Intercontinental Exchange Inc. is holding off on planned changes in coffee and cocoa markets to comply with the European Union’s deforestation regulation amid uncertainty over when the laws would take effect.

The European Parliament sought on Thursday to water down a ban on the import of commodities such as beef and soy linked to deforestation, and backed a one year delay to the new rule, in a fresh push-back against the EU's environmental agenda.

MEPs give companies one more year to comply, but WWF accuses centre-right EPP of enabling further forest destruction both within and outside of Europe

The landmark EUDR is scheduled to take effect next year but some governments and business groups are pushing back.

The largest political group in the European Parliament is counting on support from the far right to gut a law that would keep products linked to deforestation off the market, in a move that risks undermining the EU’s position at the COP29 climate talks.

The European Union is debating delaying a landmark deforestation regulation that has led to massive backlash among stakeholders. Environmental NGOs and politicians warn a delay would threaten forests and the climate.