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    "At SCOOP we don’t demand exclusivity and actively encourage farmers to find new and better markets for themselves." Pic: Cotswolds farmer by David George

    Paying farmers 75p for each £1 consumers spend on their produce

    A worker handles wheat delivered to a milling facility in Chouf, Lebanon. Pic: Hasan Shaaban/Bloomberg

    Bank of America: Food shocks will destabilise ESG

    "World leaders should see hunger as a global problem urgently requiring a global solution"

    The Economist: The coming food catastrophe

    Pollutants cited by the researchers as increasing obesity include BPA, which is widely added to plastics. Photograph: Jonathan Brady/PA

    Environmental toxins worsen obesity pandemic

    President Joe Biden has called for ideas to help end hunger

    Call for ideas: White House seeks to end hunger in the US by 2030

    Signing ceremony of PAGES, in Brazil’s state with the highest poverty and food insecurity rates. Pic: IFAD/Tayna Abreu

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    A pre-school age girl helps her parents pick out veggies in the produce section at the grocery store. She is reaching for a red pepper.

    Exploding the five fat myths of ethical food

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    "At SCOOP we don’t demand exclusivity and actively encourage farmers to find new and better markets for themselves." Pic: Cotswolds farmer by David George

    Paying farmers 75p for each £1 consumers spend on their produce

    A worker handles wheat delivered to a milling facility in Chouf, Lebanon. Pic: Hasan Shaaban/Bloomberg

    Bank of America: Food shocks will destabilise ESG

    "World leaders should see hunger as a global problem urgently requiring a global solution"

    The Economist: The coming food catastrophe

    Pollutants cited by the researchers as increasing obesity include BPA, which is widely added to plastics. Photograph: Jonathan Brady/PA

    Environmental toxins worsen obesity pandemic

    President Joe Biden has called for ideas to help end hunger

    Call for ideas: White House seeks to end hunger in the US by 2030

    "People need time at point of sale to learn to eat in a way that protects the planet"

    Shifting to care – the benefits of being the most inconvenient supermarket

    A pre-school age girl helps her parents pick out veggies in the produce section at the grocery store. She is reaching for a red pepper.

    Exploding the five fat myths of ethical food

    if it seems too cheap, it is too cheap. There’s something wrong somewhere along the way.”

    ‘Why’s chocolate so cheap?’: Aussies call for transparency

    Ukraine could lack seeds for grain crops for years

    Ukraine could lack seeds for grain crops for years

    Grains of wheat pictured at a mill in Beirut, Lebanon, March 1, 2022. REUTERS/Mohamed Azakir

    IMF, World Bank, WFP and WTO urge coordinated action on food security

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    "At SCOOP we don’t demand exclusivity and actively encourage farmers to find new and better markets for themselves." Pic: Cotswolds farmer by David George

    Paying farmers 75p for each £1 consumers spend on their produce

    A worker handles wheat delivered to a milling facility in Chouf, Lebanon. Pic: Hasan Shaaban/Bloomberg

    Bank of America: Food shocks will destabilise ESG

    "World leaders should see hunger as a global problem urgently requiring a global solution"

    The Economist: The coming food catastrophe

    Pollutants cited by the researchers as increasing obesity include BPA, which is widely added to plastics. Photograph: Jonathan Brady/PA

    Environmental toxins worsen obesity pandemic

    President Joe Biden has called for ideas to help end hunger

    Call for ideas: White House seeks to end hunger in the US by 2030

    Signing ceremony of PAGES, in Brazil’s state with the highest poverty and food insecurity rates. Pic: IFAD/Tayna Abreu

    Food security meets Amazon protection in new UN project

    Man holding his chin facing laptop

    Companies urge convergence on climate reporting standards

    The G7 announced no action to protect children from trafficking and forced labour. Children working in Benin. Pic: Degan Gabin

    OECD to help G7 nations achieve sustainable agrifood

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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: KPMGRiskFarmersClimate Change2021 Food Systems SummitWorld Business Council for Sustainable DevelopmentESG
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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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