COP 28: The landmark initiative, which aims to drive a $20 billion shift to sustainable farming, could transform global food systems
In a ground-breaking move, the World Economic Forum, supported by the Government of the United Arab Emirates and over 20 corporate and research partners in the food sector, unveiled the First Movers Coalition for Food at COP28. This innovative initiative harnesses collective procurement power to fast-track the adoption of sustainable farming practises, innovations, and transitional funding.
Food systems, responsible for over 30 percent of global emissions, play a pivotal role in achieving the Paris Agreement's goals and curbing global warming to below 1.5°C. The coalition aims to expedite the transition to net-zero, nature-positive changes in global food systems by aggregating demand for sustainably produced and low-emission agricultural commodities.
Børge Brende, President of the World Economic Forum, highlighted the significance of the First Movers Coalition for Food, stating, "Leading global companies will send demand signals through this initiative to catalyse the acceleration and adoption of environmentally friendly farming methods and green innovations. This collective public-private partnership will help de-risk upfront investments into more sustainable food production systems."
Comprising corporate champions from multinational and regional companies with substantial purchasing power, value chain partners, farmer organisations, research partners, and governments, the First Movers Coalition for Food seeks to enhance existing food systems. The initiative aims to expedite the adoption of sustainable farming and production methods and technologies by leveraging collective demand for low-carbon agricultural commodities.
The coalition sets an ambitious target, aiming for a combined procurement value for low-carbon entities ranging from $10 to $20 billion from its members. The corporate partners involved in the coalition boast a combined revenue of $2.1 trillion with global operations.
The founding members of the First Mover Coalition for Food are leading companies attuned to the pressing need for more sustainable practises and innovation in food production systems.
Starting mid-December 2023, the World Economic Forum and participating companies and governments will collaboratively identify demand commitments and pathways to support and mobilise the ecosystem for this transformative initiative. The coalition anticipates unveiling the initial results of their collaborative efforts in the summer of 2024.