FAIRR’s top news picks
IPCC Climate Report Highlights Risks to Global Food Supply Chains
Financial Times | 1 March 2022
The new IPCC climate report stresses risks to global food supply chains from climate-related shocks such as extreme weather events which are set to become more common and severe as the world warms. According to the report, current global crop and livestock areas will become unsuitable in high global warming scenarios meaning that the meat sector must manage the risks of livestock supply chains and seize opportunities for market growth.
Ukraine War Will Damage EU Food and Farming
POLITICO | 28 February 2022
European Parliament warns that Russia’s invasion of Ukraine will have a major impact on Europe’s farmers and the broader food system. Farmers’ livelihoods could be threatened because much of the EU’s meat and dairy industry relies on imported feed crops from Ukraine. The bloc is also heavily dependent on Russian gas and fertilisers. Russia and Ukraine jointly account for more than 30% of the world’s trade in wheat and barley, 17% of corn and over 50% of sunflower oil, seeds and cakes for feeding animals.
Rich Nations Urged to Pay $60B a Year Towards Biodiversity
Reuters | 1 March 2022
Governments are working together to create an agreement similar to the Paris climate accord aimed at safeguarding the planet’s plants, animals and ecosystems. In addition to the current $10 billion funding, the draft pact includes a goal to boost funding for nature conservation in developing nations by $10 billion per year. But international environmental groups are pushing for a combined total of at least $60 billion annually to go towards protecting and restoring biodiversity in developing nations.
Graphic of the Week
Ukraine provided 9% of global wheat and 15% of corn in 2020 whilst Russia produced 19% of wheat. So it is unsurprising to see prices of high-quality wheat increase 30% in past 2 weeks and food prices rivalling the record levels of 2011.
Source: Financial Times
More Food for Thought
Deforestation Emissions Far Higher Than Previously Thought | Patrick Greenfield | The Guardian