A new report published today by Boston Consulting Group (BCG), The Good Food Institute (GFI), and Synthesis Capital, titled What the Alternative Protein Industry Can Learn from EV Companies, states that if alternative proteins reached half of the market share of the global protein market, it would reduce agriculture and land use greenhouse gas emissions by almost a third by 2050. This shift would mitigate 5 gigatons of CO2 equivalents annually, the equivalent of removing 50% of gas-fueled cars from the road.
“The parallels between the EV and alternative protein industries are striking. Both are disruptive technologies taking on incumbents whose products are rooted in consumer culture and identity. Both are responsible for large slices of global GHG emissions (passenger road transportation for 10%; animal agriculture for 15% to 20%). This positions EVs and alternative proteins as two of the most meaningful solutions to mitigate climate change,” state the authors.
The promise of alternative proteins
Emma Ignaszewski, Senior Associate Director, Industry Intelligence & Initiatives at the Good Food Institute, states, “Electric vehicles are a powerful climate solution that doesn’t require consumers to make significant behavioral changes. They simply offer a more sustainable swap-in for gas-powered cars. Alternative proteins offer a strikingly similar promise: enjoy your burger, but produced with far lower greenhouse gas emissions than conventional meat. Securing public funding—which has been instrumental for EV innovation—is critical for alternative proteins to scale and compete with conventional meat on taste and price. And competing on these drivers of consumer choice is the blueprint for alternative proteins to help decarbonize the food sector, just as electric vehicles can help decarbonize the transportation sector.”
“Securing public funding—which has been instrumental for EV innovation—is critical for alternative proteins to scale and compete with conventional meat on taste and price”
Rosie Wardle, co-founder and Partner at Synthesis Capital, comments: “Government support for alternative proteins is gaining momentum, with policymakers across the globe recognizing the potential of the sector to generate significant benefits, including achieving climate commitments, ensuring food security, mitigating environmental damage, and boosting economies. However, much more support is needed for the sector to deliver on its potential. This new report offers insights into how stakeholders can advance the industry, in order to create a future where these products are no longer ‘alternative.'”
Further information regarding the critical need to shift government subsidies:
Boosting the Alternative Protein Market Through Reformation of VAT and Subsidies
World Bank Recommends Shifting “Wasteful” Subsidies Away From Animal Agriculture
EU Climate Advisers Recommend Shifting Subsidies Away From Animal Ag & Encouraging Plant-Based Diets
$7.3 Trillion Investor Group Urges G20 to Reform “Harmful” Agricultural Subsidies