Palm oil is a very important commodity which will be required well into the future. However, the consequences of growing oil palm (OP) are often detrimental to the environment and contribute to climate change. On the other hand, climate change stress will decrease the production of palm oil by causing mortality and ill health of OP, as well as reducing yields. Genetically modified OP (mOP) may be produced in the future to resist climate change stress, although it will take a long time to develop and introduce, if they are successfully produced at all. It is crucial to understand the benefits mOP may bring for resisting climate change and increasing the sustainability of the palm oil industry. This paper employs modeling of suitable climate for OP using the CLIMEX program in (a) Indonesia and Malaysia, which are the first and second largest growers of OP respectively, and (b) Thailand and Papua New Guinea, which are much smaller growers. It is useful to compare these countries in terms of future palm oil production and what benefits planting mOP may bring. Uniquely, narrative models are used in the current paper to determine how climate change will affect yields of conventional OP and mOP. The effect of climate change on the mortality of mOP is also determined for the first time. The gains from using mOP were moderate, but substantial, if compared to the current production of other continents or countries. This was especially the case for Indonesia and Malaysia. The development of mOP requires a realistic appreciation of what benefits may accrue.