External research notice: This article summarises the “Future Fit Food and Agriculture” report published in March 2024. The environmental data, targets and recommendations described below are attributed to that report and do not constitute environmental claims about Ingredient Solutions or its individual products.
The “Future Fit Food and Agriculture” report published in March 2024 delves into the challenges and solutions associated with transforming food and land use systems.
According to the report, current food and land-use systems face significant challenges in providing healthy and affordable food while reducing environmental impacts. The report estimates that these systems account for approximately one-third of global greenhouse-gas emissions and around 70% of global freshwater withdrawals, and identifies them as important drivers of ecosystem conversion and biodiversity loss.
The report argues that companies operating in the food and agriculture sector have an important role in responding to climate and nature-related challenges. It also discusses projected growth in global food demand to 2050 and the potential contribution of land-based mitigation measures towards international climate goals.
The report discusses a range of voluntary frameworks and regulatory developments intended to help companies develop, implement and report on climate- and nature-related strategies. It presents these frameworks as relevant to areas including compliance, risk management, public affairs and corporate strategy.
Key voluntary frameworks include:
- Task Force on Climate-related Financial Disclosures (TCFD): Established in 2015, TCFD provides a framework for disclosing climate-related risks and opportunities. Its recommendations are now incorporated into the International Sustainability Standards Board’s (ISSB) standards.
- Science Based Targets initiative (SBTi) Forest, Land and Agriculture (FLAG) Sector Guidance: Published in 2022, this guidance helps companies in the food and agriculture sector set science-based targets for greenhouse gas mitigation.
- Greenhouse Gas (GHG) Protocol: Its draft ‘Land Sector and Removals Guidance’ provides standards for accounting and reporting emissions and removals in the land sector.
- Science Based Targets Network (SBTN): Supports companies in setting and delivering nature targets, complementing the work of the SBTi for climate targets.
- Taskforce on Nature-related Financial Disclosures (TNFD): Provides guidelines for companies to disclose nature-related risks and impacts.
The report also underscores the importance of mandatory frameworks and regulations, such as the Kunming-Montreal Global Biodiversity Framework (GBF), which requires all large businesses and financial institutions to assess and disclose their biodiversity-related risks, impacts, and dependencies by 2030. This aligns with the ‘Nature Positive’ goal, aiming to halt and reverse nature loss by 2030.
Businesses that proactively engage with these voluntary frameworks are likely to find the transition to mandatory regulations smoother and less disruptive. Conversely, those that lag may face significant operational disruptions and penalties for non-compliance. The report calls on companies to assess their impacts and dependencies on climate and nature, set science-based targets, and transparently disclose their environmental impacts to meet regulatory requirements and contribute to global sustainability goals.
In summary, the “Future Fit Food and Agriculture” report provides a comprehensive overview of the current landscape of voluntary and mandatory frameworks. It offers guidance for food and agriculture companies to align their strategies with global sustainability targets, ensuring they are well-prepared for future regulatory requirements and can play a significant role in addressing the climate and nature crises.
The document “Future Fit Food and Agriculture” was authored by a team primarily led by Elizabeth Petykowski, Kitty Parker Brooks, Alexandre L’Heureux, Abel Hemmelder, Paul Limpens, Liz Kirk, and Talia Smith of the Food and Land Use Coalition (FOLU). Major contributions were also made by Christine Delivanis (Systemiq), Morgan Gillespy (FOLU), Kate Newbury-Hyde (WBCSD), and Luke Pritchard (We Mean Business Coalition). The authors acknowledged several other individuals and institutions for their comments and input on the report
Read the full report here:
