LIBF joins international partnership to mobilise the financial sector to halve food loss and waste

12 May, 2021

The London Institute of Banking & Finance (LIBF) today announced that it has become a partner in the P4G funded ‘FLAWLESS’ project, which aims to halve food loss and waste around the globe.

Sustainable development goal 12, responsible consumption and productionFLAWLESS aims to set the world on the trajectory to halving food loss and waste by accelerating commercially viable models for sustainable food supply chains and by creating markets for viable solutions.

  • The project will help to demonstrate financial models that have the potential to build resilience in supply chains, reduce food loss and waste, and deliver measurable financial returns.
  • It aims to create new and innovative financial products that incentivise and accelerate food loss and waste (FLW) prevention across the supply chain and build robust, resilient markets where these products can be deployed at scale.

Chris McHugh, Director of the Centre for Sustainable Finance at LIBF says:

“Halving food loss and waste will have significant social and economic benefits and reduces emissions at the same time. This is the right time for the financial sector to broaden its view of SDG-related investment and incorporate new sustainability metrics.

"We are tremendously proud at LIBF and the Centre for Sustainable Finance to be involved in this partnership. The output from this work will have a meaningful impact and further progress towards achieving the Sustainable Development Goals.”

Dr Richard Swannell, Development Director at WRAP says:

“Over a billion tonnes of food is lost or wasted each year and is responsible for 810% of global Greenhouse Gas emissions. It’s vital that we drive forward work to reduce global food waste, not only to curb this largely avoidable societal problem, but to ease the amount of land required for agricultural use and lower greenhouse gas emissions associated with food loss and waste.

"We are delighted that LIBF is joining the FLAWLESS project to help tackle this crucial issue. By creating innovative financial products through the FLAWLESS project to incentivise the supply chain to accelerate their FLW prevention, we know that successful solutions will be implemented in Indonesia, Mexico and South Africa”.

Ian de Cruz, Global Director, P4G says:

“At P4G, we are focused on accelerating pioneering green partnerships like FLAWLESS to develop transformative models like turning waste into investable assets. This is a partnership that addresses core national priorities of our partner countries while making progress on key global agendas around food waste.

"Having a partner like LIBF accelerates P4G and FLAWLESS with our investing in impact approach. As a global delivery mechanism, P4G can scale and accelerate these models of change to make progress on the Sustainable Development Goals and climate action targets.”

LIBF, through its Centre for Sustainable Finance (CSF), will provide technical input on the design of financial products to align the interests and incentives of banks and investors with companies working to reduce food waste.

The LIBF CSF will facilitate the development and dissemination of ideas for scalable financial transactions that directly support the delivery of SDG 12.3. The LIBF CSF will be working closely with a network of financial institutions to develop suitable solutions in Indonesia, Mexico and South Africa.

Notes to editors

FLAWLESS is a partnership funded and accelerated by Partnering for Green Growth and the Global Goals 2030 (P4G).

It is led by the Waste and Resources Action Programme WRAP. It focuses on the United Nations Sustainable Development Goal 12 of Sustainable Consumption and Production. Ultimately, the partnership wants to create a compelling case for the transformation of the wider market beyond the project partners.

FLAWLESS partners

  • Bancos de Alimentos de Mexico (BAMX)
  • Citibank
  • The Consumer Goods Council of South Africa
  • The Danish Think Tank
  • The Global Food Banking Network
  • The Indonesia Business Council for Sustainable Development
  • Leanpath
  • The London Institute of Banking & Finance (LIBF)
  • PicknPay
  • United Nations Environment Programme
  • Verra
  • P4G and WRAP

About P4G – Pioneering green partnerships, investing in impact

P4G – Partnering for Green Growth and the Global Goals 2030 – is a global platform pioneering green partnerships to build sustainable and resilient economies. P4G mobilises a global ecosystem of 12 partner countries and five organisational partners to unlock investment opportunities for more than 50 partnerships working in five SDG areas: food and agriculture, water, energy, cities and circular economy. 

About WRAP

WRAP is a global NGO based in the UK. It is one of the UK’s top five environmental charities and works with governments, businesses and individuals to ensure that the world’s natural resources are used sustainably.

It is the charity leading the UK Plastics Pact (a world first) as well as Love Food Hate Waste, the Courtauld Commitment, the Sustainable Clothing Action Plan, Textiles 2030, and Recycle Now.

WRAP works collaboratively and develops and delivers evidence-based, impactful solutions to reduce the environmental cost of the food we eat, the clothes we wear and the plastic packaging we use.

More information on FLAWLESS