Global Alliance for the Future of Food: Here’s how much is needed to fund sustainable food systems

A new report released by the Global Alliance for the Future of Food has shed light on the urgent need to address the environmental impact of our food systems. Despite causing one-third of global emissions, only 3% of climate finance is currently allocated to food systems. The report emphasizes that even if all other emissions were halted immediately, food-related emissions alone would lead to overshooting the crucial 1.5°C target. Patty Fong, the Climate Program Director at the Global Alliance for the Future of Food, highlighted the key sources of emissions from the food industry, including deforestation for grazing land, methane emissions from livestock, petroleum-based synthetic fertilizers, and food waste in landfills. One of the fundamental reasons behind the disproportionately low investment in transforming food systems lies in the historical focus on sectors like energy and transport. These sectors have been easier to target due to clear technology solutions and transition pathways. However, the complexity of measuring and tackling emissions from food and land use has led to a lack of awareness and uncertainty on how to address these issues. There are also concerns about dictating dietary choices, although the goal is not to make everyone a vegetarian but to promote sustainable farming practices and reduce food waste. Fong stressed the importance of aligning government policies to prioritize food systems in national climate plans to unlock financing from both the public and private sectors. Looking at the financial aspect, the report estimates that around $300 billion annually is needed to drive the necessary transformations in the food industry. This funding would support initiatives ranging from promoting healthier diets to investing in ecologically friendly farming practices and empowering women and youth in agriculture. By investing in these areas, global emissions could potentially be reduced by 20%. Fong pointed out that governments already spend more than $600 billion per year on farming subsidies, with a large portion of it being detrimental to the environment. By redirecting these funds and reallocating unused climate finance, there is a significant opportunity to support the transition towards sustainable food systems. While the required funding may seem substantial, Fong emphasized that the resources are available; what is needed is a strategic reallocation and prioritization of these funds. With the upcoming climate conference on the horizon, discussions around financing food system transformations and aligning them with climate goals are expected to be at the forefront of the agenda. The urgency of addressing food-related emissions and the potential for significant reductions through targeted investments underscore the critical role that sustainable food systems play in achieving global climate targets. In conclusion, the call to action is clear: it is imperative to mobilize resources towards transforming food systems for a sustainable future. By recognizing the environmental impact of current food practices and committing to innovative solutions, governments and stakeholders can pave the way for a more sustainable and resilient food industry. As Patty Fong aptly stated, "The money's out there; it's just a reprioritization of that allocation."