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Investors urge Europe to prioritise climate in agriculture reform
(Reuters, 22 Mar 2021) A $2-trillion group of investors calls for reducing direct support for commodities with high emissions, such as red meat, and redesigning incentives to put a value on sustainable farming.
A $2 trillion group of investors on Monday urged the European Commission to be more ambitious in its planned overhaul of the bloc's huge farming subsidy programme to fight climate change and protect biodiversity.
Ahead of a meeting of agriculture ministers from European Union countries on Monday, the group said proposed reforms to the Common Agricultural Policy needed to go much further to align with the EU target to reach net zero greenhouse gas emissions by 2050.
Led by Legal & General Investment Management and think-tank Chatham House, the group made four recommendations, including reducing direct support for commodities with high emissions, such as red meat and dairy.
Financial support should be linked to the cost of efforts that protect the environment, and incentives should be redesigned to put a value on sustainable agriculture, rather than boosting production at the expense of climate concerns.
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Reuters, 22 Mar 2021: Investors urge Europe to prioritise climate in agriculture reform
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