Representatives from the World Bank Group, International Food Policy Research Institute (IFPRI), and the Food and Land Use Coalition (FOLU), came together at the July 15 Finance Public Forum to discuss changing how food is financed.
To achieve sustainable consumption and help change consumer behaviours we can use marketing tools and focus on product, price, place and promotion. First, we make the product available in having public and private finance mobilized to promote the increase availability of certain foods. With price, we need to use fiscal policy to change behaviours such as taxing unhealthy foods which reduces consumption and makes manufactures reduce sugar levels. There are many things we can do.”– Finance Lead for Action Track 2, Martin Lemoine
Today’s food systems generate over 12 trillion US dollars a year in hidden environmental, social, and economic costs. As it stands, food systems are subtracting rather than adding value, and rethinking how food is financed will help bring in investment and successfully tackle challenges like hunger and poverty.
Participants discussed how reforming the financial system at-large is needed to redirect incentives and create the enabling environment for investment to flow into sustainable food systems.
The UN Food Systems Summit provides an opportunity to raise awareness and elevate public discussion about how we can achieve healthier, more sustainable, and equitable food systems.
(also available on the UNFSS YouTube channel here)