A series of reports from the Food and Land Use Coalition, the World Business Council for Sustainable Development and We Mean Business Coalition stress the importance of the agrifood sector in achieving climate goals.
The reports advocate for approximately $205 billion (£162bn) in yearly investments from 2025 to 2030 to mitigate up to nine gigatonnes of carbon dioxide equivalent emissions annually by 2030.
Urgent action is emphasised to align with the Paris Agreement‘s goal of limiting global warming to 1.5°C by 2050.
Analysis reveals that agricultural production and land-use change emissions in company value chains contribute nearly half of total food systems emissions, necessitating sector-wide investment to mitigate emissions.
According to the report, the burden of implementing mitigation solutions should be distributed equitably across value chains, with collaborative efforts required to ensure fair transition and engagement with policymakers to accelerate action.
Leaders in the sector stress the importance of proactive sustainability strategies and fair partnerships with farmers to drive transformation towards a future-fit food system.
As per the World Benchmarking Alliance, nearly 165 out of the 350 most influential food and agriculture companies have not yet revealed any Scope 3 commitments.
Diane Holdorf, Executive Vice President, World Business Council for Sustainable Development, said: “Food system transformation is a central solution to climate change and agrifood companies have a critical role to play.
“To meet net zero targets, businesses must take concerted and ambitious action to de-risk the transition for producers and ensure the costs and benefits of mitigation are shared equitably across the value chain.”
Luke Pritchard, Deputy Director, Nature Based Solutions, We Mean Business Coalition, stated: “Transitioning to a future fit food system will require companies to mobilise equitable investments and fair partnerships with farmers.
“This new research highlights that the capital needed to drive that transformation is not only within reach but will also pay dividends to early movers.”
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