Since the advent of the Industrial Revolution in the early 19th century, man has started to pollute the environment. This was accelerated after the Second World War when synthetic materials began to appear. The production of these materials and other new inventions that greatly impact on the socio-economic conditions of the populace also greatly accelerated pollution of the environment. In the last 20 years, concern for the environment has increased tremendously and it is definitely going to be the issue of concern over the next 20 or 30 years. Over the last 20 years, a lot of methods and standards, such as life cycle assessment (LCA) and the ISO 14000 Series of Standards, respectively, have been introduced to try to reduce or eliminate environmental pollution as much as possible. However, the majority of efforts expended are more qualitative rather than quantitative in nature and hence, their impacts are less obvious or appealing to industry, unless so demanded by consumers. Material flow cost accounting (MFCA) is a method for costing the wastes generated. Hence, a reduction in wastes, which will impact the environment, will now lead to a reduction in the cost of production. This will help industries to reduce their environmental pollution and hence improve their sustainability. The principle behind MFCA is outlined in this article. This principle is currently being used as the basis for a new ISO 14000 Series Environment Standard to help industries reduce or eliminate environmental pollutions caused by their manufacturing processes in financial terms. This will make it easier for industries to grasp their environment improvement efforts also in financial terms. Thus, it will help to motivate industries to improve their environment record while simultaneously making it easier for companies to justify their environment improvement efforts to their stakeholders and shareholders. The purpose of this article is to bring this latest development on the environment front, in addition to the impending carbon and water foot-printing, to the attention of the Malaysian oil palm industry, as part of MPOB’s continuing effort in helping industry to increase its environment sustainability.