In this report, you’ll gain industry insights to help navigate the evolving timber landscape and prepare for incoming regulations through the application of traceability solutions.
With the new European Union Deforestation Regulation (EUDR) soon to be replacing the European Union Timber Regulation (EUTR), iov42 spoke to timber importers across the UK, Belgium, Austria, France and Italy to understand their awareness and preparedness for incoming regulation, as well as their attitude towards traceability solutions to help meet these new requirements.
Whilst 74% of those surveyed shared they are not yet prepared for EUDR, 72% revealed they were in fact keen to get ahead of it, with 43% claiming they felt positive about full traceability solutions. What’s holding them back is their misplaced fears and lack of understanding of how traceability solutions, such as Distributed Ledger Technology, can provide due diligence, whilst ensuring businesses remain competitive.
“We are at a critical time in the timber industry. With sweeping new regulations on the horizon, it’s essential that those in the sector ready themselves. Our research shows a degree of openness among importers in Europe to get ahead of these regulations, but there remains hesitation and a lack of understanding of how traceability solutions can support them. Distributed Ledger Technology (DLT), is perfectly placed to help businesses increase the traceability of their timber in the face of the upcoming regulation changes, as well as build bonds of trust across the entire timber ecosystem.”
– David Coleman, Chief Product Officer at iov42
On 1st November at 3pm CET, we will be joined by experts from iov42, Preferred by Nature and SPOTT where will be delving into the findings and industry further. Sign up today and let us know if you have any questions.