A new report is called The role of the financial sector in the transition to a more plant-based food system Shows that Denmark’s financial sector lacks the goals, knowledge and ambition to invest in sustainable food while it continues to support animal agriculture.
“It seems that many banks fail to recognize the seriousness and scientific fact that we need to reduce intensive animal production.”
The study, which benchmarked 27 of Denmark’s largest banks, says the sector Not financing Plant based industry or agricultural production of plant-derived crops is substantial, regardless of potential Plant based diet To address sustainability in food systems.
Recently released by Denmark’s vegetarian society, Greenpeace, Green Transition Denmark and Animal Protection Denmark, the report is said to be the most significant review of Danish banks’ actions regarding food production.
A thread for the future
“It seems that many banks fail to recognize the seriousness and scientific fact that we need to reduce intensive animal production. Rune-Christopher Dragsdahl, secretary general of the Vegetarian Society of Denmark, said the sector needs to wake up and realize that Denmark needs to invest heavily in transitioning to climate and environmentally friendly plant-based food production.
According to the report, to achieve climate targets, the food system must be transformed from animal-dominant, with most crops used to feed farm animals, to a plant-based diet for people. The Danish Climate Council, an independent advisor to the Danish government, recently recommended reducing meat consumption to help the country meet its climate goals.
“It is time for Danish banks to wake up to the reality that we are in fact in the midst of a global climate and biodiversity crisis. Agriculture and food production are on a collision course with our own livelihoods, and the banks need to realize that the continued lending and investment in mass production of the meat and milk industry, which we must move away from, poses both a huge financial risk and threat. For our future and our children’s future,” commented Christine Klement, Agriculture, Forestry and Nature Outreach Manager at Greenpeace Denmark.
Not just a “quick fix”.
The report includes a chart outlining the actions or inactions of 27 banks on climate and environment-friendly initiatives. It provides examples of positive initiatives and ten recommendations for practices and investments for future-proof food production.
The bank’s financing and advisory services are crucial to bring about change in agriculture and food production. Hence, financial institutions must set specific goals to contribute to the transformation of our society, the report strongly argues.
“If we want to succeed in securing the future of our agriculture, it is problematic to only invest in technological quick-fixes that do not really address the challenges we face,” Drugsdahl added, referring to the support of technological innovation in feed efficiency and fertilizer management (mentioned in the report ) is getting from the bank as a solution to the climate crisis.