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Within the next 40 years, food prices will climb steadily. After that, things could get wild. News from the United Nations’ Food and Agriculture Organization (FAO) states that changes in climate – global warming, if you will – is expected to have a dire effect on developing nations, but will also negatively impact food pricing across the board.
Estimates by the organization show predictions of agricultural productivity decreasing by as much as 21 percent by 2050, with African countries potentially becoming more dependent on food imports for its food supply.
Here’s what we can expect, says the organization: higher temperatures, higher levels of carbon dioxide emissions, fluctuations in rainfall, and more frequent natural disasters. All this will be happening as our global population reaches 9.1 billion.
However, solutions to curb the prediction’s accuracy are already underway. The FAO has studied the situation and located some solutions to help decrease the effects of global warming and help protect food supplies going forward. Soil carbon sequestration – transferring carbon dioxide from the air into the soil through crop residues and organic solids – decreases the re-emission of carbon dioxide back into the atmosphere.
FAO is also recommending improvement to current nutrient management programs, restoration of degraded lands, and the use of new technologies to further protect against climate change.
Make no mistake – the agriculture industry within the United States and other developed nations will play a major role in future food supply chains. Likewise, insurance companies have received the call to action by Lloyd’s, which stated in a recent report, Climate Change or Bust, that “The insurance industry must start actively adapting in response to greenhouse gas trends if it is to survive… There could hardly be a debate of greater importance to the insurance industry.” Some figures have insured losses in the year 2040 at a record $1 trillion for just that year.
The agriculture insurance industry is now considering new products to respond to increased climate change exposures, including risk controls and outreach programs to clients to raise awareness of the issue and possible solutions. It’s too early to tell what impact such measures will have on your business, but climate change will certainly play a primary role in the future of your business.
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