Agrowatch #12 Gro Intelligence Layoffs, Fruitless WTO Meeting, New SEC Disclosure Rules and Much More

Welcome to Agrowatch, your weekly dose to stay ahead on the latest developments in the ag-business space and to read how technology and people are shaping farming, food, and the environment for a brighter future.

Agribusiness

• 27 Chinese Containers of agriculture equipment entered Pakistan via the Khunjerab Pass, which was temporarily opened for a trial run throughout the year for cross-border trade. According to media reports, the equipment is brought for the Green Pakistan Corporate Farming Initiative in which the government is leasing mostly deserted land to big corporations to reshape the country's dinged-up agriculture sector. Source: Dawn
• Archer-Daniels-Midland ADM has hit a speed bump, delaying its annual report due to a hiccup in internal controls. But the grain giant has assured investors it won't send their earnings into a tailspin. Earlier in Jan, ADM had placed its CFO on leave amid an accounting probe which plunged its share price by 24 percent. ADM is one of the world's four biggest grain traders and connects markets across six continents with a 40% share in the prepared food industry. Source: Farm Progress
• WTO's ministerial conference wrapped up without any deal on key issues like food security and curbing fisheries subsidies. Public Stock Holding (PSH) through which the Indian government buys and stores grains for the needy has been a bone of contention between the South Asian country and the Cairns Group of 19 countries which call this practice market distortion and advocate for market-oriented reforms. It also revitalized the old developed vs developing world debate where the US and EU are often found to argue against agri-subsidies despite providing far more subsidies to their own farmers. Source: The Hindu
• 拜耳 is setting the stage to fight all the Roundup lawsuits and has refuted the rumours of a split between its three divisions. CEO Bill Anderson has again asserted glyphosate's safety and emphasised its crucial role in agriculture and carbon capture. Bayer and Roundup have become faces of the fight against pesticides and their harm to humans with the company nearly paying $11 billion so far and more than 50,000 lawsuits still pending. Despite recent court losses, the controversial product is still considered safe in US and EU markets. Source: Ag Funder News
• Researchers uncovered the influence of the livestock industry on academic research centres, discussing how funding shapes policy narratives. A new study highlights the industry's pushback against climate policies targeting methane emissions, using academics like Dr. Frank Mitloehner of U.C. Davis to defend the meat industry's interests. Despite Mitloehner's assertions, evidence suggests livestock significantly contributes to methane emissions, challenging the narrative perpetuated by industry-backed research. The study raised questions about transparency and academic integrity amid the industry's infiltration into research institutions. Source: Civil Eats

AgFoodTech

• Indian rural e-commerce startup Rozana.in secured $22.5M to expand operations and tech platform. 2021 founded startup, currently operates in 12,000 villages across 13 districts with a network of 18,000 last-mile partners, 90% of whom are women. It will also partner with Flipkart co-founder Binny Bansal on warehouse design, last-mile delivery technology and launching new product categories. Source: Economic Times
• Gro Intelligence has laid off 60% of its workforce and raised some 11th-hour funding after informing staff it wouldn't be able to issue payrolls last week. The Kenyan Agtech raised $85 Million Series B in 2021 and was once acclaimed as the World's biggest climate tech database. However, it has struggled to align its product with market demands, facing revenue generation and client acquisition challenges. According to industry experts, despite having a strong technology platform and accurately providing regional forecasts which is needed, the company "is not sure who or what to sell, they have the answer but they do not know which question to ask." Source: AFN
• Sappi North America Inc. has partnered with Biophilica to enhance Treekind?, a plastic-free leather alternative. The latter will utilize Sappi's textured release paper to achieve a realistic look and feel, distinguishing it from plastic-based vegan leathers. The collaboration aims to offer consumers sustainable choices without compromising quality or texture. Source: Sappi
• German biotech ProteinDistillery raised over €15 million in a seed round to expand its biomass fermentation technology to produce Prew:tein. The funding will fuel the establishment of Europe’s first protein-competence centre in Germany, aimed at mass-producing Prew:tein from upcycled brewer’s yeast. Prew:tein mimics the functionalities of egg whites and other proteins with a protein content of 75% and a neutral colour and taste and is derived from upcycled ingredients, promoting a sustainable circular economy. Source: Vegeconomist
• Paris-based startup Bene Bono secured €10M in a fresh funding round to expand its range of rescued products, develop its brand, and enhance the subscriber experience in France and Spain while minimizing its carbon footprint. Founded in 2020, Bene Bono connects French farmers and manufacturers with eco-conscious consumers, offering a platform for selling products rejected by traditional channels with over 23,000 regular consumers across key regions. Source: Silicon Canals

Sustainability/ESG

• BlackRock , the World's biggest asset manager continues to move away from ESG-related language and now dubs the environmental strategies as 'transition investing'. After pushing ESG policies for years and arguing that business goals can go along with social and environmental responsibilities, CEO Larry Fink has expunged the term of the company vocabulary and is focusing on infrastructure projects that will help transition away from fossil fuels. The developments are happening amid global calls to alter the term, claiming the standards are often opaque and have become political tools by both sides of the spectrum. Source: Wall Street Journal
• New SEC Climate disclosure rules criticized for possibly 'paving the way' for greenwashing. Former SEC Commissioner Allison Herren Lee expressed disappointment, stating that the new rules fail to prevent companies from making vaguea and unsubstantiated statements about their carbon footprints, potentially leading to greenwashing. Despite investor interest in GHG emissions disclosure, the new rule may allow companies to avoid disclosing the bulk or any of their emissions, raising concerns about mispriced risk and misallocation of capital. Source: PE Newswire

• Shell agrees to buy 22,500 Carbon credits from The Next 150 , a carbon removal venture developer, under a groundbreaking 5-year deal for its biochar facility in Mexico. This marks a significant milestone in scaling biochar adoption in Latin America, with the potential for long-term impact on carbon reduction efforts. Biochar is increasingly becoming popular in waste removal and carbon credit generation projects. Source: Carbon Herald

Environment

• Climate Change models are under threat as Soil which stores 80% of Earth's carbon, is cracking under increasing droughts, releasing more CO2 into the atmosphere according to latest study. This feedback loop, previously underestimated, threatens the accuracy of climate models by accelerating climate change beyond current projections. The study calls for proactive measures to promote soil health and sustainable land use practices, including precision irrigation techniques and water conservation strategies. Source: Tufts Now