Report: Large Food Companies Face Big Losses Due to Climate Change
2022-09-26
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1Researchers say top food businesses could lose 25 percent of their value by 2030 if they do not meet world climate goals.
2The study was presented recently at Climate Week New York, an event linked to the gathering of world leaders for the United Nations General Assembly.
3The research comes from Race to Zero, a United Nations-backed campaign.
4It examined data on 40 big companies to estimate how they would be affected under different situations.
5For example, what would happen if governments ordered payments for carbon emissions; or if people reduce the amount of meat they buy on a usual basis.
6The study found the companies' values could decrease by an average of around seven percent by 2030.
7That percentage would equal around $150 billion in investor losses.
8At the same time, business areas like plant-based meat substitutes and forest restoration offer the same companies big new opportunities, the report says.
9The report does not name the companies so it is not taken as investment advice, a Race to Zero spokesperson said.
10Researchers used data from Vivid Economics, a division of McKinsey & Co, for the report.
11Supporters said the findings show the importance of past demands for investors and companies to stop deforestation linked to products like cattle, palm oil and soy.
12More than 100 world leaders last year promised to stop deforestation and land degradation and make repairs where needed by 2030.
13Peter Harrison, chief executive of Schroders Plc, in a statement sent by a Race to Zero representative, said, "Nature risk is fast becoming" an important part of "investment risk."
14I'm John Russell.
1Researchers say top food businesses could lose 25 percent of their value by 2030 if they do not meet world climate goals. The study was presented recently at Climate Week New York, an event linked to the gathering of world leaders for the United Nations General Assembly. 2The research comes from Race to Zero, a United Nations-backed campaign. It examined data on 40 big companies to estimate how they would be affected under different situations. For example, what would happen if governments ordered payments for carbon emissions; or if people reduce the amount of meat they buy on a usual basis. 3The study found the companies' values could decrease by an average of around seven percent by 2030. That percentage would equal around $150 billion in investor losses. 4At the same time, business areas like plant-based meat substitutes and forest restoration offer the same companies big new opportunities, the report says. 5The report does not name the companies so it is not taken as investment advice, a Race to Zero spokesperson said. 6Researchers used data from Vivid Economics, a division of McKinsey & Co, for the report. 7Supporters said the findings show the importance of past demands for investors and companies to stop deforestation linked to products like cattle, palm oil and soy. 8More than 100 world leaders last year promised to stop deforestation and land degradation and make repairs where needed by 2030. 9Peter Harrison, chief executive of Schroders Plc, in a statement sent by a Race to Zero representative, said, "Nature risk is fast becoming" an important part of "investment risk." 10I'm John Russell. 11Ross Kerber reported on this story for Reuters. John Russell adapted it for VOA Learning English. 12_______________________________________________________________________ 13Words in This Story 14restore - v. to return (something) to an earlier or original condition by repairing it, cleaning it, etc. 15degrade - v. to make the quality of (something) worse; to cause (something complex) to break down into simple substances or parts