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illuminem summarizes for you the essential news of the day. Read the full piece here in The Financial Times or enjoy below
🗞️ Driving the news: Rising regulations in the EU and the US, alongside demands from sustainability-driven investors, are motivating restaurant and grocery chains to scrutinize their food source
• The EU's CSRD effective January 2024 will mandate major businesses to disclose details about environmental and social risks including food tracing from raw materials to final product
• In the US, new FDA rules on food traceability will be effective from January 2026, enforcing stricter record-keeping for tracking produce such as fish, cheese, fruits, and vegetables
🌎 Why does it matter for the planet: The food industry is a significant concern for sustainable investors
• Non-profit organization As You Sow has previously targeted food companies over the use of pesticides in agriculture and antibiotics in meat
• Accurate food tracing can help businesses understand their environmental impact and make more sustainable choice
⏭️ What's next: As regulations tighten and sustainable investing continues to rise, the demand for accurate food tracing will likely grow
• Watch for how global food companies respond and adapt to these trends, and the role of innovative start-ups in shaping the future of food traceability.
💬 One quote: "Traceability can help retailers and restaurants identify the environmental impact of their ingredients and make more sustainable choices" (Stephen Bruce, CEO of Trustwell)
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