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    eco-labels

    Supermarket food could soon carry eco-labels, says study

    The “Inflation Reduction Act” marks a new chapter for America’s climate policy. Pic: PA

    New US act encourages low-carbon purchases

    Economist chart: Sources: UN Comtrade; UN joint coordination centre; Ukrainian

    Nine cargo ships have left Ukraine

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    carbon-neutral eggs

    Hens fed insects to lay carbon-neutral eggs

    Oleksiy Vadatursky was worth $450m (£369m), according to a 2020 estimate by Forbes

    Ukraine grain tycoon killed in Russian shelling

    General Assembly Meets on Peacebuilding and Human Rights. Photo by UN

    UN right to a healthy environment “is ammunition for campaigners”

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    The “Inflation Reduction Act” marks a new chapter for America’s climate policy. Pic: PA

    New US act encourages low-carbon purchases

    Economist chart: Sources: UN Comtrade; UN joint coordination centre; Ukrainian

    Nine cargo ships have left Ukraine

    Smog is so bad in Delhi at times that the government has closed elementary schools. Sajjad Hussain/AFP via Getty Images

    The UN just declared a universal human right to a healthy, sustainable environment

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    Oleksiy Vadatursky was worth $450m (£369m), according to a 2020 estimate by Forbes

    Ukraine grain tycoon killed in Russian shelling

    General Assembly Meets on Peacebuilding and Human Rights. Photo by UN

    UN right to a healthy environment “is ammunition for campaigners”

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    Ukraine war: Grain exports could restart ‘within days’

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    In northern Tanzania, the government is trying to evict thousands of Maasai

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Home Topics Governance

Climate change and profitless farming pose critical business risks

WBCSD and KPMG say informed decisions through mandatory labelling is vital

by May Davies
February 17, 2022
in Data, Business, Environment, Economy
Reading Time: 2 mins read
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“Consistent, mandatory labelling of environmental impact is critical," say WBCSD and KPMG

“Consistent, mandatory labelling of environmental impact is critical," say WBCSD and KPMG

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Climate change is the most influential risk to food and agriculture, according to a new report by the World Business Council for Sustainable Development (WBCSD) and KPMG.

“We cannot overstate the siren call,” it says, adding, climate change implications must guide every decision across the global food system.

“Every business, government body and consumer must build the consequences of climate change into every investment and purchase decision,” it says.

The report also says companies should reduce the risks of uneconomical farming, poor food quality and affordability, social inequalities and diminishing biodiversity.

Across the risk clusters the report found that uneconomical farming is the most connected to every other risk. It says, “These inbound paths are like a plant’s root system and this risk has the most integrated root system of any risk.”

It says agrifood value chains are not seeing a fair distribution of profits, with growing income disparities exacerbating rural poverty.

“Incentivise consumers to be agents of change”

Proposing ESG risk guidance, the report says, “consistent, mandatory labelling of environmental impact is one of the most impactful actions the industry could take.”

This is critical so that “consumers, regulators and businesses can make informed decisions and change their behaviours.”

The cluster made up of climate change, diminishing biodiversity, disconnect between long and short-term interests, and soil degradation, created the most severe risk to agrifood.

It’s the risk cluster most likely to be experienced, and once that risk arises, its time to impact is estimated at 44 months – just over three and a half years. “We cannot allow one risk to spread to another, and it follows that we must address and mitigate each risk within the cluster with purpose and urgency,” the reports says.

It follows the UN Food System Summit’s Business Declaration on Food Systems Transformation, which proposed “incentivising consumers to be agents of change, creating demand for sustainably produced goods.”

“Profit optimisation cannot be the sole objective of financial institutions”

It quotes Peter Bakker, President & CEO of WBCSD, who said at the UN Food Systems Summit, “Business understands it will, and it must, be held accountable for its impacts…Transparency through ESG disclosures and the development of a system wide approach to the true value of food will be the way forward.”

It challenges decision-making architecture that supports short-term returns at the expense of longer-term benefits, such as corporate reporting cycles that don’t include the costs of climate change.

It says soil degradation must be mitigated and nutrients preserved, adding, “We can reward farmers who put carbon back into the soil and those adopting sustainable practices.”

It also says that information on water footprints would help reduce the risk of water scarcity.

“We sorely need financial innovation,” says the report. “The global financial crisis demonstrated beyond question that profit optimisation cannot be the sole objective of financial institutions.”

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Tags: World Business Council for Sustainable DevelopmentESGKPMGRiskFarmersClimate Change2021 Food Systems Summit
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May Davies

May Davies

May Davies is a founding contributor to Quota. She is a freelance writer specialising in food systems delivered by the business and policy sectors. Contact MayDavies@quota.media.

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