COP28: The TheoryMesh Take

By: Lara Martini

The Expo City in Dubai was meant to be both comfortable and grand – its long walks flanked by quotes from community leaders from all over the world, its colorful displays of flags, its light shows, live music and video screenings.

The effect wasn’t meant as a distraction from the intense negotiations taking place in the Blue Zone at COP28. Rather, the short-lived melting pot of races and ages, with families strolling across the City Farm area, government and NGO delegates, and start-ups exposing alongside energy and technology giants was designed to inspire, connect, and create that sense of urgency which is often the first step in driving change.

After a very positive inaugural day with the pledge of more investments for a just transition, the news from the Global Stocktake and slow negotiations created a sense of suspense - while contacts in the Green Zone didn’t lose of their intensity and optimism.

One week later, reading through the declarations and published agreements from COP28, here is our take:

? The focus on food and agriculture is clear, but remains high-level. Any specific new regulations will depend on individual countries or alliances, as in the case of EUDR and the proposed new legislation for deforestation-free supply chains in the UK.

? However, there were important steps in the increased focus on natural regeneration and nature-based solutions. Over the past 18 months the lack of clear measurements and common definitions has negatively impacted consumer perceptions of biological and regenerative agriculture. It is now clear that we must learn to measure better things like soil regeneration and biodiversity health, rather than shy away from them because they are uncomfortable to measure. This is why TheoryMesh is now including soil quality in our new product release.

? We also noted the renewed attention to engaging local communities and respecting the rights of indigenous people. While this may seem marginal in the context of the broader food value chains, environmental sustainability can’t be separated from social justice and inclusion. TheoryMesh is working with our customers to ensure data such as land ownership is tracked and protected, and we are proud that many of our clients are offering a simplified access to digital data collection to the smaller growers and suppliers in their ecosystem.

? There’s a noticeable shift away from GHG emissions off-setting, and towards in-setting – in a nutshell, towards reducing carbon emissions from operations and from the value chain rather than by investing in third parties. The focus is therefore on measuring and reducing Scope 3 emissions (the GHG emitted by suppliers and embedded in products, services or produce purchased from them). This is very relevant for food production. On the one hand, a significant proportion of off-setting projects have been related to tree planting and forest protection. On the other hand, the use of fertilizers and of cooling and freezing during transport are significant contributors to GHG emissions. TheoryMesh’s new solutions include an increased ability to track emissions, and apply AI to identify and work on scenario planning for reductions.

? Not least, there were significant announcements related to sustainable finance, ranging from sustaining the transition in emerging markets, to green finance in mature ones. We expect this trend to increase as we approach 2030. In turn, we can also expect increased scrutiny and liability risks, both from public pressure and authorities. Being able to produce quality data and show due diligence has never been more important.

As we fly home from Dubai, something else is on our minds. The emotion from intense days of connections with other start-ups and thought leaders is strong, and will carry us forward.

Similarly, to our own team, many consumers focus on experiences in their purchase decisions, and are eager to be able to listen to and connect to the people and places behind the food and drinks they consume. Data is important, but so is the ability for growers and manufacturers to tell their story. And this is what food chain traceability means to us.