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Four Ways the Food Industry is Building a Resilient Future
The food industry has no choice but to adapt and transform in response to the escalating climate crisis and ecological decline. In fact, companies are already taking critical steps individually and collectively to ensure their long-term success while mitigating risks and seizing opportunities.
One essential strategy being adopted by food companies is adopting sophisticated climate scenario analysis. This involves modeling out different temperature scenarios to better understand the potential impacts of a warming planet on operations, supply chains, and market shifts or regulatory expectations. By conducting this type of analysis, food companies can proactively manage risk and guarantee their long-term viability.
In addition to this approach, more companies are focusing on reducing potent agricultural emissions by limiting methane and nitrous oxide. These powerful greenhouse gases pose significant risks for the industry, but there are cost-effective methods to mitigate these risks. Campbell’s is an exemplary case, having surpassed its goal of decreasing nitrous oxide by 20%. The company achieved this feat through cooperative efforts with farmers in its supply chain, resulting in both financial savings and environmental gains.
Another crucial step food companies are taking is quantifying reduction strategies. By publishing detailed plans to cut emissions across their operations and supply chains, businesses demonstrate preparedness for the industry’s transition and position themselves for leadership roles in resilience, innovation, and sustained value creation. General Mills stands out as a prime example of this approach, having publicly released a quantified strategy within its Climate Action Transition Plan. This comprehensive roadmap outlines areas where the company aims to reduce emissions by category and timeframe.
Lastly, there is an urgent need for food companies to collaborate with other stakeholders in their supply chain and across industries to tackle industry-wide challenges. By working together, companies can accelerate action, support widespread adoption of sustainable practices, and address market barriers that currently impede progress.
Source: www.forbes.com
