True cost accounting addresses global challenges
Hidden food production costs reveal impact to the economy, society and environment
In the summer of 2021, The Rockefeller Foundation published a report, which estimated that Americans spent ~$1.1 trillion on food in 2019. However, if the hidden costs of food were included, such as increased greenhouse gas emissions, reduced biodiversity and the resultant air and water pollution, the true cost of food was nearly triple!
True Cost Accounting helps capture those hidden costs and reflect the impact of food production on the environment, society and the economy. As the Stanford Social Innovation Review posted a few days ago:
“Industrial food systems are some of the largest drivers of climate change, habitat destruction, biodiversity loss, displacement of Indigenous peoples, disease, and the double burden of malnutrition. In many parts of the world, food production directly drives conflict, poverty, and mistreatment of workers. But as “costs,” such externalities are mostly unaccounted for.”
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