World Economic Forum and UAE launch global food effort

05 December 2023 18:04

CleantechAlpsGreater Geneva BernSBC UAE

Cologny/Abu Dhabi - The World Economic Forum, the United Arab Emirates, and others have founded the First Movers Coalition for Food to help the food industry transition to a more sustainable business model. The Coalition aims to raise as much as $20 billion by 2030.

The World Economic Forum, the United Arab Emirates, and 20 companies and research institutions are joining forces to create more demand for sustainably produced and low-emission agricultural commodities. Called the First Movers Coalition for Food, as a press release explained, will have a budget of as much as $20 billion by 2030. The Coalition aims to use the money to advance and expand sustainable farming, foster innovation, and provide financing for these changes.

Food production today accounts for more than 30 percent of global greenhouse gas emissions that cause climate change. It also is responsible for more than 70 percent of freshwater used on the planet as well as 80 percent of the loss of forests and other habitats.

“Leading global companies will send demand signals to catalyze the acceleration and adoption of environmentally friendly farming methods and green innovations,” said World Economic Forum President Borge Brende. “This collective public-private partnership will help de-risk upfront investments into more sustainable food production systems.”

The First Movers Coalition for Food includes companies like Bayer, Cargill, Danone, Louis Dreyfus Company, Majid Al Futtaim, Nestlé, NR Instant Produce, Olam Agri, PepsiCo, Sekem, UPL, Tyson Foods, JBS, and Yara International. The Coalition’s corporate partners have a combined revenue of $2.1 trillion – a massive industry that needs to change if the world is going to restrain global warming to 1.5 degrees Celsius in the coming years. Therefore the Coalition will help food companies transition to a greener future. “This will decrease the risks associated with required investments in low-emissions agri-food production, make it easier to expand to net-zero and nature-positive technologies, and help farmers adopt greener practices such as regenerative agriculture,” said Manny Maceda, chief executive officer at Bain & Company, a member of the coalition. ce/jd

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