Food retailers face a new climate and sustainability front: in order to meet net zero goals, the UK must reduce meat and dairy consumption by least 50% by 2030 and beyond. Yet, currently, the majority of retailers are failing to face up to both long- and short-term physical and transitional climate risks associated with their meat and dairy sales. As markets continue to price climate risk into the value of equity securities, setting and meeting ambitious and accountable science-based targets on product emissions will become a bellwether of a retailer’s long-term viability. Investors have the opportunity to review potential retail investments in Feedback’s Meat and Climate Scorecard to assess their responsiveness to supply chain and regulatory risk.

To meet climate goals to remain below 1.5°C of warming, it is critical that food system emissions are addressed. Sustainable diets, with reduced meat and dairy consumption, is one significant way to meet these goals. However, if supermarkets – with their enormous influence on the food environment – do not urgently act, it is unlikely the UK will achieve the necessary rapid reductions in meat and dairy consumption to meet these climate goals. This brief makes the case for why UK retailers must take immediate and urgent action to support reduced meat and dairy consumption by reducing their offer and sales of meat and dairy, pointing to a range of evidence-based measures which could help retailers meet ambitious year on year targets to reduce UK meat and dairy consumption by at least half by 2030.