Investors with assets worth $5tn (£3.6tn) have called on governments to set targets to reduce agricultural emissions after research found progress has stalled.
In a statement called ‘where’s the beef?’ the coalition, supported by 31 global investment firms along with former UN secretary-general Ban Ki-moon, is calling on all G20 nations to disclose specific targets to reduce agricultural emissions within their nationally determined contributions (NDCs) in the lead up to COP26 climate talks in November.
Research by the FAIRR initiative found none of the updated NDCs from G20 nations have clear national emissions reduction targets for the agricultural sector. By contrast, 50% of updated NDCs have targets for the energy sector.
The statement notes that beef production alone is responsible for 15% of all greenhouse gas emissions. It said a lack of clear national targets was disincentivising climate action from agriculture firms.
The UK has committed to reducing total emissions by 78% by 2035 compared to 1990 levels, however along with the EU, Japan, US and Canada, it does not set specific targets for emissions reductions in the agricultural sector.
Investors argue this is urgent given that of the 60 largest animal protein producers in the world, a third reported an increase in emissions in 2019.
The coalition also encourages countries to support a transition to more healthy and sustainable diets that boost human health while remaining within planetary boundaries, for instance by incorporating more sustainable protein options.
“Cows are the new coal,” said Jeremy Coller, chair of FAIRR and chief investment officer at Coller Capital. “The emissions from agriculture and related land use are on a level with the greenhouse gases emitted by the EU, US and Japan combined. If the COP26 process can transparently set out each country’s plans to address agriculture’s climate footprint, it would boost the confidence of investors to mobilise capital towards more sustainable food and farming.
