June 7, 2023
June 7, 2023
 Min Read
The European

The EUDR compliance deadline is December 2024 - are you ready?

The EUDR compliance deadline is December 2024 - are you ready?

The EU Regulation on Deforestation-free products requires companies sourcing coffee, cocoa, palm oil, soy, cattle, rubber, and wood commodities (or derivatives of these commodities) to conduct due diligence on their supply chains to identify, prevent, and mitigate deforestation and forest degradation. The list of affected commodities will be revisited regularly and is subject to change.

In-scope companies include EU and non-EU companies doing business in the EU with over 500 employees AND sourcing commodities and/or their derivatives: Beef/ Leather, Palm Oil, Soya, Coffee, Cocoa/Chocolate, Wood/Furniture, and rubber.

As we’ve worked with potential clients — particularly those who will be affected by the EUDR — we’ve found that offering them a complimentary risk assessment — no strings attached — is a great way to help them prioritize where to focus their sustainability, procurement, and compliance efforts.  

We understand how complex sustainability compliance can feel, and we believe that many companies wish to do good but feel unsure of where to start. Our risk assessment helps bridge that gap.

“EUDR is an opportunity for CEOs to walk the talk of sustainability as a business. While the regulation focuses on deforestation-free sourcing for 7 commodities it really sets the stage for transforming the supply chain ecosystem in a way that is inclusive, equitable, profitable, and climate positive. At BanQu we have been delivering to the EUDR vision since 2016 and now we have come full circle as more and more companies are joining our platform.” — Ashish Gadnis, CEO & Co-founder of BanQu

“More and more companies are coming to the realization that they cannot comply with EUDR until they have traceability down to the source. This translates into having an exact geolocation of the farm or landfill and being able to maintain a complete chain of custody to a final product. Nothing less than this will hold up in EUDR audits.”  — Katelyn Thacker, Chief of Staff at BanQu

”Hats off to the EU, the EUDR is a blockbuster Regulation that finally pushes all of us to help manage supply chains properly. BanQu is built for this, and this really is a game changer of giant proportions. At BanQu we see companies that move straight to it and how this is starting to transform their business. This is some journey we are on now.” — John Howchin, Head of European Operations & Business Development

Banqu is a blockchain-based supply chain traceability solution that helps global brands get the data they need to multi-achieve their sustainability, sourcing, and compliance goals. Considering the internal scramble at in-scope companies to prepare for the EUDR compliance deadline of December 2024, our expert team – Ashish Gadnis, CEO & Co-founder, and Katelyn Thacker, Chief of Staff – is offering complimentary risk assessments. Learn more or schedule your assessment here.

Curious how BanQu’s platform might help your company?