Ivory Coast wants rich consumers to bear the cost of making cocoa sustainable, and it’s threatening to hold off signing new sales contracts until it gets its way.
The world’s top cocoa grower will send a delegation on Sept. 11 from its industry regulator to negotiate with the European Commission in Brussels on the matter, according to people familiar with the plans. The bloc adopted new rules in June to prevent deforestation, but Ivory Coast is worried who will carry the cost — and thinks it should be chocolate multinationals, rather than local farmers.
The European Union legislation requires exporters to prove their supply to Europe wasn’t grown on deforested land. Suppliers have 18 to 24 months to adjust. The EU is typically Ivory Coast’s top cocoa market. A European Commission spokesperson did not immediately comment on the talks. It’s unclear how any deal would work in practice.
Meanwhile, global cocoa supply is tightening due to adverse weather in the West African cocoa belt, putting the market on track for a third annual deficit. Ivory Coast’s main crop harvest is forecast to drop by a fifth in 2023-24.
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