At 66 million tons annually, palm oil is the most commonly produced vegetable oil. Its low world market price and properties that lend themselves to processed foods have led the food industry to use it in half of all supermarket products. Palm oil can be found in frozen pizzas, biscuits and margarine, as well as body creams, soaps, makeup, candles and detergents.

Oil palm plantations currently cover more than 27 million hectares of the Earth’s surface. Forests have been destroyed and replaced by “green deserts.”

The warm, humid climate of the tropics offers perfect growth conditions for oil palms. Day after day, huge tracts of rainforest in Southeast Asia, Latin America and Africa are being bulldozed or torched to make room for more plantations, releasing vast amounts of carbon into the atmosphere. As a consequence, Indonesia – the world’s largest producer of palm oil – temporarily surpassed the United States in terms of greenhouse gas emissions in 2015. With their CO₂ and methane emissions, palm oil-based biofuels actually have three times the climate impact of traditional fossil fuels.

Palm oil is not only bad for the climate: As their forest habitat is cleared, endangered species such as the orangutan, Borneo elephant and Sumatran tiger are being pushed closer to extinction. Smallholders and indigenous people who have inhabited and protected the forest for generations are often brutally driven from their land. In Indonesia, more than 700 land conflicts are related to the palm oil industry. Human rights violations are everyday occurrences, even on supposedly “sustainable” and “organic” plantations.

As consumers, we are largely unaware of these broader issues, yet our daily palm oil consumption also impacts our health: refined palm oil contains large amounts of harmful fatty acid esters that are known to damage DNA and cause cancer.

The biotech industry says it has come up with a solution – a synthetic alternative that doesn’t involve burning down or clearing any rainforest. It says this could eventually replace natural palm oil in everything from shampoos, soaps, detergents and lipsticks, to food products like packaged bread, biscuits, margarine, ice cream and chocolate.

“Over the last 30 years, 50% of palm oil plantation growth has come at the hands of deforestation of tropical forest and peatland,” says Shara Ticku, founder of C16 Biosciences, one of the biotech firms pioneering a synthetic alternative. “That is really the core of the problem we’re trying to solve.”

Research is still in a pre-commercial stage, but there’s been high-profile interest in its potential. Earlier this year, C16 Biosciences, a three-year-old start-up based in New York, received a $20m investment from Breakthrough Energy Ventures, a fund backed by Bill Gates and the likes of Amazon’s Jeff Bezos, Michael Bloomberg and Virgin’s Richard Branson.