A $5trn global investor coalition, coordinated by FAIRR, has partnered with former UN Secretary-General Ban Ki-moon to call on G20 nations to disclose specific targets to reduce agricultural emissions within their Nationally Determined Contributions (NDCs) in the lead up to COP26.
In the ‘Where’s the Beef’ statement, the group, which includes LGIM and Canada Post Pension, points to research by FAIRR that claims despite agriculture accounting for one third of all global emissions, “none of the G20’s currently released NDCs include clear national targets for emissions reductions in the agriculture sector” unlike other high-emitting sectors.
“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” – Jeremy Coller, Chair of FAIRR and Chief Investment Officer of Coller Capital
The coalition also claims that a lack of clear national targets is “disincentivising climate action from agriculture firms.”
They stress the “critical need to reduce the level of greenhouse gases emitted by the global agricultural supply chain if we are to meet the goals of the Paris Agreement”.
“Cows are the new coal,” said Jeremy Coller, Chair of FAIRR and Chief Investment Officer of Coller Capital. “If investors don’t know where they are going, anywhere will do. 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.
Alongside requesting specific targets, the coalition is encouraging countries 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.
More investors are encouraged to sign the statement.
In April RI reported how a separate $11.4trn coalition, once again headed by FAIRR as well as Ceres, claimed that six fast food giants had bowed to investor pressure by ramping up their climate commitments after a two-year engagement process.