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Food Waste – A $2.5 Trillion Business to Deal With

As the public dispute continues to develop across the rising climate crisis, a brand new industry is arising to take a lump out of one of the key culprits: Food waste.

According to the United Nations, food wasted in the supply chain and on the dining table is among the most significant contributors to global local weather change, generating 4.4 gigatonnes of carbon dioxide equivalent on an annual basis. Represented as a rustic, it would be third solely to the U.S. and China.

The implications of that improvidence on the setting and society are evident. But, increasingly, economies are waking as much as why companies need to introduce measures to tackle the issue.

According to the U.N., the price tag for the mixed prices of the social, economic, and environmental impact comes as much as $2.5 trillion yearly. That shortfall is also spawning a brand new wave of businesses hoping to take a piece of that pie with their food waste solutions.

One such enterprise is The Food Bank Singapore, a Singapore-based food bank that collects extra meals from suppliers and re-distributes them to care homes and charitable organizations such as soup kitchens.

The non-profit group’s co-founder Nichol Ng told CNBC it goals to tackle the two-fold situation of food waste and food scarcity by encouraging people and corporations to donate extra produce for redistribution among its network of 310 charities and 200,000 people.

However, she said there’s nonetheless a long way to go in educating corporations to limit food waste on the source.

To help with educating folks, Good for Food, a data analytics firm, affords its right tracker technology to hotels and huge commercial kitchens to reduce food waste and save costs.

Meanwhile, unusable food scraps are finding a new life in the form of fertilizers and cooking gas, thanks to energy companies like Israel-based Homebiogas.

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