In the bustling city-state of Singapore, amid the convergence of thought leaders and innovators during the Singapore International Agri-Food Week, a stark revelation emerged: the Asia-Pacific region is lagging in the crucial fight against climate change, specifically in the context of its agrifood systems. As AgFunder and its global impact accelerator GROW hosted various events, the conversations underscored a sobering reality—investment levels and event attendance might be muted, but so too is the action on agricultural emissions.
The Asia-Pacific AgriFoodTech Investment report, a new publication unveiled during the week, offered a deep dive into the state of emissions within the agrifood sector. Alarmingly, it was disclosed that greenhouse gas emissions from agrifood industries account for up to 50% of all emissions in Southeast Asia and 45% in South Asia. These figures starkly contrast with the global average, where agrifood emissions make up about one-third of total emissions. It was also noted that a significant portion of these emissions originates directly from farms.
This report wasn’t just a bearer of bad news; it also proposed a suite of solutions aimed at curbing emissions to meet the 2050 net zero targets. The analysis suggested that targeting agrifood emissions could be three times more cost-effective than focusing on the energy sector. To put it into perspective, the energy industry would require triple the investment to achieve the same reduction in emissions by 2030 as the agrifood sector.
However, despite the clear economic and environmental incentives, the response from regional governments has been tepid at best. The report’s call to action for governments was to “develop a roadmap to coordinate action on decarbonization in agrifood,” including the regulation of carbon markets—a directive that was criticized for its lack of specificity.
The sentiment was echoed by Anuj Maheshwari, managing director of Temasek and head of agrifood, who acknowledged the region’s sluggish progress. He pointed out that local governments are not prioritizing agrifood emissions, with some even excluding methane emissions from their targets—despite agriculture, particularly rice production, being a significant source.
The focus on energy over agriculture, as Maheshwari highlighted, is a global trend. Yet, this oversight is particularly glaring in a region where agriculture is not only a primary source of emissions but also a sector vulnerable to the impacts of climate change. The disconnect is evident even in countries like Singapore, which, despite its strong support for agrifood innovation, has not fully integrated climate change mitigation into its food security strategies.
Innovation in the agrifood sector is not waiting for government action, but the lack of governmental focus suggests that the voices of agrifood activists, entrepreneurs, and investors are not resonating loudly enough. This niche industry, overshadowed by sectors like fintech and EVs, is struggling to capture the attention it deserves in the fight against climate change.
As the journey continues with an upcoming visit to Dubai for COP28 and the World AgriTech Innovation Summit, the conversation around agrifood emissions and climate change will undoubtedly intensify. The hope is that events like these will amplify the call for action and bridge the gap between climate change and food security—a connection that is critical for the sustainability of the Asia-Pacific region and beyond.