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We collate and publish analysis on the largest animal protein companies.

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畜牧业转型:中国应对气候变化、健康和生物多样性的机遇
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Clicking the links below will download a PDF of our written response

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Feeding Resistance, Part 2The Future of FoodDairyReporter’s Dairy Dialog Podcast 155
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The Protein Pulse, 6 – 12 MayThe Protein Pulse, 29 April – 5 MayThe Protein Pulse, 15 – 21 April

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COP26: Investors call on G20 to disclose agricultural emissions reduction targetsWhat Does a Just Transition Look Like for the Meat Sector?Is food and agriculture missing from the political debate at COP26?
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Our ResearchOngoing EngagementsResearch projects
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Coller FAIRR Protein Producer IndexColler FAIRR Climate Risk ToolAnimal Health
Ongoing Engagements
Ongoing Engagements
Animal Pharma EngagementMeat Sourcing EngagementWorking Conditions EngagementSustainable Aquaculture EngagementSustainable Proteins Engagement
Reports
Reports
All ReportsLastest reports
Lastest reports
Global Investor Engagement on Meat Sourcing (III)Industry ReinfectedMeat — ESG Risks and Performance in the Meat Sector
Investor Statements
Investor Statements
Current Investor statements
Current Investor statements
Cerrado ManifestoAntibiotics StatementAmazon Soy Moratorium
Case studies
Case studies
View Case StudiesLatest Case Studies
Latest Case Studies
ACTIAM: Engaging to Change Meat ProductionAviva Investors: Animal Welfare Can Provide Insights into Both Risks and OpportunitiesSouthern Pastures: Measuring the Business Case for Good elfare
Policy
Policy
Policy
Policy
All on PolicyLatest Activity
Latest Activity
Highlights from COP26Announcements on Food and FinanceInvestor Letter on the EU Taxonomy
Blogs
Blogs
Are We Missing a Roadmap to 1.5C for Agriculture?SFDR: A Short Explainer of the New Regulation
Reports
Reports
All on PolicyLatest Reports
Latest Reports
Industry ReinfectedTransforming Animal Agriculture in China (EN)Aligning Agricultural Finance with the Paris AgreementThe Livestock Levy: Progress Report
Translations
Translations
畜牧业转型:中国应对气候变化、健康和生物多样性的机遇
Consultations
Consultations
All ConsultationsAll on PolicyConsultation Responses in 2022
Consultation Responses in 2022
Forest Risk Commodities (DEFRA)Indirect Finance (EBRD)Biodiversity Impacts (PBAF)
Consultations Responses in 2021
Consultations Responses in 2021
Alignment with the Paris Agreement (EBRD)Climate Change Disclosures (SEC)Environmental and Social Sustainability Framework (EIB)EU TaxonomyFinance for Nature-Based Solutions (UNFCCC)Technical Scope (TNFD)
Investor Statements
Investor Statements
All on PolicyStatements
Statements
Where's the Beef?Roadmap to 2050 for Food and Agriculture
Press Releases
Press Releases
Alliance Urges for Greener Reforms on EU CAPInvestor Letter on the EU Taxonomy
Issue Briefings
Issue Briefings
All on PolicyIssue Briefings
Issue Briefings
Gestation Crates: A Growing Financial RiskFood Systems Under Climate Change
News & Events
News & Events
Events
Events
All EventsPast events
Past events
RI Asia 2019Ceres Conference 201972nd CFA Institute Annual Conference
Future Events
Future Events
Antimicrobial Resistance, Public Health and Animal WelfareClimate Week NYCFood Security, Net Zero and the Case for Regenerative Agriculture
Blogs
Blogs
All BlogsLatest Blogs
Latest Blogs
Biodiversity Risk and Agricultural Production: Implications for InvestorsGood Food Finance Week: Investing in Sustainable Food SystemsPasture Lands and Their Role in Climate – Is the Jury Out?
Podcasts
Podcasts
All PodcastsLatest Podcasts
Latest Podcasts
Feeding Resistance, Part 2The Future of FoodDairyReporter’s Dairy Dialog Podcast 155
Press Releases
Press Releases
All Press ReleasesLatest Press Releases
Latest Press Releases
Six Fast-Food Giants Commit to Science-Based Targets, but Challenges Remain$14 Trillion Investor Coalition Urges FAO to Set Roadmap to 1.5C° for FoodIPCC’s Sixth Assessment Report is Red Flag to Investors in Food Sector
News Hub
News Hub
News HubLatest Sector news
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The Protein Pulse, 6 – 12 MayThe Protein Pulse, 29 April – 5 MayThe Protein Pulse, 15 – 21 April
Latest Press Coverage
Latest Press Coverage
COP26: Investors call on G20 to disclose agricultural emissions reduction targetsWhat Does a Just Transition Look Like for the Meat Sector?Is food and agriculture missing from the political debate at COP26?
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Definitions and assumptions

The model projects outcomes for three pathways that a company can take in 2050:

  • Baseline (market pathway) The company invests in minimal climate mitigation efforts and makes limited shifts in protein mix.
  • Climate progressive pathway The company invests in higher-impact climate mitigation efforts and strategically shifts its protein mix compared to the baseline.
  • Climate regressive pathway The company does not invest in climate mitigation efforts and sticks to its 2020 protein mix.
 

How to interpret results

  • Tyson Foods's relatively high EBITDA margin enables it to better absorb any increase in production costs linked to climate risk.
  • Tyson Foods's exposure to alternative protein benefits from a growth in the market and avoids the negative impacts of climate change on its animal protein business. Tyson Foods has invested in a plant protein brand and has a dedicated executive-level position responsible for alternative proteins.
  • Tyson Foods's animal protein portfolio is hit by an anticipated carbon tax, lowering baseline profitability. Tyson Foods's majority beef exposure incurs the effect of increasing cattle mortality due to heat stress. The company's poultry production is exposed to increased energy costs (including a potential carbon tax on electricity). With feed and veterinary care representing a higher share of the costs in pig and poultry farming than beef, Tyson Foods is vulnerable to increased costs in both its operations.
  • In the progressive pathway, Tyson benefits from shifting its protein portfolio away from beef, but its remaining exposure restricts its ability to significantly offset the effects of climate change.

Disclaimer

The model is designed as a first step to enhance forward-looking analysis of the meat sector.
It aims to give an indication of the trend in a company's financial performance and does not proclaim to predict accurate and precise performance forecasts since forward-looking scenarios are inherently highly uncertain.
Scenario analysis is, by definition, not a sensitivity analysis or a forecast. It is based on a consistent cluster of assumptions that describe a certain world (in this case, an increase in global temperature by 2°C compared to pre-industrial levels). As such, the assumptions made are not attached to any likelihood or probability and are based on a high level of uncertainty.
This analysis should be considered as a conceptual tool to inform discussions and engagement with protein-producing companies about their strategical positioning and adaptation to the consequences of climate change.
The contents of the model and online tool have been created and tested with the greatest possible care. However, FAIRR does not guarantee the accuracy, completeness and timeliness of the content provided. FAIRR is not liable for lost profits, missed savings, damages from third party claims and other direct damages. The pure use of this tool does not constitute a contractual relationship between the user and FAIRR. The model and report do not constitute the provision of advice on legal, economic, investment or other professional issues and services.

Definitions and assumptions

The model projects outcomes for three pathways that a company can take in 2050:

  • Baseline (market pathway) The company invests in minimal climate mitigation efforts and makes limited shifts in protein mix.
  • Climate progressive pathway The company invests in higher-impact climate mitigation efforts and strategically shifts its protein mix compared to the baseline.
  • Climate regressive pathway The company does not invest in climate mitigation efforts and sticks to its 2020 protein mix.
 

How to interpret results

  • Minerva's relatively low EBITDA margin reduces its capacity to absorb any increase in production costs linked to climate risk.
  • Minerva does not currently have alternative protein exposure, nor is it planning to enter this space. The company is unable to offset the negative impacts of climate change from its animal protein business.
  • Minerva's animal protein portfolio is hit by an anticipated carbon tax, lowering baseline profitability. The company's full exposure to beef incurs the effect of increasing cattle mortality due to heat stress. Costs in relation to energy, feed and veterinary care will remain relatively stable in beef production and therefore, Minerva is less exposed.
  • In the progressive pathway, Minerva might shift its protein portfolio away from beef. Without this being done with scale, however, its ability to offset the effects of climate change and its associated risks is low and upside is, therefore, limited.

Disclaimer

The model is designed as a first step to enhance forward-looking analysis of the meat sector.
It aims to give an indication of the trend in a company's financial performance and does not proclaim to predict accurate and precise performance forecasts since forward-looking scenarios are inherently highly uncertain.
Scenario analysis is, by definition, not a sensitivity analysis or a forecast. It is based on a consistent cluster of assumptions that describe a certain world (in this case, an increase in global temperature by 2°C compared to pre-industrial levels). As such, the assumptions made are not attached to any likelihood or probability and are based on a high level of uncertainty.
This analysis should be considered as a conceptual tool to inform discussions and engagement with protein-producing companies about their strategical positioning and adaptation to the consequences of climate change.
The contents of the model and online tool have been created and tested with the greatest possible care. However, FAIRR does not guarantee the accuracy, completeness and timeliness of the content provided. FAIRR is not liable for lost profits, missed savings, damages from third party claims and other direct damages. The pure use of this tool does not constitute a contractual relationship between the user and FAIRR. The model and report do not constitute the provision of advice on legal, economic, investment or other professional issues and services.

Definitions and assumptions

The model projects outcomes for three pathways that a company can take in 2050:

  • Baseline (market pathway) The company invests in minimal climate mitigation efforts and makes limited shifts in protein mix.
  • Climate progressive pathway The company invests in higher-impact climate mitigation efforts and strategically shifts its protein mix compared to the baseline.
  • Climate regressive pathway The company does not invest in climate mitigation efforts and sticks to its 2020 protein mix.
 

How to interpret results

  • Maple Leaf's relatively high EBITDA margin enables it to better absorb any increase in production costs linked to climate risk.
  • Maple Leaf's exposure to alternative protein, currently representing 4% of sales, benefits from the growth in this market and avoids the negative impacts of climate change on its animal protein business.
  • Maple Leaf's animal protein portfolio is hit by an anticipated carbon tax, lowering baseline profitability. Its focus on poultry leaves the company exposed to increased energy costs (including a potential carbon tax on electricity). With feed and veterinary care representing a higher share of the costs in pig and poultry farming than beef, Maple Leaf is vulnerable to increased costs in both its operations. As Maple Leaf has no beef exposure, it avoids the effect of increasing cattle mortality due to heat stress.
  • In the progressive pathway, Maple Leaf's lack of exposure to beef allows it maximum opportunity to offset the effects of climate change on its meat operations, generating upside.
 

Disclaimer

The model is designed as a first step to enhance forward-looking analysis of the meat sector.
It aims to give an indication of the trend in a company's financial performance and does not proclaim to predict accurate and precise performance forecasts since forward-looking scenarios are inherently highly uncertain.
Scenario analysis is, by definition, not a sensitivity analysis or a forecast. It is based on a consistent cluster of assumptions that describe a certain world (in this case, an increase in global temperature by 2°C compared to pre-industrial levels). As such, the assumptions made are not attached to any likelihood or probability and are based on a high level of uncertainty.
This analysis should be considered as a conceptual tool to inform discussions and engagement with protein-producing companies about their strategical positioning and adaptation to the consequences of climate change.
The contents of the model and online tool have been created and tested with the greatest possible care. However, FAIRR does not guarantee the accuracy, completeness and timeliness of the content provided. FAIRR is not liable for lost profits, missed savings, damages from third party claims and other direct damages. The pure use of this tool does not constitute a contractual relationship between the user and FAIRR. The model and report do not constitute the provision of advice on legal, economic, investment or other professional issues and services.

Definitions and assumptions

The model projects outcomes for three pathways that a company can take in 2050:

  • Baseline (market pathway) The company invests in minimal climate mitigation efforts and makes limited shifts in protein mix.
  • Climate progressive pathway The company invests in higher-impact climate mitigation efforts and strategically shifts its protein mix compared to the baseline.
  • Climate regressive pathway The company does not invest in climate mitigation efforts and sticks to its 2020 protein mix.
 

How to interpret results

  • JBS's mid-ranking EBITDA margin reduces its capacity to absorb any increase in production costs linked to climate risk.
  • JBS does not currently have alternative protein exposure, but it has announced plans to introduce a dedicated plant-based protein line by April 2020. Until these are implemented, the company's ability to offset the negative impacts of climate change from its animal protein business remains limited.
  • JBS's animal protein portfolio is hit by an anticipated carbon tax, lowering baseline profitability. The company's majority exposure to beef incurs the effect of increasing cattle mortality due to heat stress. JBS's poultry operations leave the company exposed to higher energy costs (including a potential carbon tax on electricity). With feed and veterinary care representing a higher share of the costs in pig and poultry farming than beef, JBS is vulnerable to increased costs in both its operations.
  • In the progressive pathway, JBS can shift its protein portfolio away from beef and pork. Continued exposure to beef limits its ability to significantly offset the effects of climate risk.
 

Disclaimer

The model is designed as a first step to enhance forward-looking analysis of the meat sector.
It aims to give an indication of the trend in a company's financial performance and does not proclaim to predict accurate and precise performance forecasts since forward-looking scenarios are inherently highly uncertain.
Scenario analysis is, by definition, not a sensitivity analysis or a forecast. It is based on a consistent cluster of assumptions that describe a certain world (in this case, an increase in global temperature by 2°C compared to pre-industrial levels). As such, the assumptions made are not attached to any likelihood or probability and are based on a high level of uncertainty.
This analysis should be considered as a conceptual tool to inform discussions and engagement with protein-producing companies about their strategical positioning and adaptation to the consequences of climate change.
The contents of the model and online tool have been created and tested with the greatest possible care. However, FAIRR does not guarantee the accuracy, completeness and timeliness of the content provided. FAIRR is not liable for lost profits, missed savings, damages from third party claims and other direct damages. The pure use of this tool does not constitute a contractual relationship between the user and FAIRR. The model and report do not constitute the provision of advice on legal, economic, investment or other professional issues and services.

Definitions and assumptions

The model projects outcomes for three pathways that a company can take in 2050:

  • Baseline (market pathway) The company invests in minimal climate mitigation efforts and makes limited shifts in protein mix.
  • Climate progressive pathway The company invests in higher-impact climate mitigation efforts and strategically shifts its protein mix compared to the baseline.
  • Climate regressive pathway The company does not invest in climate mitigation efforts and sticks to its 2020 protein mix.
 

How to interpret results

  • BRF's mid-ranking EBITDA margin reduces its capacity to absorb any increase in production costs linked to climate risk.
  • BRF does not currently have alternative protein exposure, though it does have plans to launch a plant-based product line. As of now, the company's ability to offset the negative impacts of climate change from its animal protein business remains limited.
  • BRF's focus on poultry is exposed to increased energy costs (including a potential carbon tax on electricity). With feed and veterinary care representing a higher share of the costs in pig and poultry farming than beef, BRF is vulnerable to increased costs in both its operations. As BRF has no beef exposure, it avoids the effect of increasing cattle mortality due to heat stress.
  • In the progressive pathway, BRF is unable to shift its protein portfolio away from beef, as it does not comprise any part of the company's portfolio. The company does, however, have maximum opportunity to offset the effects of climate change and its associated risks from its pig and poultry operations, generating upside.

Disclaimer

The model is designed as a first step to enhance forward-looking analysis of the meat sector.
It aims to give an indication of the trend in a company's financial performance and does not proclaim to predict accurate and precise performance forecasts since forward-looking scenarios are inherently highly uncertain.
Scenario analysis is, by definition, not a sensitivity analysis or a forecast. It is based on a consistent cluster of assumptions that describe a certain world (in this case, an increase in global temperature by 2°C compared to pre-industrial levels). As such, the assumptions made are not attached to any likelihood or probability and are based on a high level of uncertainty.
This analysis should be considered as a conceptual tool to inform discussions and engagement with protein-producing companies about their strategical positioning and adaptation to the consequences of climate change.
The contents of the model and online tool have been created and tested with the greatest possible care. However, FAIRR does not guarantee the accuracy, completeness and timeliness of the content provided. FAIRR is not liable for lost profits, missed savings, damages from third party claims and other direct damages. The pure use of this tool does not constitute a contractual relationship between the user and FAIRR. The model and report do not constitute the provision of advice on legal, economic, investment or other professional issues and services.
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