Friday in Five from Unibloom
Our latest newsletter arrives in the midst of a COP that, to say the least, has started on a shaky note. Four days in, we’ve seen the COP president facilitating oil and gas deals, Argentina’s delegation ordered home, and France’s Minister for Ecology announcing she won’t attend—among other notable moments.
Despite this, we need COP to succeed. Meanwhile, Team Unibloom has spoken and worked with several major retailers and food producers this week, and all are continuing to press their suppliers for more ambitious climate action plans aligned with Science Based Targets, but also require cost-efficient solutions, with margins thin and profitability pressures high. This highlights a growing divide between those who are committed and those who diverge. Without strong government consensus, the need for business-led climate action is even greater. Now, having a fully costed climate action plan isn’t just essential for hitting targets—it’s a key competitive advantage
Welcome to our bi-weekly newsletter where we intend to inspire you with real life business action on climate, biodiversity, nature, circularity and social justice through the lens of driving business value.? Coming to you every other Friday, we want to celebrate the wins, draw attention to the challenges and occasionally even mythbust and we guarantee to do it in under five minutes.??
Summary
McKinsey’s global farmer insights survey shows input prices and extreme weather front of mind
The latest McKinsey global farmer insights survey which looks at farmer sentiment across multiple countries shows that the cost of inputs and extreme weather events again are the top 2 risks on farmers' minds.??
‘Farmers cite increased price of inputs, extreme weather events, and volatile commodity prices as the top three risks to profitability in the next two years. Having input prices and extreme weather events as the top two risks is consistent with our 2022 survey, but the gap between the two has closed considerably, given that farmers have experienced a greater number of extreme weather events.’
These risks are changing the way that farmers farm which has also meant a move towards more sustainable practices, driven by the economic case for doing so.? Adoption of sustainable practices for both small- and large-scale farmers is underpinned by economics; farmers are interested in improving productivity and adding revenue streams.?
‘The top driver for adoption of sustainable practices in India, Latin America, and North America is increased yield; in Europe, it is additional revenue streams. Lower production costs rank as the second most popular reason for farmers’ adoption of sustainability practices in most regions.’?
At Unibloom we have spent a lot of time exploring effective feed transitions in the agriculture sector and an important part of our platform is enabling businesses to run rapid and cost-effective scenario analyses looking at the most effective approach to feed transition.? Get in touch with us to hear more about how we can support you.
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2025 will be the year that pressure ramps up on suppliers to demonstrate climate commitments
In the food and consumer goods industries, over 90% of a company’s emissions typically come from Scope 3—which includes everything from purchased goods and services to product use and disposal. For large businesses to meet climate goals and gain approval from the Science Based Targets initiative (SBTi), they need to set targets that cover these Scope 3 emissions.
Many companies are now requiring their suppliers to have SBTi-approved targets to keep doing business, and that trend will only grow in 2025, e.g. Ahold, IKEA, McDonalds, ICA, Coop and many more. What’s more, companies are also beginning to ask suppliers for clear, detailed climate action roadmaps. Recent conversations with major players have made it clear: having a strong, well-funded climate action plan is quickly becoming a competitive necessity.
Missed our ‘Skip the Slides: Drive Real Climate Action’ webinar? Catch up here
If you missed our 'Skip The Slides: Drive Real Climate Action' session last week you can hear a short clip from our founder Anna Sandgren talking about how Unibloom can support you to internalise sustainable innovation planning and 'build the muscle internally' across teams on our Linked In here - https://www.dhirubhai.net/posts/unibloom_missed-our-skip-the-slides-drive-real-climate-activity-7261701629798760448-Fwye?utm_source=share&utm_medium=member_desktop??
If you’re not seeing the progress you need on your plan, sign up to our Climate Catalyst Workshop. It's a 55 minute session with you and your leadership to connect them with your targets, reflect on gaps to targets and get them into scenario planning. Get in touch with us here to sign up - https://www.unibloom.world/workshop?
And if you want to watch the full webinar recording introducing our Climate Catalyst workshop, you can here - https://lnkd.in/eDbjKnnb.?
Learn more about Unibloom or book a demo here
Read more on Unibloom at - www.unibloom.world
Read our 6 pillars for science-based success here