Dairy and meat industry profits ‘under threat’ from climate crisis
Profits are at risk if the meat and dairy industry does not ‘cut methane emissions and other climate pollutants’
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Your support makes all the difference.The meat and dairy industry will be crippled unless it cuts its carbon footprint, according to a new report.
The research from the Changing Markets Foundation warns that profits are at risk if the meat and dairy industry does not curb its methane emissions and other climate pollutants.
The research commissioned by the Changing Markets Foundation, made up of over 200 respondents from the investment community, highlighted that there is a recognition of climate change being a material risk to meat and dairy industry-related investments, with 84% stating that a lack of climate mitigation could lead to economic upheaval in the sector.
Food production – especially the production of meat and dairy – is responsible for around 37% of greenhouse gas emissions (GHG) and is dependent on stable climate conditions, the report states.
Livestock agriculture is also the single largest source of methane, responsible for around 32% of methane emissions responsible for pollution or environmental change. The production of red meat and dairy is projected to grow by over 50% over the next three decades.
But climate science is not reflected in the growth projections for the meat and dairy sector. Climate scientists expect a decline in livestock of 7-10% even under 2°C warming scenario by 2050, with economic losses between $9.7 and $12.6 billion.
The world is on a path to a 3˚C temperature increase, and the IPCC warned that efforts to cut greenhouse gases must be accelerated. In addition, scientists called for rapid cuts of the potent greenhouse gas methane, which continues to rise even faster than CO2.
Nusa Urbancic, Campaigns Director at Changing Markets Foundation commented: “We are currently at a crucial crossroads that will determine the future of food production for decades to come.
“Despite the majority of investors believing that climate change presents a material risk to meat and dairy industry-related investment, it is concerning that more than half also said that investors are not sufficiently addressing those risks.
“The alarming effects on the sector multiply the hotter the planet gets. Farmers across the globe are already feeling the pain and we need rapid action to break this vicious cycle.”
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