A global investor coalition and former UN Secretary-General Ban Ki-moon are 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.
In the ‘Where’s the Beef’ statement, an initial $5 trillion group of investors coordinated by the FAIRR initiative, urges G20 governments to be more transparent about how much of the emissions reductions planned in their NDCs will come from the agriculture sector.
The group has said that griculture currently accounts for a third of all global emissions. However, none of the G20’s currently released NDCs include clear national targets for emissions reductions in the agriculture sector, according to FAIRR.
Emissions from other sectors
FAIRR adds that this is not the case with other high-emitting sectors: 50% of updated NDCs of the G20 have targets for the energy sector and 20% for transport.
It says that reaching net zero emissions will be “impossible without a radical overhaul of the agricultural sector”.
Investors are therefore asking for clarity from world leaders about what role this sector will play in their decarbonisation plans, if the trillions required for the low-carbon transition are to be successfully unlocked.
Jeremy Coller, chair of FAIRR and chief investment officer of Coller Capital said:
“Cows are the new coal. The emissions from agriculture and related land use are on a level with the greenhouse gases [GHG] 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.
“Reducing emissions without a roadmap for how to get there is not only ineffective, but highly damaging for investors and companies keen to ensure a fair and equitable transition to a net-zero economy.
“Governments have the opportunity to show leadership and be transparent about how much of their climate pledges will be ring-fenced as coming from agriculture. Capital markets need that data,” he added.
Former UN Secretary General
Ban Ki-moon, former Secretary-General of the UN and one of the architects of the 2015 Paris Agreement, has added his signature to the statement.
He said: “Governments are making progress with ambitious pledges to reduce emissions, but if we are to meet the goals of the Paris Agreement, countries must also say how they will tackle the high level of emissions from the agricultural sector as part of their national climate commitments.
“I support investors and the ‘Where’s the Beef?’ campaign as governments submit updated climate plans ahead of COP26.
“Governments must work with farmers to build a sustainable and climate-smart agricultural sector that safeguards the livelihoods and communities that rely on farming around the world.”
The FAIRR group states: “Analysis shows, that 40 of the world’s largest meat firms face losses of up to $11 billion from potential carbon taxation”.
The coalition also encourages countries to go further to establish frameworks for 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.
FAIRR global investor group
Established by the Jeremy Coller Foundation, the FAIRR global investor group describes itself as a collaborative investor network that raises awareness of the environmental, social and governance (ESG) risks and opportunities brought about by intensive livestock production.
With offices based in London, it says it provides cutting-edge research, best practice tools and collaborative engagement opportunities to help investors integrate these risks and opportunities into their investment decision-making.