First Movers Coalition for Food to Create up to $20 Billion Value Chain for Sustainable Farming
The International Rice Research Institute (IRRI) becomes an inaugural member of the World Economic Forum First Movers Coalition for Food.
World Economic Forum First Movers Coalition for Food aims to create aggregated market demand for sustainably produced and low-emission agricultural commodities. The UAE and over 20 leading food companies will create a combined procurement commitment with an estimated value of $10-$20 billion by 2030. In mid-December 2023, the Forum and participating companies and governments will identify commitments and pathways to support food systems transformation.
Dubai, United Arab Emirates, 1 December 2023 – The World Economic Forum, with support from the Government of the United Arab Emirates, along with more than 20 corporate and research partners in the food sector, launched today the First Movers Coalition for Food. The initiative uses the combined procurement power for sustainably produced farming products to speed up the adoption of sustainable farming, innovations and transitional funding.
Food systems account for more than 30% of global emissions and are critical in achieving the Paris Agreement and limiting global warming to below 1.5C. Aggregating demand for sustainably produced and low-emission agricultural commodities, therefore, can accelerate the transition to net-zero, nature-positive transitions in food systems.
“Through the First Movers Coalition for Food, leading global companies will send demand signals 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,” said Børge Brende, President of the World Economic Forum.
The First Movers Coalition for Food comprises corporate champions from multinational and regional companies with significant purchasing power, value chain partners, farmer organizations and research partners alongside governments to improve existing food systems.
The new initiative aims to accelerate sustainable farming and production methods…