The agriculture and food industries are under the spotlight as their environmental impact comes under scrutiny. Julian Lampietti, the World Bank’s manager for global engagement in the bank’s agriculture and food global practice, emphasized this point in a recent statement to POLITICO.
As countries prepare to update their climate plans to limit global warming to 1.5 degrees Celsius, the World Bank is calling for more attention and funding to be directed towards these sectors. This is crucial as emissions cuts need to be accelerated to meet the goals of the Paris Agreement.
The report highlights that countries must invest $260 billion annually in agriculture and food industries to effectively reduce emissions by 2050. This is a significant increase from current levels of investment and underscores the gap that needs to be addressed.
One of the key recommendations from the World Bank is to redirect subsidies for red meat and dairy products towards lower-carbon alternatives. This change could help wealthy countries reduce the demand for highly polluting foods and ultimately lower agri-food emissions.
By pricing climate impact into food costs, governments have the opportunity to drive positive change in the agriculture and food sectors. This shift towards more sustainable practices could play a crucial role in mitigating the environmental impact of food production and consumption.