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Food loss and wastage cost the global economy about $940 billion: WEF

According to the report, if the suggested model is implemented it would result in the global food system could see cost savings of more than $50 billion annually. 


Food loss and wastage cost the global economy about $940 billion: WEF
Image Credit: Wikimedia

HIGHLIGHT

  • Greenhouse gas (CHG) emission from Cattle and dairy industry is a part of the total emissions from the USA.
  • Maximum CHG emission comes from industry followed by agriculture.

World Economic Forum (WEF) has estimated that the loss and wastage of the food are causing US$940 billion annual damage to the global economy. This was revealed a report of the WEF released in the run-up to four days WEF2020 scheduled to be organized in Davos from January 21.

"Today, one in five children suffer from stunting and two in five adults are overweight. Current unsustainable agricultural practices could lead to the degradation of 95% of the world's land. Meanwhile, food loss and waste cost the global economy almost $940 billion annually," said the report produced in collaboration with McKinsey & Company, is part of the Food Systems Initiative under the Platform for Global Public Goods of the World Economic Forum, which is mobilizing and supporting the individual, institutional and network-level leadership required to shape the future of food systems. The report has also presented a sustainable model of agriculture to incentivize sustainable farming. "Reducing these environmental and health costs requires a fundamental shift in how food is produced. This includes the practices of over 500 million smallholder farmers and the consumption patterns of the global population," it added.

"As the world prepares for the important milestone of the UN Food Systems Summit in 2021, it is our hope that this incentives report will inspire more stakeholders to take action to develop a collective leadership agenda on food systems," said Dominic Waughray, Managing Director and Head of the Platform for Global Public Goods of the World Economic Forum. The transition model of sustainable development suggested in the report has four pillars – efficient, inclusive, nutritious and sustainable. The model also presents expected contributions by various stakeholders Its illustrative analysis also presents how the four incentive pathways can reduce agricultural greenhouse gas (GHG) emissions by around 30 percent of projected global agricultural emissions in 2050 - which is equivalent to more than five times the annual emissions of all aircraft combined. According to the report, if the suggested model is implemented globally it would result in the global food system could see cost savings of more than $50 billion annually.

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