In 2023, ReFED saw a big burst of activity in the fight against food waste, all of it setting up 2024 to be one of the most consequential years yet to make real progress in meeting our reduction targets. As ReFED does every year, they are providing their thoughts on some food waste trends to keep an eye on in the months to come:
- Methane Reduction Means Food Waste Reduction… This past year, we saw the continued prioritization of methane reduction as a key “emergency brake” for climate change – at COP28; with the United States and China committing to methane reduction targets in their November 2023 Sunnylands Statement on climate change; in methane reduction being included as one of only six climate-related commitments to come from last January’s North American Leaders Summit (with food loss and waste called out as a separate commitment); and more. Then as the year came to a close, new EPA research showed for the first time that food waste produces the majority of methane from landfills – an important confirmation that further elevates food waste reduction as a critical climate solution for 2024 and beyond. Expect more focus on food loss and waste from those looking to pull the emergency brake on climate change.
- More Solutions Funding… Food waste solution providers, as well as businesses and nonprofits in other sectors, struggled to raise capital in 2023 due to the ongoing investment downturn. But while interest rates will likely remain high for at least part of the new year, a survey of members in the ReFED Food Waste Funder Circle shows that they expect to deploy more funding to food waste solutions in 2024, relative to 2023. Additionally, “Reducing Food Loss & Waste: A Roadmap for Philanthropy,” a new report launched at COP, outlines specific recommendations for philanthropic funding that can help reduce food loss and waste on a global scale, which we anticipate will catalyze more philanthropic dollars in the sector. ReFED’s own experience in receiving a grant from Ballmer Group at the end of 2023 bears this out – it’s a serious investment from a top climate investor looking for year-over-year change. And as food waste reduction continues to be recognized more broadly as a top solution to climate change, investors that focus on impact will play a critical role in partnering with businesses that might have longer, steadier growth trajectories in an environment where market dynamics would typically favor only the fastest growing start-ups.
- AI Advances Progress… While it seemed like the world was learning about artificial intelligence (AI) and machine learning for the first time last year, the technology has been applied to food waste reduction for a while. AI is currently being used to track waste and streamline processes, but advancements in image recognition and customizable user experiences – something that the larger food industry is already making use of – could be game-changing for food waste across the entire supply chain, not just in the data-heavy retail and foodservice sectors where most activity has been happening so far. We don’t expect AI and machine learning to be the “silver bullet” that solves the food waste problem once and for all, but we’re excited to see its long-term potential. And low-tech or no-tech food waste solutions – like reducing portion sizes and increasing consumer education – will remain high on priority lists because of their potential impact.