Welcome to the 19th issue of Norton Rose Fulbright’s flagship journal for the food & agribusiness sector, Cultivate. In this edition, we focus on climate change. Businesses and governments around the world are working together to find and fund solutions, reduce carbon emissions, ensure clean water and air, and produce food more efficiently in an increasingly volatile environment.
Our first article looks at the impact of risks caused by climate change in the food and agribusiness sector. We examine both the physical risks arising from climate change and the impact of food production on the environment, before briefly touching on the ways these risks can be mitigated and reduced to help protect the environment and the food and agribusiness sector.
This leads onto our feature pieces which are focused on innovation in agricultural infrastructure and technology in the fight against climate change. We look at every stage of production to examine the ways that new technologies and methods can to help mitigate the effect of agricultural practices on the environment. The problem now facing the industry is what motivates businesses to implement these often more expensive techniques?
The following article looks at New York State’s new Climate Leadership Act. As the US federal government has in recent years has de-emphasized climate change as a priority, a number of individual states have increased their focus in this area. We take an in-depth look at the new legislation adopted by the State of New York generally, and its specific impact on agriculture.
Next, as climate change becomes more important to companies they are constantly looking for new ways to make their businesses ‘greener’. This has led to the creation of the transition bond and more sustainable financing. These new concepts look to help put agriculture and commodity companies on the road to a more sustainable future.
As the risk for food and agribusiness companies continues to increase, so do the disputes which arise from these risks. Our final climate change article looks at how people and businesses are actively pursuing litigation around the world to try and protect their homes and livelihoods.
EU Taxonomy Regulation and aviation: A transition to sustainability
On 5 April 2023 the long-awaited draft amendment to Delegated Act EU 2021/2139 including draft technical screening criteria in Annex 1 (the Draft Delegated Act) was published by the European Commission heralding the inclusion of aviation as a transitional activity within the EU Taxonomy Regulation. Following consultation, the draft was then updated on 13 June 2023 and published as part of the European Commission’s sustainable finance framework.