BrazilWEF's First Movers Coalition for Food supported by Bain & Company
Within the purview of the COP28 climate change conference, the World Economic Forum (WEF) – in collaboration with the Government of the UAE and over 20 corporate and research partners including Bain & Company – has launched the First Movers Coalition for Food, an initiative that aims to help make more market demand for agricultural products that are sustainable and low-emission.
This initiative aims to use combined procurement power to accelerate the adoption of sustainable farming practices and innovations in the food sector, with an estimated value of $10 billion to $20 billion by 2030.
Participating companies, representing a combined revenue of $2.1 trillion with global operations, will play a pivotal role in shaping the future of sustainable food production.
“Through the First Movers Coalition for Food, leading global companies will send demand signals to catalyze the acceleration and adoption of environmentally friendly farming methods and green innovations. This collective public-private partnership will help de-risk upfront investments into more sustainable food production systems,” said Børge Brende, president of the WEF.
Food systems presently contribute to over 30% of global emissions, making them a pivotal focus in achieving the global climate goals like the Paris Agreement. Agriculture also causes extensive deforestation, a major contributor to climate change.
By aggregating demand for sustainably produced and low-emission agricultural commodities, the coalition seeks to contribute to achieving global climate goals and reducing the environmental impact of food systems. The aim is to transform how companies procure agricultural commodities, which can enable a shift towards more sustainable production.
“This will decrease the risks associated with required investments in low-emissions agri-food production, make it easier to expand to net-zero and nature-positive technologies, and help farmers adopt greener practices such as regenerative agriculture,” said Manny Maceda, Chief Executive Officer and Chairman of the Board of Bain & Company.
COP28, the 28th installment of the annual United Nations climate meeting, provides a platform for governments to convene and deliberate on strategies for mitigating and adapting to the impacts of climate change. The international conference, held in Dubai, UAE, started on November 30 and runs until December 12.
First Movers Coalition for Food members
Initial partners of the First Movers Coalition for Food include Bayer, Cargill, Danone, Louis Dreyfus Company, Majid Al Futtaim, Nestlé, NR Instant Produce, Olam Agri, PepsiCo, Sekem Group, UPL, Tyson Foods, JBS, and Yara International.
Expert organisations supporting the process include Bain & Company, Ginkgo Bioworks, Grow Asia, IDH, Indigo, International Rice Research Institute, Temasek Life Sciences Laboratory, Tropical Forest Alliance, and University of Tokyo.
The initiative is endorsed by the Government of the United Arab Emirates.
