TSKB Economic Research focuses on food safety in the third issue of "The Climate Review"
Published quarterly as part of the Green Swan Platform by TSKB Economic Research, "The Climate Review" addresses the theme of “Food Safety” in its third issue. This issue not only covers news regarding the climate crisis agenda but also casts a spotlight on the food safety agenda. The report highlights that food safety should be among the priority issues in macro and development policies due to the impact of food price volatility in combating inflation.
As part of the Green Swan Platform, TSKB Economic Research has published the third issue of “The Climate Review”, an exclusive, quarterly report aimed at keeping a finger on the pulse of the climate agenda. The report highlights "Food Safety" and analyzes the impact of food price volatility on efforts to tackle inflation. It also highlights that food prices should be among the priority issues on the macroeconomic policy agenda.
Emphasizing the increasing importance of food safety on the climate crisis agenda, the report also shares assessments over the change in methodology in the Global Food Security Index.
In addition to the latest developments on the status of the climate crisis, The Climate Review covers climate anomalies which have become more prominent in the wake of climate change. The report points out that precipitation in March was 19.4 millimeters higher than the seasonal average while the temperature was 0.1°C below the seasonal average.
The “Climate Finance” section in The Climate Review reveals that inflation concerns around the world have led to selling pressure on green bonds as well as traditional bonds. However, the green bond market recorded 98% growth in the first quarter of 2021 compared to same period last year, reaching led by France, thanks to the issuance of EUR 7 billion of green bonds in mid-March.
The Climate Review compiles the details of the action plan to support organic production as announced by the European Commission on March 25, 2020 and discusses the policy steps in the economic reforms document released by the Ministry of Treasury and Finance regarding food loss and waste.
Food Systems Responsible for 30% of Global Emissions
According to research published by Nature Food, carbon dioxide emissions from food systems were estimated to have reached 18 billion tons in 2015. The research underlines that emissions from food systems have a 34% share in total emissions. The research also found that 35% of emissions from food production were in the form of methane, while the highest emissions in food production were in the stage of delivery of agricultural inputs to the fields, which accounted for 39% of the emissions. It was found that 38% of emissions stemmed from land use practices while 29% originated from the distribution of food products.
The "App" Revolution Against Food Waste
The Climate Review highlights the story of “Olio”, the food sharing application and its cooperation with Tesco, one of the UK’s leading supermarket chains, which enabled 250 individual Tesco stores to deliver a total of 36,000 tons of food products to people in need within 6 months.
Furthermore, the food sharing application “Too Good to Go” allows other people to buy food products which are approaching the end of their shelf life but not in demand at a very low price before they are spoiled. The app has been downloaded 34 million times in the last 4 years.
EUR 40 Million Support for African Farmers
The government of Germany has offered EUR 40 million in funds to the United Nations Food and Agriculture Organization (FAO) to support African farmers and fishermen in their struggle against the COVID-19 pandemic and extreme climate events. The fund aims to support agricultural producers who have been hit by an acute hunger crisis in the Democratic Republic of Congo, Somalia and Yemen.
France Issues EUR 7 Billion worth of Green Bonds
France maintains its leadership in this field with a green bond issuance of EUR 7 billion in mid-March. Offering a 2044 maturity, the bonds were oversubscribed and generated a total of EUR 34.5 billion. Such demand is about 50% higher than the demand for the same amount realized in France’s last issuance back in 2017.
Expedited Steps to Combat Food Loss and Waste
The Economic Reforms document announced by the Ministry of Treasury and Finance extensively addresses the issue of food loss and waste among the policy actions aimed at achieving price stability. The reform document sets out various policy steps ranging from finding buyers on digital platforms for products left unsold in the fields and wholesale market halls to establishing a cold chain, supporting contracted agricultural practices and the establishment of a food bank system. The Ministry plans to integrate these steps into the agenda of institutions which manage the economy. The document also aims to publish educational guidelines for producers and distributors alike and to raise consumer awareness through social media.
