Olam Calls on Governments to Boost Biodiversity Commitment Ahead of UN Summit
Olam Food Ingredients, a global agribusiness, has called on governments to boost their commitment to biodiversity ahead of the UN's upcoming summit. The company, led by Lee Howell as Executive Director and Group CFO, argues that the current farm subsidy system, worth $540 billion annually, is largely detrimental to biodiversity.
Olam's plea comes as global biodiversity loss threatens businesses' long-term value and supply security. The company's AtSource platform provides customers with traceability and access to social and environmental metrics, demonstrating its commitment to sustainability. However, challenging national sovereignty, such as minimum support prices or regulated food prices, can invite political resistance.
Olam's Living Landscapes Policy aims for a 'triple positive' impact: viable livelihoods for farmers, thriving rural communities, and regenerated ecosystems. The company believes that subsidy reform could benefit its regenerative practices, aligning with nature-related risk disclosure and creating a level playing field. Other companies, such as Danone, Unilever, Oatly, and McCain, have also urged the EU to redirect its Common Agricultural Policy towards payments for ecosystem services.
Olam Food Ingredients, under the leadership of Lee Howell, is advocating for increased government ambition in biodiversity preservation. The company's call, while potentially straining relations with governments, suppliers, and inviting charges of hypocrisy, aligns with its commitment to sustainability and long-term business value. The success of this advocacy could pave the way for a more sustainable future in the agribusiness sector.
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