Julian Lampietti, the World Bank’s manager for global engagement in the bank’s agriculture and food global practice, believes it is essential to prioritize sustainable solutions as we strive to meet our food needs. The message comes at a critical time as countries prepare to update their climate plans in line with the goals of the Paris Agreement, aiming to limit global warming to 1.5 degrees Celsius by 2025.
The World Bank is urging officials to invest more heavily in the agriculture and food industries, which have historically been overlooked and underfunded. This move is crucial as we accelerate emissions cuts to meet our climate goals. According to a recent report, annual investments of $260 billion are required to significantly reduce emissions by 2050, a target shared by many developed economies.
To bridge this investment gap, governments can redirect subsidies currently going towards red meat and dairy products towards more sustainable, lower-carbon alternatives. By doing so, wealthy countries can reduce demand for highly polluting foods and effectively integrate the cost of climate impact into food prices. This shift would not only benefit the environment but also contribute to a more sustainable food system in the long term.
