In anticipation of the 2023 G20 Summit in Delhi, influential investor group, the Farm Animal Investment Risk & Return (FAIRR) Initiative, has urged G20 Finance Ministers to revamp agricultural subsidies. This reform, according to FAIRR, is crucial in assisting countries to fulfil their net-zero greenhouse gas emissions objectives by 2050. Concurrently, it is expected to aid in the adherence to commitments toward global biodiversity and nature goals.
This summons was spurred by the decisions made at the COP15 Biodiversity Conference that was held in December 2022. At this event, global governments mutually agreed to the Kunming-Montreal Global Biodiversity Framework. This global agreement aims to “identify by 2025” areas that require reform and change, bringing attention to the role of unsustainable agriculture in greenhouse gas emissions and biodiversity loss.
Both the UN Food and Agricultural Organization and the World Bank have highlighted the significant contribution of inefficient and unsustainable agricultural practices to climate change and biodiversity destruction. Agricultural subsidies, historically, have often been misdirected, providing support for harmful farming practices rather than sustainable and efficient systems. It is within this context that the FAIRR Initiative seeks to prompt action from G20 finance ministers.
Further information about FAIRR’s action and the wider context is available at JDSupra.