Investors urge Europe to prioritise climate in agriculture reform

A US$2 trillion group of investors on Monday urged the European Commission to be more ambitious in its planned overhaul of the bloc's huge farming subsidy programme to fight climate change and protect biodiversity.

Ahead of a meeting of agriculture ministers from European Union countries on Monday, the group said proposed reforms to the Common Agricultural Policy needed to go much further to align with the EU target to reach net zero greenhouse gas emissions by 2050.Led by Legal & General Investment Management and think-tank Chatham House, the group made four recommendations, including reducing direct support for commodities with high emissions, such as red meat and dairy.

Farmers should also be eligible for EU funds to help them transition away from high-emitting activities, the group said.

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