The First Sentier MUFG Sustainable Investment Institute has estimated that the global food system could face up to $38 trillion in damages by 2050 because of the warming climate.
What's happening?
According to the report, the world is headed for 2.5 degrees Celsius (4.5 degrees Fahrenheit) of warming by 2050, which could send food prices soaring and have a major impact on supply chains.
Temperature extremes, heavy rainfall, flooding, droughts, and severe storms could cause widespread damage to critical infrastructure and ecosystems, which would affect the resilience of our food systems, as the Sustainable Times reported.
Global food demand is expected to grow at a rate of 1.26% between 2023 and 2033, surpassing population growth across much of the world. However, the shifting climate could make it difficult to meet that demand, especially in areas heavily impacted by extreme weather.
A separate study by researchers from Potsdam Institute for Climate Impact Research found that not acting fast enough to address the climate could lead to average global economic losses of 60% by 2100.
"The world population is poorer than it would be without climate change," Leonie Wenz, Potsdam climate data researcher and co-author on the study, told Reuters. "It costs us much less to protect the climate than not to."
"Our study highlights the considerable inequity of climate impacts: We find damages almost everywhere, but countries in the tropics will suffer the most because they are already warmer," Anders Levermann, head of research department complexity science at the Potsdam Institute and co-author of the study, said in a news release.
"They are also the ones with the least resources to adapt to its impacts."
Why is this concerning?
Aside from the massive financial toll of climate inaction, rising global temperatures caused by the overheating planet could make it harder to grow key crops the world depends on, including corn, wheat, rice, and soybeans, according to the World Economic Forum.
This would likely result in more expensive groceries worldwide and disrupt the ecosystems humans depend on for healthy food.
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Definitely 😭 Prices on many foods have already soared because of worsening weather in places like Australia, Spain, and Portugal. In addition, the Sustainable Times reported that a study by Christian Aid found that cocoa prices have climbed 400% in recent years because of extreme heat and heavy rainfall in Ghana, Cameroon, and Nigeria.
If humans don't take steps to drastically reduce pollution from burning dirty fuels, global food systems could suffer in the near future.
What's being done to help?
In the report by the Sustainable Investment Institute, researchers said that better soil management, a shift to more climate-resilient crops, and technology innovations such as artificial intelligence-powered systems could mitigate some of the consequences of the climate crisis.
They also suggested that investors prepare by "demanding robust disclosures from food businesses," as the Times explained. This could include climate risk scenario models and other frameworks.
In addition, speeding up our transition to cleaner energy sources will lower the planet's temperature by reducing the amount of planet-warming pollution in the atmosphere.
"It is on us to decide: structural change towards a renewable energy system is needed for our security and will save us money," Potsdam researchers said.
As consumers, we can help by eating more plant-based foods and shopping locally. Both of these actions cut down on pollution and benefit our wallets. With a little planning, you can also shop smarter and save some cash at the grocery store.
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