Net zero roadmap crucial to curb emissions, halt deforestation and scale alternative proteins
11 Nov 2022 --- As COP27 reaches its halfway point, FAO has pledged a detailed roadmap showing how the food sector can align with a 1.5°C pathway, as well as being climate-resilient and addressing nature and food security goals. With a promise to deliver the roadmap by COP28 this time next year in Dubai, FAO has much work ahead to identify practical and realistic ways to influence food systems to become greener.
The pledge of a roadmap to spur investment comes as the FAIRR initiative is urging investors to join an alliance representing US$12 trillion in assets to highlight the critical need to reduce global GHG emissions from animal agriculture, and seize the opportunities presented by COP26 to foreground protein production and consumption in the climate conversation.
The FAO roadmap could act in a similar way to the International Energy Agency’s report which spurred investment into companies, projects and technologies aligned with the plan.
So could the same happen with food systems?
“There has never been this much attention to food and agriculture anytime before,” says Zitouni Ould-Dada, deputy director in the climate and environment division of FAO.
“[A roadmap] is much needed, because for the energy sector there are clear roadmaps which really attracted a lot of investors, but for agriculture we don't have such a map,” he continues.
Coming up short?
However, while politicians are now interested in food, as climate takes the stage, commitment is somewhat lacking when the stage lights turn off.
Only 16 out of 54 OECD countries’ Nationally Determined Contributions (NDCs) have specific targets for agriculture, flags FAIRR.
Methane has 82.5-times more warming potential than CO2 over a 20-year period.There is even less commitment found in food waste where 89% of the 193 countries that signed the Paris Agreements are failing to incorporate NDCs.
“We do have enough food to feed everyone, but we waste one-third of it,” highlights Ould-Dada.
“We cannot achieve net zero emissions without tackling food loss and waste,” adds Richard Swannell, interim CEO of The Waste and Resources Action Programme (WRAP UK).
WRAP explains that the greenhouse gas emissions (GHG) associated just with the food that is wasted amounts to around 8-10% of the global total, or equivalent to all the GHG emissions of Europe.
Trillions for food
Jeremy Coller, chair of FAIRR and chief investment officer at Coller Capital, explains that investors expect clear guidance in the roadmap, including methane emission limits, halting deforestation, scaling alternative proteins and supporting just transition for farmers.
“Investors representing US$18 trillion, led by FAIRR, have made their voices heard. We welcome the FAO’s commitment to producing a roadmap for food and agriculture which will provide much-needed clarity to both companies and investors, which will allow companies to plan for the transition and investors to assess investment risk and opportunities.”
“Without a map to get to net zero, the food sector will never get there. That’s why the FAO commitment to set a clear path toward 1.5°C is so important. It will help investors to better determine where capital should flow in order to finance those businesses and sectors best placed to deliver both food security and the low-carbon transition,” adds Steve Waygood, chief responsible investment officer at Aviva Investors.
Ould-Dada also flags there is currently a lot of investment toward mitigation, but funds need to be directed to “adaptation” as the climate emergency is already here, and, for some parts of the world, the situation is already stark.
WRAP explains that the GHG associated just with the food that is wasted amounts to around 8-10% of the global total.
New data from the Global Carbon Project puts human carbon dioxide emissions of 2022 on a path to be the highest on record.
Food shortages at COP27
In a year plagued by localized food shortages across countries, visitors at COP27 have had to deal with empty food stalls and difficult access to water sources at the summit. A forceful reminder for world leaders of the importance of keeping food on the agenda.
The food angle is now being incorporated into most plans and initiatives. With the UN climate watchdog announcing today it will release a database of global methane leaks detected with satellites.
While the detection system will initially be used to detect emissions from the energy sector, from oil and gas, its capabilities will gradually be expanded to cover waste, livestock and rice.
Meanwhile, the International Finance Corporation has launched a US$6 billion for its global food security platform.
Moreover, tomorrow the Food and Agriculture for Sustainable Transformation (FAST) initiative will be launched as a multi-stakeholder partnership to accelerate the transformation toward greener agri-food systems.
By Marc Cervera
