Brussels, December 6 – The official COP 28 agenda included agriculture and food systems for the first time, a reason for the EACB to focus its annual “EACB COOP event” on sustainable food chains and highlight cooperative banks’ commitment to transitioning to a sustainable future. Cooperative banks are closely linked to agriculture. Therefore the event highlighted the importance of achieving greener food systems and the challenges encountered by various stakeholders
Berry Marttin, President of the EACB, underlined that “the cooperative banking model was created by farmers who needed to get out of poverty. It is an example of how a food system can turn around and become valuable. Today, for financial institutions to better support communities in transitioning to sustainable models, we need a regulatory framework that allows for proper reflection of the true value of food production.”
During the event, speakers from a wide range of sectors involved in the food chain tackled different aspects of the topic, as moderated by Miguel Garcia de Eulate (Caja Rural de Navarra and UNACC). Kati Partanen, of the World Farmers’ Organisation, argued that as the foundation of any food system, it is imperative that farmers are adequately supported. A longer-term vision must be endorsed by other actors in the wider food chain – Kristal Golan, of agri-food company BayWa, explained how new ventures can consider adapted KPIs for projects contributing to greater food resilience. At international level, food must be placed at the heart of discussions; Joao Campari of WWF and Richard A. Paton, adviser to the COP28 Presidency, both joining live from Dubai, expressed different levels of optimism.
Sanna Eriksson (OP Financial Group) and Jean-Christophe Roubin (Crédit Agricole) showcased banking initiatives enabling meaningful transformations, such as accompanying agri clients in transitioning to low carbon technologies. Their commitment to collaborating on practical solutions is a testament to cooperative banks’ engagement and to collective responsibility in addressing the global food crisis.
In her concluding remarks, Nina Schindler, Chief Executive Officer of the EACB, pointed out: "We need to produce and distribute food in more efficient ways. Externalities, environmental and social, have to be included into the true value of food. This will help consumers in their decisions and drive the right investments in the whole value chain.
Cooperative banks have a special role to play in accompanying clients toward more sustainable pathways. We must discuss policies, regulatory frameworks and roads for transition, in order to produce sufficient food within our planetary boundaries.”