canola and canola oil exporters as the oil is a great substitute along with soybean and sunflower oils.