Investors must demand evidence of climate change commitment

Investors must demand evidence of climate change commitment
 

Investors must increase pressure on food businesses to do more to meet their commitments to tackle climate change and provide evidence their suppliers are committed to similar efforts, according to The Food Foundation’s latest progress analysis.

The Foundation’s new Plating Up Progress (PuP) investor briefing published today [Thursday 10th November] says there is movement towards better collection of data in areas such as deforestation caused by food production, waste management and reducing animal protein consumption, but without legally binding requirements for food businesses to meet agreed targets net zero emission will not be achieved.

The briefing found 19 of the 27 supermarket, restaurant and catering businesses investigated had a net zero emissions commitment.

Of these 15 had some commitment to reporting supply chain emissions while 11 reported a more explicit commitment, though in all cases the data provided was not good enough for investors to assess if any of the businesses were on track to meet a net zero commitment.
 
The briefing urges investors to make clear they will monitor progress by focusing on three areas:

• Ensuring their suppliers are not adding to global deforestation and land clearance
• Cutting food waste across supply chains and not just in their own operations
• Promoting more plant-based foods to reduce greenhouse gas emissions caused by high levels of animal protein consumption

However, investigation of 27 major UK food retailers, restaurant chains and caterers found:

• On deforestation and land use change: Britain’s 11 major UK supermarket chains and 10 of 16 restaurant chains and caterers investigated, had some data but were all reliant on a complex system of off-setting. Supermarket data was limited to own brand products.
• On food waste: Most companies have reduction targets but only four of the 27 businesses could show clear strategic focus for achieving this across their supply chains.
• On replacing sales of meat and animal protein with plant-based alternatives: No company had any target but 14 of the 27 had evidence of partial commitment to increase sales of plant proteins or fruit and vegetables while two supermarkets had targets to report sales of animal and plant proteins

Mandatory requirements for businesses to report these metrics will be the only way to achieve behaviour change among businesses, the investor briefing says.

Duncan Williamson, The Food Foundation special envoy attending COP27 currently being held in Sharm-el-Sheikh, Egypt, is showcasing the Foundation’s participation in the International Benchmarking Coalition, which is supported by the United Nations and works to assess the environmental, nutritional and social impact of food companies globally.

He said: "Companies across the food value chain have a critical role to play in combating climate change, yet we still lack consensus of what metrics the food industry should be using and how we can track progress towards healthy and sustainable food systems."

The food system contributes 37% of greenhouse gas emissions globally, with agriculture representing 23%, the briefing says. Agriculture is responsible for 80% of global deforestation and 70% of freshwater withdrawals. One third of all food produced is either lost or wasted
 
Food and agriculture also contribute to multiple additional planetary risks, such as poor soil health, antimicrobial resistance, excessive chemical use, plastics use, human rights violations, and animal welfare issues.
 
Research has repeatedly shown that avoiding the worst effects of climate change will require a shift both in how we produce food so that deforestation, soil degradation and food loss and waste are reversed, and in what we eat with  a shift in our diets from animal-based foods to more fruit and veg, pulses, nuts, and wholegrains to reduce the demand for livestock.

Rebecca Tobi, The Food Foundation’s senior business and investor engagement manager, said: "Our latest briefing shows very patchy progress when it comes to UK food businesses making meaningful net zero commitments. With time running out for us to be able to keep global warming below 1.5 degrees there is no room for green washing.
 
"Food businesses must act to reduce the emissions produced across their supply chains, and the UK government must act to implement their commitment to mandatory reporting of environmental and health metrics by food businesses.

"Given the urgency of the situation, investors should be engaging with policy makers to push for incentives and regulations for food businesses."

The full briefing paper is available here 

Media contact

Lois Rogers via lois.rogers@foodfoundation.org.uk or call 07770 350822.

Available for interview

Rebecca Tobi, Senior Business and Investor Engagement Manager

Anna Taylor, Executive Director of Food Foundation

Social Media
#PlatingUpProgress
#NetZero
#COP27

About The Food Foundation  
The Food Foundation is a charity working to influence food policy and business practice, shaping a sustainable food system which makes healthy diets affordable and accessible for all. We work in partnership with researchers, campaigners, community bodies, industry, investors, government and citizens to galvanise the UK’s diverse agents of change, using surprising and inventive ideas to drive fundamental shifts in our food system. These efforts are based on the continual re-evaluation of opportunities for action, building and synthesising strong evidence, convening powerful coalitions, harnessing citizens’ voices and delivering impactful communications.
Registered Charity Number 1187611