What's Happening?
A new public database has been launched by TMG Think Tank in Germany and True Price in the Netherlands, supported by the EU Horizon PlanEat project, to provide data on the 'true environmental and health
costs of food production'. This database covers 208 food products across 81 countries and aims to monetize external costs not reflected in current food prices, such as environmental and social impacts. The study highlights that some food products, like red meat, have high negative environmental impacts, which are not accounted for in their market prices. If these hidden costs were included, products like red meat could become nearly twice as expensive. The database uses two calculation methods: the 'damage cost method' and a 'rights-based method', to assess these costs. Notable variations in the 'true price' of food products were observed across different countries, reflecting diverse environmental and climate policies.
Why It's Important?
This development is significant as it sheds light on the hidden environmental costs associated with food production, which are often overlooked in market pricing. By monetizing these externalities, the database could influence consumer behavior and policy-making, encouraging shifts towards more sustainable food production and consumption practices. The findings could lead to increased pressure on the food industry to adopt more environmentally friendly practices and could also inform government policies aimed at reducing the environmental impact of food production. This initiative aligns with global efforts to address climate change and promote sustainability, potentially leading to a more informed public and policy landscape.
