Natural Capital

Alternative Proteins

Growing sustainable agriculture investments

Shaping a climate-friendly food future

Alternative protein production is an emerging sector with significant potential for climate-friendly investments.

The Alternative Proteins Criteria aims to transform food systems by leveraging cutting-edge science and addressing practical needs.

The Public Consultation for this Criteria was held from 9 December 2024 to 7 February 2025. Following this period, the feedback received was incorporated ahead of the official launch.

Why alternative proteins matter

Livestock farming is a leading cause of climate emissions and biodiversity loss. Current food systems exacerbate these issues. Transitioning to non-animal proteins is essential to securing a sustainable future while protecting the environment.

Animal farming and feed production account for 60% of food system emissions and 12–20% of global GHG emissions, yet provide only:
17% of global calories
38% of global protein

To combat climate change and biodiversity loss, greater investment is needed in sustainable alternatives such as beans, tofu, and cultivated meat.

The role of alternative proteins criteria

The Alternative Proteins Criteria are designed to:

Assess how alternative protein production aligns with the 1.5°C climate goal.
Support food retailers and stakeholders in utilising credible green financing instruments.
Encourage the replacement of animal-based foods with sustainable proteins while reducing the environmental impact of production.

Key considerations include:

Energy use during production.
Sourcing of raw materials.
Waste management practices.

Driving positive change

The Criteria provide actionable steps for companies in the food value chain that produce or sell alternative proteins. These standards help align investments with global climate and biodiversity goals, enabling the sector to:

Reduce its climate impact.
Protect ecosystems and natural resources.

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Climate Bonds Team

Working group

Reyes Tirado

Agri-food Senior Manager Technical Lead

Climate Bonds Initiative

India Langley

Agri-Food Sustainability Analyst

Climate Bonds Initiative

Technical Working Group:

Working group

Jo Raven

FAIRR Initiative

Dana Wilson

Senior Analyst for Protein Diversification Engagement

FAIRR

Tom Chapman

Food Systems Impact Advisor

GFI

Dave Luo

Research Manager

Asia Research & Engagement (ARE)

Aditi Mukherji

Director

Climate Change Impact Platform CGIAR

Rosie Wardle

Partner / Co-founder

Synthesis Capital (VC)

Duncan Williamson

Senior Policy & Advocacy Manager

Rainforest Alliance

Joyashree Roy

Bangabandhu Chair Professor

Asian Institute of Technology

Cleo Verkuijl

Research Fellow

Stockholm Environment Institute (SEI)

Joanna Wolstenholme

Senior Programme Officer, Nature Economy

UNEP

Joanna Trewern

Director of Partnerships and Institutional Engagement

ProVeg International

Parag Acharya

Greenwich University

Li Wenxin

Global Environment Facility

Industrial Working Group:

Working group

Carrie Chan

Founder at Avant and Global Innovator

World Economic Forum

Grace Liu

Director of Strategic Partnerships

GFI Consultancy

Didier Toubia

Co-Founder & CEO

Aleph

Eugene Wang

Founder

Sophie Bionutrients

Ira van Eelen

Board Member

Cellulaire Agricultuur Nederland / EAT JUST

Yulia Solomina

Director of Sustainable Finance EMEA

ING EMEA

Katherine Foster

Food Innovation Specialist

World Economic Forum / EIT Food

Lorena Savani

Co-leader

Protein Diversification Think Tank

Marie-Pierre Bousquet-Lecomte

Former Science-Based Targets Implementation Director

Ex-Danone

Indy Kaur

Founder

Plant Futures

Sarah Gaunt

Director

SPG Innovation Ltd / Rootiful

Taís Toledo

Program Officer - Agriculture

Global Methane Hub

Vanessa De La Ossa

Director of Sustainable Finance America

ING America

Jeff Doyle

Director of Program Development

Plant Based Foods Association

Jonathan Avesar

Scientific Lead

Lever

Sid Mehta

Founder & Principal

Greenworks Inc

Lisa Sweet

Director, Private Sector Engagement

Tilt Collective

Julie Emmett

Director of Program Development

Plant Based Foods Association

Melanie Lavine

Manager, Agriculture and Food

World Business Council for Sustainable Development

Jette Young

Professor, Science Team Leader

Protein Diversification Think Tank / Aarhus University

Deniz Koca

Systems Analyst and System Dynamics Modeller

Protein Diversification Think Tank / Lund University

Richard Piechocki

Lead Financing Bio(based) Economy

Rabobank

Resources

Certifications

To see the whole list of Alternative Proteins Climate Bonds, visit our Certified Bonds Dataset

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