Foresight’s Post

What makes a successful climate plan in the food and ag sector? 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 A transparent plan is clear on the data collection, monitoring and reporting methods used in a given plan and the methodologies used to baseline emissions and estimate outcomes. Transparency ensures value for outcomes and supports a strong market for ecosystem outcomes. 𝐒𝐜𝐚𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲 In order to close the gap between our current state and our goal state, programs and methods must be widely applicable across commodities and sourcing regions, and must scale cost-effectively. This will allow the agrifood industry to establish broad guidelines for operation, and will allow agrifood companies to build programs that achieve the necessary impact at the scale of their sourcing. 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 Industry standards and protocols are evolving alongside the industry. A strong climate-forward plan will be rigorous enough to meet the requirements of current protocols, and to stay relevant as protocols adjust guidelines and processes. Taking climate action with these pillars in mind is key to closing the Impact Gap between the food and ag industry's current trajectory and its 2030 net zero commitments. Despite some of the industry wide shortcomings on climate action, there are many examples of companies building emissions reductions plans the right way. To learn more about some of the impactful programs Regrow is supporting, visit https://lnkd.in/ekqh4Wrf

A new report shows the full scale of the global water crisis and how it impacts virtually all of the #SDGs. Water stress is estimated to put half the world's food production at risk within the next 25 years, according to the study by the Global Commission on the Economics of Water (so far the biggest global study of all aspects related to the water crisis). The water crisis has been a 'silent crisis' so far - it is not much in the public eye, poorly governed, and yet heavily impacting people and planet because of the interconnected nature of ecosystems. The availability of "green water" (e.g., soil moisture needed for food production) and "blue water" (e.g., from rivers and lakes) impact whether and how the #SDGs are achieved. But water stress is increasing: demand for fresh water will outstrip supply by 40% by the end of the decade. ❗ This shows again: sustainability needs to be tackled through systems thinking and yet we still treat problems in rather isolated ways. Feedback loops and cascading effects matter (e.g., climate change impacting soil moisture) and ESG and corporate sustainability frameworks must reflect this much better! === Full Report: https://lnkd.in/dGa8nRuW (Co-chairs of the Commission: J. Rockström, N. Okonjo-Iweala, T. Shanmugaratnam, M. Mazzucato, H. Ovink). #climatechange, #planetaryboundaries, #esg

Thank you Andreas Rasche #maritime and #SDGs The #maritime industry continues to fall behind the holistic sustainability discussion due to the understandable focus on decarbonisation. #maritime must catch up and engage with the complexities. As money talks, it’s interesting and somewhat alarming to read the paper, A science-based heuristic guide to sector-level SDG investment strategy. https://lnkd.in/dq2KKCXz Sofia Fürstenberg Stott came across the paper yesterday and we are still digesting. It doesn’t bode well for #maritime or #SDG progress for which it is critical to manage and indeed harness their interdependency.

How to put nature on the balance sheet? While the finance industry has a good understanding of climate change and its impact on operations, biodiversity remains a mystery. Major banks in the US, Europe, and Canada admit they don’t know how to measure biodiversity’s effects or monetize it. Despite initiatives like the Taskforce on Nature-Related Financial Disclosures (TNFD), where over 400 organizations globally have committed to reporting on nature-related issues, financiers say biodiversity is far more complex than climate, lacking clear metrics or market mechanisms to value ecosystems. In my conversations, the intersection between land economy, nature, and biodiversity is becoming increasingly relevant. For instance, extreme weather events in agriculture can damage crops, reducing yields and driving up food prices. On the flip side, sustainable farming practices can enhance soil health and cut costs by lowering reliance on chemicals. Similarly, in manufacturing, companies dependent on natural resources face rising costs due to scarcity and disruptions. However, investing in water conservation or alternative materials can lead to significant cost savings and improved sustainability.

Here is a Project Drawdown Insights article about food emissions and corresponding solutions by Jonathan Foley. If you are interested in sustainability and want to learn more about how to push it forward through changes in the agriculture and food system, it's a great article to start with.

It's good to hear that the Science Based Targets initiative (SBTi) is now flagging companies that have not taken advantage of the two-year window provided by SBTi to develop a target aligned with the SBTi criteria after making an initial commitment to do so (you can see the whole process here - https://lnkd.in/eF4u6Aka). Let me add that I really don't understand why companies need two years to develop climate targets aligned with the 1.5C target. We're in a critical moment in time where companies need to operate quickly on #climate. Wouldn't they be able to develop targets in one year or even six months? Also, while this is an important step, an even more critical one would be to start flagging companies that submit and validate targets but don't follow through. After all, a target is still just a target. What really matters is whether companies act accordingly or not, and if the #sbti wants to ensure it remains a credible standard, it should find a way to verify that companies actually walk the walk, not just talk the talk of SBTi. #climateaction #climatechange #netzero #sustainability https://lnkd.in/eBxDWABC

If we are to avoid the worst of climate change, industries such as agriculture and land use, which account for approximately 1/3 of global greenhouse gas emissions, must be radically transformed. Yet, the costs of transitioning to a low-carbon, climate-resilient future are immense and governments alone are unable to shoulder them. Until now, the private sector has not been fully engaged in climate action, and especially in climate adaptation. With the FAO we're making private sector engagement and multistakeholder collaboration a key pillar of our multi-country programme, ‘Scaling up Climate Ambition in Land Use and Agriculture through NDCs and National Adaptation Plans’ (SCALA). SCALA provides strategic guidance on private sector mapping, outreach and engagement planning, it assesses risks and business opportunities, designs de-risking strategies and formulates projects which are more attractive to private sector investors. Read more on how we're working with partners to foster public-private conversations and the partnerships needed to secure a safer, more sustainable future: https://lnkd.in/eMJAYraW

What's methane got to do with it? 🤔 That was the topic of a panel discussion our own Ruth Leary had the pleasuring of moderating at the Climate Change & Business Conference 2024 🌏 The panel discussed how climate performance is now the price of entry for many of our export markets and featured leaders from Fonterra, Ministry for Primary Industries (MPI) and Future Farmers NZ.   Some key insights from the panel:   🟢 Simon Tucker on Fonterra’s scope 3 emissions reduction target and the fundamental driver: “Our largest and most high-value customers were making very aggressive climate reduction targets and turning to us as one of their sources of scope 3 and saying ‘how are you going to work with us? What are you going to commit to in order that we meet our targets?’ If we want to drive the highest possible value from our farmer-owner's milk, we need to set a scope 3 target and have a credible plan about how we’re going to achieve it.” 🟢 Jenny Cameron on the speed in which big global players have declared science-based targets: “Methane is a hard nut to crack but that’s the job to be done for New Zealand. It is absolutely required by our value chain.” 🟢 Aimee Blake on focusing on the ACLR approach when communicating to farmers in an increasingly ungoverned and virtual environment: make sure your information is accessible, credible, legitimate and relevant. 🟢 Ruth Leary on why reducing agricultural emissions is an urgent focus: “If we think about who we’re selling to in the global markets, we’ve got five lambings, five dairy seasons, to try and achieve some of these targets that our global customers have set to reduce their scope 3 emissions.” #CCBC2024 #leadingclimateaction #sustainablebusiness Sustainable Business Council NZ, Environmental Defence Society (EDS), Climate Leaders Coalition

Obligatory post- #ClimateWeek post. Here are my takeaways: - It's getting really big now compared to when I participated as a part of recycling company back many moons ago. I personally think the more people working on #climate the better, so I welcome the crowds and the 900+ events. - More and more non-sustainability people are showing up. This again is a good thing. Everyone's business is climate. And I think businesses need to embed climate action into everything they're doing. - FORO - Fear of Reporting Obligations - #EUDR, #CSRD, #CSDDD, #ISSB, #CDP and on and on. This is like FOMO but way worse. The level of confusion and angst of the coming reporting regulations is palpable and probably rightly so. The big companies will be fine, but I really wonder how medium and small companies will adapt to the coming reporting requirements. Perhaps the proposed year long delay with the EUDR reduces a bit of FORO a bit. - HowGood's #RegenHouse was a great example of agriculture continuing to rightfully get more attention in the climate discussions. We need more focus on this sector, as it's difficult (nearly impossible) to fully decarbonize. - Still too much talking about challenges on #scope3, and less people making actual progress on Scope 3. Our people, communities and shared supply chains are at risk.

📌 To meet global climate, water, and nature goals, we must transform food production. Yet, our collective progress is slow as economic barriers for farmers to transition remain. In their latest report, World Economic Forum and Bain & Company outlined how public-private partnerships are vital in supporting farmers and accelerating the transition to sustainable food production. Notably, we need blended finance, advanced financial capabilities, and a never-before-seen level of coordination across public and private sectors. Read the complete report here ➤ lnkd.in/eVvk-nxy Tania Strauss | Vikki Tam | Aadarsh Baijal | #ClimateAction | #PublicPrivatePartnerships | #wef24