The fund will be run by the Council of Palm Oil Producing Countries, which includes Indonesia and Malaysia.
Palm oil producers will set up a joint fund to counter critics of the industry, a Malaysian government official said on Tuesday, amid growing scrutiny of a commodity which is accused of causing widespread environmental damage.
"We want to go big on that to overcome the anti-palm oil issue," Tan said at the industry conference in Kuala Lumpur, the Malaysian capital. The bloc enacted a law this year to phase out palm oil from renewable fuel by 2030 because of the commodity's links to deforestation. It is also discussing increasing regulations on food - the palm oil industry's main source of revenue.
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