Singapore-based palm oil giant Wilmar International is encouraging the industry to become more environmentally and socially responsible.

It launched a new "No Deforestation, No Peat, No Exploitation" policy on Thursday as part of those efforts.

The firm will ensure that its plantations and suppliers will provide products that are free from links to deforestation or the abuse of human rights and local communities.

This includes measures to protect high carbon stock and land that has great conservation value. The firm also aims to ensure respect for community rights and support for development, said Wilmar in a statement.

The palm oil giant also signed a memorandum of understanding with global consumer goods giant Unilever, to encourage a "sustainable market transformation for palm oil".

Wilmar chief executive Kuok Khoon Hong said: "We can produce palm oil in a way

that protects forests, clean air and local communities, all while contributing to development and prosperity in palm oil growing regions.

"We know from our customers and other stakeholders that there is a strong and rapidly growing demand for traceable, deforestation-free palm oil, and we intend to meet it as a core element of our growth strategy."