Julian Lampietti, the World Bank’s manager for global engagement in the bank’s agriculture and food global practice, told POLITICO that it is crucial to stop harming the planet as we fulfill our food needs. The message comes at a critical time as countries prepare to update their climate plans in line with the goals of the Paris Agreement, aiming to limit global warming to 1.5 degrees Celsius by 2025.
The World Bank is urging officials to prioritize the agriculture and food industries, which have historically been overlooked and underfunded. As the world faces the urgent need to accelerate emissions cuts to meet the goals of the Paris Agreement, investing in these sectors is essential. According to a recent report, annual investments of $260 billion are required to significantly reduce emissions by 2050, a target shared by many developed economies.
The World Bank suggests that governments can help bridge this investment gap by redirecting subsidies currently going to red meat and dairy products towards more sustainable, lower-carbon alternatives. By doing so, wealthy countries can reduce demand for highly polluting foods and effectively integrate the cost of climate impact into food prices. This shift would not only benefit the environment but also contribute to a more sustainable food system in the long term.