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Banks driving increase in global meat and dairy production, report finds

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: A recent report has highlighted the significant financial support from banks to the world's leading industrial livestock companies, contributing to a dramatic and unsustainable increase in global meat and dairy production
• Between 2015 and 2021, meat production surged by 9%, while dairy output grew by 13%, fueled by an average of $77 billion annual credit from financiers

🔭 The context: The report by Feedback, a UK-based campaign group, accuses some banks of breaching their own anti-deforestation policies to fund this expansion
• It calls for an immediate withdrawal of funds from industrial livestock operations, citing their detrimental effects on climate change, deforestation, pollution, and biodiversity loss, among other issues

🌍 Why it matters for the planet: Industrial livestock farming's expansion is at odds with global climate goals 
• The report stresses that to align with the Paris Agreement's targets, livestock emissions must peak by 2025 and decrease by 61% by 2036, especially in wealthier nations 
• This sector's growth threatens the sustainable management of natural resources and contributes significantly to global emissions

⏭️ What's next: The report urges financial institutions to reassess their funding of industrial livestock companies and consider the environmental and ethical implications of such investments. It also highlights the necessity for a shift towards more sustainable and less ecologically damaging food production methods.

💬 One quote: "We’re calling for financial institutions to defund industrial livestock companies as soon as possible," - Martin Bowman, Policy and Campaigns Manager, Feedback.

📈 One stat: Global meat production rose by 9% and dairy production by 13% between 2015 and 2021, driven by significant financial support from banks.

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