The EU Deforestation Regulation (EUDR) entered into force on June 29, 2023. Coffee and Cocoa Traders and Operators will be required to gather and document relevant information and conduct due diligence to prove that commodities and relevant products they are importing and making available in the EU (or exporting from the EU) are deforestation-free.
ICE Benchmark Administration Limited (IBA) is creating the ICE Commodity Traceability (ICE CoT) service to automate the process of submitting, recording, and validating the necessary farm-origin and physical-flow traceability data. ICE CoT will make it easier for Coffee and Cocoa Traders and Operators to ensure and evidence compliance of their products with the EUDR, to support the generation of due diligence and verification statements, and to facilitate the transfer of compliant products along the supply chain.
IBA is one of the world’s most experienced administrators of regulated benchmarks and data services with a majority independent Board of Directors. Through its comprehensive and robust governance and oversight framework, IBA enhances service integrity and gives market participants confidence in the information they rely on. IBA plans to establish a new ICE CoT Advisory and Oversight Committee to provide ongoing governance and oversight of the ICE CoT service.
ICE CoT plans to carry out a range of validation checks across farm-origin and physical-flow traceability data sets submitted by Traders and Operators, which will facilitate compliance with the EUDR and provide buyers with confidence in the information from their supply chains. This independent validation would enable ICE CoT to support the generation of due diligence statements and digital verification statements.
ICE CoT intends to support the submission of farm-origin, physical-flow traceability, and other necessary data in a consistent format that can be shared on a confidential basis across the supply chain between Traders and Operators and Competent Authorities.
ICE CoT is designed to treat submitted information confidentially whilst supporting the necessary sharing of due diligence information along supply chains and with Competent Authorities. IBA is experienced and trusted in managing large amounts of confidential and sensitive market data.
ICE CoT will independently validate the farm-origin and physical-flow traceability of a product. Evidence of this validation, together with the necessary underlying data, can be passed along the supply chain to buyers, facilitating and maintaining the tradeability of EUDR-compliant coffee and cocoa.
To learn more about ICE CoT, contact [email protected].
|September 13, 2023|
|June 13, 2023|