In a new report commissioned by Greenpeace International, it has been revealed that the largest agribusiness corporations in the world have earned an astounding $53.5 billion in profits since 2020. This amount is greater than the $51.5 billion estimated by the United Nations to cover the basic needs of the world’s most vulnerable population. The report sheds light on how these 20 corporations, which dominate the grain, fertilizer, meat, and dairy sectors, have capitalized on the ongoing war in Ukraine and the COVID-19 pandemic, while millions of people have been pushed into hunger due to food insecurity and escalating food prices.
It’s worth noting that just four companies – Archer-Daniels Midland, Cargill, Bunge, and Dreyfus – control over 70% of the world’s grain trade. However, these companies are not required to disclose their knowledge of global markets, including their own grain stocks, leading to a lack of transparency that fuels speculation on food markets and inflated prices, according to Greenpeace.
The organization has called for a shift to a food sovereignty model that prioritizes community control and power over the global food system. This would require tighter regulation on corporate operations to prevent further inequities. Greenpeace believes that governments and policy makers have a crucial role to play in ensuring transparency and regulation in the sector’s operations.
The implications of this report are significant. The fact that just 20 corporations are making more profits than what’s needed to feed the world’s most vulnerable population is a clear indication that something needs to change. Greenpeace is urging governments and policy makers to take immediate action to address this situation. Failure to do so could result in the deepening of current inequities and the loss of millions of lives.
In conclusion, the report commissioned by Greenpeace International highlights the profiteering of the world’s largest agribusiness corporations during the ongoing crises of the war in Ukraine and the COVID-19 pandemic. It’s time for a shift to a food sovereignty model that prioritizes community control and power over the global food system. This would require tighter regulation on corporate operations to prevent further inequities. Governments and policy makers must take action now to ensure transparency and regulation in the sector’s operations.