1 00:00:06,160 --> 00:00:09,000 Speaker 1: Hello, and welcome to another special edition of Stephanomics from 2 00:00:09,000 --> 00:00:12,360 Speaker 1: the Bloomberg New Economy Forum in Singapore. Today, we're going 3 00:00:12,400 --> 00:00:15,200 Speaker 1: to play you a wide ranging debate I had on 4 00:00:15,240 --> 00:00:18,480 Speaker 1: a pretty fundamental question, how do we feed the world 5 00:00:18,760 --> 00:00:22,880 Speaker 1: and also save the planet? The speakers were all able 6 00:00:22,920 --> 00:00:25,800 Speaker 1: to provide a different piece of the answer. You'll get 7 00:00:25,840 --> 00:00:28,479 Speaker 1: a better sense of that from my introduction to the session, 8 00:00:28,680 --> 00:00:31,400 Speaker 1: which we're going to play in a second. But just 9 00:00:31,440 --> 00:00:34,280 Speaker 1: so you know who you're listening to, I should say 10 00:00:34,400 --> 00:00:38,760 Speaker 1: the first speaker was Aloysius Atta, co founder and CEO 11 00:00:38,840 --> 00:00:41,519 Speaker 1: of farmer Line, company that works with hundreds of thousands 12 00:00:41,520 --> 00:00:45,360 Speaker 1: of farmers across Africa. And then next it was David mcclennan, 13 00:00:45,680 --> 00:00:48,760 Speaker 1: chairman and CEO of Cargill, one of the world's biggest 14 00:00:48,800 --> 00:00:53,760 Speaker 1: agricultural conglomerates. Then Walter Bowman, chairman and CEO of the 15 00:00:53,840 --> 00:01:00,160 Speaker 1: German pharmaceutical giant Bayer, and finally Sarah Menka, CEO and 16 00:01:00,280 --> 00:01:12,320 Speaker 1: founder of the data intelligence company grow Intelligence. How do 17 00:01:12,400 --> 00:01:17,440 Speaker 1: we feed the world? The tools we have as a 18 00:01:17,520 --> 00:01:21,640 Speaker 1: planet for answering that question, like so much else we've 19 00:01:21,640 --> 00:01:24,600 Speaker 1: been discussing over the last few days, has had changed 20 00:01:25,000 --> 00:01:29,840 Speaker 1: radically in the last ten or twenty years. The technology, 21 00:01:30,000 --> 00:01:36,800 Speaker 1: the underlying technology, the data, the intricate global supply networks 22 00:01:37,400 --> 00:01:41,440 Speaker 1: have all changed. But we know that the climate, the 23 00:01:41,560 --> 00:01:44,160 Speaker 1: environment has also been changing before our eyes, and it's 24 00:01:44,240 --> 00:01:50,160 Speaker 1: changing almost by the day, making the challenge harder in 25 00:01:50,160 --> 00:01:54,800 Speaker 1: in many ways, we've already got crop yields affected, severely 26 00:01:54,880 --> 00:01:57,160 Speaker 1: affected by climate change, and some of the most vulnerable 27 00:01:57,160 --> 00:02:01,640 Speaker 1: economies in the United Nations predicts average crop yields could 28 00:02:01,680 --> 00:02:06,400 Speaker 1: fall by thirty if we don't change, even as the 29 00:02:06,520 --> 00:02:13,440 Speaker 1: demand for food by increases by So that's the long 30 00:02:13,560 --> 00:02:19,359 Speaker 1: term challenge. But as I've increasingly realized talking to our panelists, 31 00:02:19,919 --> 00:02:23,080 Speaker 1: there is a short term crisis in the agricultural supply 32 00:02:23,240 --> 00:02:27,720 Speaker 1: chain that has just unfolded in the last few months. 33 00:02:29,080 --> 00:02:32,400 Speaker 1: Is now raising real questions, particularly for for farmers on 34 00:02:32,440 --> 00:02:34,760 Speaker 1: the ground, not just for thirty percent rise in food 35 00:02:34,760 --> 00:02:38,480 Speaker 1: prices that we know about, but fertilizer prices going to 36 00:02:38,560 --> 00:02:42,519 Speaker 1: an all time hi how do we feed the world 37 00:02:42,520 --> 00:02:46,600 Speaker 1: in this changing environment. We've got all pieces of that 38 00:02:47,440 --> 00:02:55,239 Speaker 1: agricultural supply chain represented here, the science behind the resources 39 00:02:55,280 --> 00:02:58,560 Speaker 1: that farmers use. Someone who works closely with farmers, the 40 00:02:58,639 --> 00:03:03,200 Speaker 1: businesses that get the food the crops from farms around 41 00:03:03,200 --> 00:03:06,639 Speaker 1: the world, and now the data we have to try 42 00:03:06,680 --> 00:03:13,120 Speaker 1: and solve that question more intelligently. Eloss I mentioned at 43 00:03:13,160 --> 00:03:18,560 Speaker 1: the start this this crisis related to fertilizer prices that 44 00:03:18,639 --> 00:03:20,760 Speaker 1: I think some people at least in this room would 45 00:03:20,800 --> 00:03:23,919 Speaker 1: not be fully aware of. Just paints a picture of that. 46 00:03:24,400 --> 00:03:26,880 Speaker 1: What's the situation right now, what's the challenge that farmers 47 00:03:26,880 --> 00:03:31,480 Speaker 1: are facing today? Thanks thanks for the question, um so 48 00:03:31,520 --> 00:03:37,040 Speaker 1: our focuse my opinion on small skill farmers in places 49 00:03:37,080 --> 00:03:41,000 Speaker 1: like Africa. The reason is that they are often not 50 00:03:41,200 --> 00:03:45,680 Speaker 1: in the middle of most conversations and they struggle to 51 00:03:46,160 --> 00:03:49,440 Speaker 1: ask us high quality fertilizing seeds just to give contest. 52 00:03:50,040 --> 00:03:53,760 Speaker 1: Fertilizers like mp GE were invented like of our hundred 53 00:03:53,840 --> 00:03:58,080 Speaker 1: years ago. African farmers currently only able to apply about 54 00:03:58,120 --> 00:04:01,560 Speaker 1: wing kilograms pertector while their counterparts in the rest of 55 00:04:01,600 --> 00:04:06,760 Speaker 1: the world apply overwhelming twenty kilograms. So they struggle, but 56 00:04:07,080 --> 00:04:09,600 Speaker 1: at the same time they are tasked with this in 57 00:04:09,640 --> 00:04:13,520 Speaker 1: the most responsibility of feeding one tail of the world today. 58 00:04:13,920 --> 00:04:18,080 Speaker 1: If you look at the situation happening in Madagascar right now, 59 00:04:18,120 --> 00:04:22,080 Speaker 1: where for the first time in our modern history where 60 00:04:22,320 --> 00:04:25,400 Speaker 1: there is farming and there is a fear of food 61 00:04:25,400 --> 00:04:28,159 Speaker 1: insecurity for close to a million people. And this is 62 00:04:28,160 --> 00:04:32,039 Speaker 1: not caused by war, but it's caused entirely by climate change. 63 00:04:32,920 --> 00:04:36,600 Speaker 1: The time is now to come up with innovation and 64 00:04:36,720 --> 00:04:41,000 Speaker 1: services that actually ensures that small scale farmers in places 65 00:04:41,080 --> 00:04:44,479 Speaker 1: like Africa actually get high quality of tidence is on 66 00:04:44,640 --> 00:04:46,760 Speaker 1: time and the support that they need to grow more 67 00:04:46,800 --> 00:04:50,719 Speaker 1: food to feed the future. And Davian mclearend just thinking 68 00:04:50,760 --> 00:04:55,640 Speaker 1: about to say that the short term situation, how how 69 00:04:55,680 --> 00:04:58,600 Speaker 1: bad is it? I think the food and egg system 70 00:04:58,640 --> 00:05:03,520 Speaker 1: has proven to be very resilient, perhaps surprisingly resilient. I 71 00:05:03,560 --> 00:05:07,560 Speaker 1: think it underscores the importance and the benefits of an 72 00:05:07,560 --> 00:05:12,240 Speaker 1: interconnected food supply system. So we've been able to get 73 00:05:12,279 --> 00:05:14,960 Speaker 1: food from where it's produced to where it's needed, with 74 00:05:15,040 --> 00:05:19,360 Speaker 1: some exceptions that have been spot shortages. There's been disruptions. 75 00:05:19,400 --> 00:05:23,360 Speaker 1: But you talk Stephanie about the impact of climate change 76 00:05:23,360 --> 00:05:26,760 Speaker 1: and you think about reduced yields, there's also the components 77 00:05:26,800 --> 00:05:32,840 Speaker 1: of climate volatility, for example, increased hurricanes. So one disruptive 78 00:05:32,880 --> 00:05:35,919 Speaker 1: event that we were impacted by was the hurricane that 79 00:05:36,000 --> 00:05:40,359 Speaker 1: hit the Gulf of Mexico and Louisiana early in the fall, 80 00:05:40,520 --> 00:05:42,920 Speaker 1: which we lost two of our facilities where we load 81 00:05:42,960 --> 00:05:45,279 Speaker 1: the grain that comes down the Mississippi River put it 82 00:05:45,320 --> 00:05:49,080 Speaker 1: onto barges or two ships to get it out, and 83 00:05:49,120 --> 00:05:50,960 Speaker 1: we were shut down for several weeks. We have one 84 00:05:51,000 --> 00:05:54,800 Speaker 1: facility that is still getting up and running. So, notwithstanding 85 00:05:55,160 --> 00:05:59,680 Speaker 1: the inevitable natural disasters coming from climate volatility, by and large, 86 00:06:00,279 --> 00:06:02,960 Speaker 1: the food supply chain has worked pretty well in the 87 00:06:03,080 --> 00:06:07,119 Speaker 1: last year or so with COVID, But nonetheless it's something 88 00:06:07,160 --> 00:06:11,880 Speaker 1: we cannot take for granted. Berna Berman, I've talked about 89 00:06:11,880 --> 00:06:14,920 Speaker 1: people at different stages of the fire chain. New fundamental 90 00:06:15,040 --> 00:06:18,000 Speaker 1: to the science, the products that farmers are putting into 91 00:06:18,040 --> 00:06:21,880 Speaker 1: their ground. How is how is that piece of the 92 00:06:22,000 --> 00:06:27,279 Speaker 1: challenge changed in recent years. There are three things that 93 00:06:27,320 --> 00:06:31,360 Speaker 1: are really important. Number one is that agriculture has become 94 00:06:31,360 --> 00:06:35,400 Speaker 1: more sustainable. Yeah, now more than ever if you look 95 00:06:35,440 --> 00:06:37,680 Speaker 1: at the massive impacts that climate change is going to 96 00:06:37,760 --> 00:06:40,680 Speaker 1: have on all of us, and that means that climate 97 00:06:41,000 --> 00:06:44,800 Speaker 1: that agriculture has to contribute its part to remove of 98 00:06:45,360 --> 00:06:48,880 Speaker 1: greenhouse gases. So we have to find these solutions. The 99 00:06:48,960 --> 00:06:53,800 Speaker 1: second one is um that we have to reduce the 100 00:06:53,839 --> 00:06:57,400 Speaker 1: footprint that is being used by agriculture while at the 101 00:06:57,440 --> 00:07:01,760 Speaker 1: same time increasing yields because as you mentioned, we need 102 00:07:01,800 --> 00:07:04,080 Speaker 1: to produce much more food in the next twenty thirty 103 00:07:04,120 --> 00:07:08,280 Speaker 1: years in order to feed to growing population. So increase 104 00:07:08,360 --> 00:07:13,240 Speaker 1: while at the same time, as a minimum, not increasing acreage, 105 00:07:13,280 --> 00:07:19,080 Speaker 1: but ideally bringing more intensification on existing acreage, while at 106 00:07:19,080 --> 00:07:23,240 Speaker 1: the same time freeing up acreage for reforestation and comments aquestration. 107 00:07:24,000 --> 00:07:28,000 Speaker 1: And the last thing is that we have to find 108 00:07:28,280 --> 00:07:33,480 Speaker 1: much more resilience in agriculture systems, which means, um you know, 109 00:07:33,560 --> 00:07:38,920 Speaker 1: better varieties that can stand drought, your other properties that 110 00:07:38,960 --> 00:07:42,960 Speaker 1: will plan make plants more resilient, and with that create 111 00:07:43,440 --> 00:07:47,720 Speaker 1: your better and more predictable harvards all together. So the 112 00:07:47,760 --> 00:07:50,760 Speaker 1: two examples I would give, since you also touched on 113 00:07:50,760 --> 00:07:55,680 Speaker 1: on fertilizer, is that your fertilizer has been a real 114 00:07:55,800 --> 00:08:01,080 Speaker 1: blessing to modern society because without the invention of nitrogen 115 00:08:01,120 --> 00:08:04,520 Speaker 1: fertilizer about hundred years ago, we wouldn't be able to 116 00:08:04,560 --> 00:08:07,440 Speaker 1: feed the people that we have on the planet today. 117 00:08:07,640 --> 00:08:10,480 Speaker 1: Having said that, after a hundred years, there may be 118 00:08:10,840 --> 00:08:14,720 Speaker 1: you know, the next big revolution coming that is informed 119 00:08:14,760 --> 00:08:17,320 Speaker 1: by biology on one side and bio technology and on 120 00:08:17,360 --> 00:08:20,760 Speaker 1: the other side by artificially intelligence. That's what people call 121 00:08:21,040 --> 00:08:24,680 Speaker 1: the bio revolution. And what we're working on specifically is 122 00:08:24,720 --> 00:08:29,720 Speaker 1: to find ways to teach plants to fixate nitrogen out 123 00:08:29,760 --> 00:08:32,800 Speaker 1: of the year rather than having it produced and then 124 00:08:33,480 --> 00:08:36,480 Speaker 1: put on the acre, which is a huge contributor to 125 00:08:36,559 --> 00:08:39,760 Speaker 1: global warming because that alone accounts for about four percent 126 00:08:39,800 --> 00:08:44,680 Speaker 1: of greenhouse gas production annually. The second piece that is 127 00:08:44,679 --> 00:08:48,600 Speaker 1: equally important is when it comes to resilience of plants. Um. 128 00:08:48,640 --> 00:08:52,079 Speaker 1: You know, in the sixties there was you know, one 129 00:08:52,120 --> 00:08:54,800 Speaker 1: of the big then called green revolutions that was driven 130 00:08:54,880 --> 00:08:59,000 Speaker 1: by the inventions of sir normal bollock with a shorter 131 00:08:59,200 --> 00:09:05,120 Speaker 1: growing and more resilient wheat that tripled the yield in India. 132 00:09:05,320 --> 00:09:09,600 Speaker 1: Today we are working on something similar in corn. We 133 00:09:09,679 --> 00:09:14,400 Speaker 1: are a short statue of corn which is less susceptible 134 00:09:14,480 --> 00:09:18,640 Speaker 1: to lodging and which can be planted much more denser, yeah, 135 00:09:18,800 --> 00:09:23,200 Speaker 1: and can also yield Other agriculture practice is the next 136 00:09:23,240 --> 00:09:25,800 Speaker 1: big thing to come, and you know we've started that 137 00:09:25,880 --> 00:09:30,480 Speaker 1: with your some preproduction launches in um in Mexico and 138 00:09:30,520 --> 00:09:32,320 Speaker 1: we are scaling up over the next years to come. 139 00:09:32,840 --> 00:09:36,319 Speaker 1: So those are the answers that we're working on with 140 00:09:36,320 --> 00:09:47,880 Speaker 1: with our people, Saramanca. When we think about sort of 141 00:09:47,880 --> 00:09:51,360 Speaker 1: squaring the circle, where does where does data and where 142 00:09:51,360 --> 00:09:53,959 Speaker 1: does where does grave intelligence come in? Yeah, I mean 143 00:09:54,320 --> 00:09:57,040 Speaker 1: in some ways, I think the answer is capital. Right, 144 00:09:57,400 --> 00:10:00,480 Speaker 1: all of this is going to cost money, and that 145 00:10:00,600 --> 00:10:03,679 Speaker 1: money comes with risk, and you have to price the 146 00:10:03,800 --> 00:10:07,480 Speaker 1: risk associated with the capital that gets deployed. And uh, 147 00:10:07,640 --> 00:10:10,240 Speaker 1: you know, the example I gave you was I was 148 00:10:10,440 --> 00:10:13,920 Speaker 1: in my past life and an energy trader, and when 149 00:10:14,000 --> 00:10:16,280 Speaker 1: I first started trading oil and gas, if a producer 150 00:10:16,320 --> 00:10:18,560 Speaker 1: came and wanted to hedge oil two years forward, it 151 00:10:18,640 --> 00:10:21,160 Speaker 1: was very difficult for us to go out into the 152 00:10:21,160 --> 00:10:23,560 Speaker 1: market and sell that two years forward. By the time 153 00:10:23,559 --> 00:10:27,280 Speaker 1: I left to start grow, we could sell it ten 154 00:10:27,360 --> 00:10:30,920 Speaker 1: twenty years forward. That funded all sorts of innovations in 155 00:10:30,920 --> 00:10:33,480 Speaker 1: the energy market that made things like shale oil, shale 156 00:10:33,520 --> 00:10:37,280 Speaker 1: gas possible. Gas prices went down, coal got priced out 157 00:10:37,280 --> 00:10:40,400 Speaker 1: of the market, renewables became a possibility, so that there 158 00:10:40,480 --> 00:10:44,600 Speaker 1: was really long term changes that happened because capital flowed well. 159 00:10:44,880 --> 00:10:47,520 Speaker 1: Capital flows well when there is good information, and so 160 00:10:47,640 --> 00:10:53,199 Speaker 1: data becomes necessary infrastructure for driving transformation and change, because 161 00:10:53,240 --> 00:10:56,160 Speaker 1: this change is going to require lots and lots of 162 00:10:56,200 --> 00:10:59,720 Speaker 1: capital and lots of long term capital, and agriculture capital 163 00:10:59,760 --> 00:11:02,280 Speaker 1: today is too short term. I mean I think that 164 00:11:02,600 --> 00:11:05,000 Speaker 1: and and data is infrastructure, which is just view it 165 00:11:05,040 --> 00:11:08,480 Speaker 1: as a highway. Probably Bloomberg is the one company that 166 00:11:08,520 --> 00:11:10,400 Speaker 1: you don't have to give elected to about the importance 167 00:11:10,400 --> 00:11:13,080 Speaker 1: of data and the impact the power of data and 168 00:11:13,160 --> 00:11:17,840 Speaker 1: transparency in pricing, in in fueling a whole global company. 169 00:11:17,880 --> 00:11:23,280 Speaker 1: Let's lean anything else that the capital piece. I know, Alosius, 170 00:11:23,360 --> 00:11:26,240 Speaker 1: you're that's one of the things that you're focused on 171 00:11:26,240 --> 00:11:29,719 Speaker 1: trying to bring to farmers, So just explain that. But well, 172 00:11:29,840 --> 00:11:33,400 Speaker 1: so the lists of funding for most farmers, and you 173 00:11:33,440 --> 00:11:37,120 Speaker 1: know in place like Ghana is mostly banks. Banks required 174 00:11:37,160 --> 00:11:39,920 Speaker 1: farmas to bring some form of cola trying in order 175 00:11:39,920 --> 00:11:44,000 Speaker 1: to ask as capital. That alone is a limiting FATA 176 00:11:44,280 --> 00:11:48,240 Speaker 1: on how much money farmas can get. And farmasing need 177 00:11:48,280 --> 00:11:50,360 Speaker 1: money for front a few things they need money to 178 00:11:50,360 --> 00:11:55,320 Speaker 1: ask as deferiti, Lisa and seats um and without affordable capital, 179 00:11:55,440 --> 00:11:59,440 Speaker 1: without enough blended capital around, farmers alre often constrained on 180 00:11:59,480 --> 00:12:01,680 Speaker 1: the amount of fertilize that they can get to tell 181 00:12:01,760 --> 00:12:04,480 Speaker 1: the alliance grow more food and make more money. So 182 00:12:04,600 --> 00:12:07,360 Speaker 1: there's a massive opportunity, you know, to food a gap 183 00:12:07,440 --> 00:12:09,920 Speaker 1: and that's what farmer Line does. We digitized O by 184 00:12:10,000 --> 00:12:13,200 Speaker 1: million farmers and we finance farmers and we use alternative 185 00:12:13,280 --> 00:12:16,560 Speaker 1: data sources to give us information about the farmer and 186 00:12:16,600 --> 00:12:19,480 Speaker 1: that allows us to take risk in giving them money 187 00:12:19,559 --> 00:12:22,520 Speaker 1: to purchase fertililliance seeds. That allows us to purchase their 188 00:12:22,600 --> 00:12:24,080 Speaker 1: food cross at the end of the season so that 189 00:12:24,160 --> 00:12:26,640 Speaker 1: they can make more money. But were one company, we 190 00:12:26,720 --> 00:12:30,280 Speaker 1: can't do it all. So there's a need for governments. 191 00:12:30,320 --> 00:12:34,400 Speaker 1: There's a need for BEERFCE corporations to come together and 192 00:12:34,480 --> 00:12:39,760 Speaker 1: find new ways to make capital affordable for farmers so 193 00:12:39,920 --> 00:12:42,000 Speaker 1: they can be able to get all the tools that 194 00:12:42,040 --> 00:12:44,360 Speaker 1: they need in order to grow more food, you know, 195 00:12:44,400 --> 00:12:47,400 Speaker 1: to feed the future. But how much is so when 196 00:12:47,600 --> 00:12:52,200 Speaker 1: Berna Berman talks about the technological solutions of how do 197 00:12:52,280 --> 00:12:54,360 Speaker 1: you use you want to use less acred, you want 198 00:12:54,400 --> 00:12:56,720 Speaker 1: to reforest, you want to have the how much does 199 00:12:56,800 --> 00:12:59,520 Speaker 1: that figure in the day to day calculations of the 200 00:12:59,559 --> 00:13:03,559 Speaker 1: farmers that you work with, your your count down to 201 00:13:03,640 --> 00:13:07,840 Speaker 1: training you know, and and giving our information to farmers. Right, So, 202 00:13:08,200 --> 00:13:11,960 Speaker 1: the biggest challenge today is that the information that actually 203 00:13:11,960 --> 00:13:17,040 Speaker 1: exists is in it's in English, it's in its online, 204 00:13:17,280 --> 00:13:21,079 Speaker 1: it's not informers that farmers can easily understand. And if 205 00:13:21,120 --> 00:13:24,360 Speaker 1: you pass information down to a farmer and you don't 206 00:13:24,400 --> 00:13:27,240 Speaker 1: train them properly, um, if there's no proper training, there 207 00:13:27,280 --> 00:13:28,600 Speaker 1: can be in a change in behavior, and there's no 208 00:13:28,600 --> 00:13:30,760 Speaker 1: training in behavior, they will not be any adoption. So 209 00:13:30,880 --> 00:13:34,720 Speaker 1: the transition from both practices to climate smart practices actually 210 00:13:34,760 --> 00:13:38,360 Speaker 1: slows down. So there is massive room to figure out 211 00:13:38,360 --> 00:13:42,560 Speaker 1: a way to use digital tools to offer information to 212 00:13:42,640 --> 00:13:45,079 Speaker 1: farmers in the language and the format that they can 213 00:13:45,120 --> 00:13:48,880 Speaker 1: easily understand. GNA alone has fifty eight local languages, fifty 214 00:13:49,080 --> 00:13:51,120 Speaker 1: Nigeria has two hundred. So if you want to be 215 00:13:51,160 --> 00:13:53,520 Speaker 1: able to communicate, um, you know, you know how to 216 00:13:54,040 --> 00:13:57,920 Speaker 1: use SIS well, how to uh you know plants to 217 00:13:57,960 --> 00:14:00,760 Speaker 1: reduce the impacts of climates on the soil, and you 218 00:14:00,800 --> 00:14:02,160 Speaker 1: need to be able to meet it from a way 219 00:14:02,160 --> 00:14:03,760 Speaker 1: they are and look, our language is one of the 220 00:14:03,800 --> 00:14:06,000 Speaker 1: ways to go giving them information in the language I 221 00:14:06,120 --> 00:14:09,360 Speaker 1: understand and leriaging. They trust network that is around farm 222 00:14:09,440 --> 00:14:12,840 Speaker 1: is the agents in their community destination officers. Those are 223 00:14:12,880 --> 00:14:15,240 Speaker 1: still very relevant. David, I mean I think that the 224 00:14:15,280 --> 00:14:18,440 Speaker 1: problem is often that the resources will go to the 225 00:14:18,520 --> 00:14:21,240 Speaker 1: developed markets. You go where the money is. And actually 226 00:14:21,240 --> 00:14:23,680 Speaker 1: when it comes to something certainly we know the environmental 227 00:14:23,760 --> 00:14:27,280 Speaker 1: challenges is the greatest in the places where perhaps the 228 00:14:27,320 --> 00:14:31,040 Speaker 1: market opportunity has been smallest in the past or less obvious. 229 00:14:31,240 --> 00:14:33,520 Speaker 1: So how I mean, are we doing enough to help 230 00:14:34,400 --> 00:14:38,560 Speaker 1: farmers do this kind of innovation? Are we spending enough 231 00:14:38,640 --> 00:14:41,040 Speaker 1: time in capital where it's near the most answers know? 232 00:14:42,240 --> 00:14:46,040 Speaker 1: And particularly in Africa, I mean Ala Wishes a very 233 00:14:46,040 --> 00:14:50,200 Speaker 1: descriptive spokesperson of what can be done in Africa for example, 234 00:14:50,400 --> 00:14:53,880 Speaker 1: So years of guys in Zambia where we are, we 235 00:14:53,920 --> 00:14:56,320 Speaker 1: have we had a farmer training program at the time 236 00:14:56,360 --> 00:14:59,640 Speaker 1: and they apply their fertilizer with a bottle cap from 237 00:14:59,800 --> 00:15:03,080 Speaker 1: a soda bottle, and so you can, you can and 238 00:15:03,160 --> 00:15:08,720 Speaker 1: you can triple and quadruple yields by here's modern fertilizer technique. 239 00:15:08,760 --> 00:15:11,560 Speaker 1: Here's when you should bring your crops to market, Here's 240 00:15:11,560 --> 00:15:14,840 Speaker 1: how you can store them effectively. Here's modern watering techniques, 241 00:15:14,880 --> 00:15:19,040 Speaker 1: building up burms so to prevent erosion. But the scalability 242 00:15:19,320 --> 00:15:23,360 Speaker 1: at a small scale, working with farmers, and so I've 243 00:15:23,400 --> 00:15:26,240 Speaker 1: listened to each one of the panelists, it all comes 244 00:15:26,280 --> 00:15:29,840 Speaker 1: back to the farmer, whether it's data or seed technology. 245 00:15:30,440 --> 00:15:32,800 Speaker 1: To Sarah's point about getting better data to help to 246 00:15:32,880 --> 00:15:37,600 Speaker 1: allowish is talking about training. That's where it begins. It's 247 00:15:37,640 --> 00:15:41,200 Speaker 1: not just yields, but it's also in terms of sustainability, 248 00:15:41,240 --> 00:15:43,720 Speaker 1: which is a topic I would imagine we'll start we'll 249 00:15:43,720 --> 00:15:47,240 Speaker 1: talk about in a few minutes. I feel like we're 250 00:15:47,240 --> 00:15:52,320 Speaker 1: talking about it now. Um. But then you mentioned the 251 00:15:52,400 --> 00:15:56,200 Speaker 1: revel green Revolution, and obviously there's been at stages in 252 00:15:56,240 --> 00:15:58,960 Speaker 1: the last thursy or forty years where that kind of 253 00:15:59,000 --> 00:16:01,920 Speaker 1: innovation has been called introversial. That's been questions about the 254 00:16:02,240 --> 00:16:09,840 Speaker 1: impact of it GMOs whether sort of latest round of that. UM. 255 00:16:09,880 --> 00:16:12,120 Speaker 1: I would say the debate has been reopened by the 256 00:16:12,240 --> 00:16:15,720 Speaker 1: urgency of some of the challenges that we're facing on 257 00:16:15,800 --> 00:16:19,280 Speaker 1: the climate front. Yeah. Yeah, that that that's an interesting one. Stephanie. 258 00:16:19,320 --> 00:16:23,080 Speaker 1: The first question is has that controversy been going on 259 00:16:23,160 --> 00:16:25,680 Speaker 1: for the right reasons or not? And if you die 260 00:16:25,760 --> 00:16:30,360 Speaker 1: back to when the controversy around GMO began, it was 261 00:16:30,400 --> 00:16:34,760 Speaker 1: actually a discussion that originated a green piece when it 262 00:16:34,840 --> 00:16:37,240 Speaker 1: came to the next big campaign, yea that you could 263 00:16:37,480 --> 00:16:40,760 Speaker 1: spook most people with, Yeah, and which better area to 264 00:16:40,840 --> 00:16:45,000 Speaker 1: do that. Then with food that's where had started. You said, hey, 265 00:16:45,040 --> 00:16:47,520 Speaker 1: we have to go after that or against that technology 266 00:16:48,320 --> 00:16:51,600 Speaker 1: because that's a frank and foods that's that's a fantastic 267 00:16:51,600 --> 00:16:54,440 Speaker 1: fundraising opportunity. And what they did with it. Yeah, and 268 00:16:54,800 --> 00:16:56,840 Speaker 1: depending on who you talked to today, they will also 269 00:16:56,880 --> 00:17:00,400 Speaker 1: acknowledge it is that they prevented an awful lot of people, 270 00:17:00,520 --> 00:17:02,680 Speaker 1: you are, from having the benefits of that technology. In 271 00:17:02,720 --> 00:17:06,080 Speaker 1: particularly if you look at, for example, vitamin A and 272 00:17:06,240 --> 00:17:09,880 Speaker 1: rich rice golden rice that has been deregulated and improved 273 00:17:09,880 --> 00:17:12,080 Speaker 1: in a number of countries by now, that would have 274 00:17:12,160 --> 00:17:15,240 Speaker 1: prevented many, many many kids from you know, getting blind 275 00:17:15,840 --> 00:17:19,720 Speaker 1: because of that vitamin deficiency. So having said that, I 276 00:17:19,760 --> 00:17:23,359 Speaker 1: think there's an increasing acknowledgement of how important that technology 277 00:17:23,400 --> 00:17:25,480 Speaker 1: is for a number of reasons. Also when it comes 278 00:17:25,480 --> 00:17:30,600 Speaker 1: to so standable farming practices and obviously today both with 279 00:17:30,880 --> 00:17:36,000 Speaker 1: traditional gmore and then on the horizon new modern breeding technologies, 280 00:17:36,080 --> 00:17:39,880 Speaker 1: which means applying new technology such as crisper cass gene 281 00:17:40,000 --> 00:17:45,080 Speaker 1: editing for position breeding that is quote unquote nature identical 282 00:17:45,119 --> 00:17:48,639 Speaker 1: and not translandic. Uh. This is something that we see 283 00:17:48,760 --> 00:17:54,240 Speaker 1: with let's say renewed openness also when it comes to deregulation. 284 00:17:54,920 --> 00:17:57,639 Speaker 1: And before we entered the stage, I was talking to 285 00:17:57,680 --> 00:18:00,320 Speaker 1: a large use that we see that now happening in Frica, 286 00:18:00,359 --> 00:18:03,919 Speaker 1: which is interesting that Africa takes the lead here is 287 00:18:04,080 --> 00:18:06,800 Speaker 1: some of these approvals now in in Ghana and I 288 00:18:07,040 --> 00:18:10,879 Speaker 1: area were actually Europe is falling behind. We have it 289 00:18:11,040 --> 00:18:14,200 Speaker 1: in North America, we have been Latin America, and Europe 290 00:18:14,320 --> 00:18:16,919 Speaker 1: has been which has been a little bit agnostic to 291 00:18:16,960 --> 00:18:19,239 Speaker 1: some of these modern technologies for the wrong reasons. It's 292 00:18:19,280 --> 00:18:22,440 Speaker 1: falling behind. But there's hope that we'll catch up also 293 00:18:22,480 --> 00:18:25,800 Speaker 1: with new legislation that might be uh, you know, coming 294 00:18:25,800 --> 00:18:28,840 Speaker 1: over the next years. David on the just on the 295 00:18:28,920 --> 00:18:31,520 Speaker 1: g M A piece and if it's not everyone's popular 296 00:18:31,560 --> 00:18:35,520 Speaker 1: favorite subject, but when you think when you talk about 297 00:18:35,600 --> 00:18:37,919 Speaker 1: the long term picture is it does it have to 298 00:18:37,960 --> 00:18:41,399 Speaker 1: be part of the story for all of the discomfort 299 00:18:41,480 --> 00:18:45,879 Speaker 1: somehow it absolutely does. So, I mean, I'm about to 300 00:18:45,920 --> 00:18:48,159 Speaker 1: start my ninth year in this job. So when I 301 00:18:48,200 --> 00:18:54,560 Speaker 1: first started in this role, GMOs were the hot topic, 302 00:18:54,640 --> 00:18:59,240 Speaker 1: whether it be protesters and literature, and we could not 303 00:18:59,320 --> 00:19:03,840 Speaker 1: figure out why because ultimately GMOs I mean they got 304 00:19:03,880 --> 00:19:07,159 Speaker 1: branded frank and food, but Ultimately, they have been behind 305 00:19:07,280 --> 00:19:10,600 Speaker 1: since the ninth you know, early part of the of 306 00:19:10,640 --> 00:19:16,520 Speaker 1: the twentieth century, increased yields, increased access to food, increased 307 00:19:16,520 --> 00:19:20,320 Speaker 1: farmer livelihoods around the world, and they're a tool for sustainability. 308 00:19:20,320 --> 00:19:24,200 Speaker 1: But that the dialogue, the storyline got into the system, 309 00:19:24,240 --> 00:19:28,200 Speaker 1: which is they're bad for you. There you shouldn't consume them. 310 00:19:28,240 --> 00:19:31,480 Speaker 1: But things like um, you know what Warner talked about 311 00:19:31,560 --> 00:19:35,160 Speaker 1: cross breeding or you know, they're mangoes have been gmo 312 00:19:35,240 --> 00:19:38,919 Speaker 1: engineers since the nineteen sixties, but I think people became 313 00:19:39,000 --> 00:19:42,800 Speaker 1: fearful of them. To the follow up, Stephanie about soil health, 314 00:19:42,920 --> 00:19:47,120 Speaker 1: you're absolutely right, and this next iteration or I'll say, 315 00:19:47,119 --> 00:19:52,600 Speaker 1: the current iteration of sustainability in farming has to include 316 00:19:52,640 --> 00:19:56,919 Speaker 1: regenerative agriculture, whether it be no till, whether it be 317 00:19:57,040 --> 00:20:00,439 Speaker 1: crop rotation, but to improve soil health, and you soil 318 00:20:00,480 --> 00:20:05,520 Speaker 1: for carbon sequestration is becoming more so and will become 319 00:20:05,560 --> 00:20:09,400 Speaker 1: more so part of the solution to improve farmer livelihoods 320 00:20:09,440 --> 00:20:15,919 Speaker 1: and to improve the greenhouse gas footprint of farming. Sustainability 321 00:20:15,920 --> 00:20:20,080 Speaker 1: has been part of agriculture since agriculture ever started, right 322 00:20:20,080 --> 00:20:24,240 Speaker 1: like since the Neolithic revolution. Essentially and so I think 323 00:20:24,240 --> 00:20:30,560 Speaker 1: sustainability is is is a core part of the agricultural ecosystem, 324 00:20:30,640 --> 00:20:33,800 Speaker 1: and so it's not the data as an answer, but 325 00:20:33,880 --> 00:20:38,520 Speaker 1: that it is actually agriculture and people who understand agricultural markets, 326 00:20:38,720 --> 00:20:42,879 Speaker 1: I would argue, probably understand our earth, the environment, and 327 00:20:43,040 --> 00:20:46,840 Speaker 1: climate in ways that the average person in this world 328 00:20:47,040 --> 00:20:51,520 Speaker 1: don't understand because their reality. Every single day. There was 329 00:20:51,560 --> 00:20:53,680 Speaker 1: a there was a famous quote I had seen once 330 00:20:53,720 --> 00:20:57,840 Speaker 1: that said eating is an agricultural act. And it was 331 00:20:57,840 --> 00:21:00,040 Speaker 1: a T shirt actually at a coffee shop, and I 332 00:21:00,040 --> 00:21:02,119 Speaker 1: I bought it. Then I went and I got my 333 00:21:02,160 --> 00:21:04,000 Speaker 1: team to make a new version of that t shirt, 334 00:21:04,280 --> 00:21:08,800 Speaker 1: which was living as an agricultural act. Because if you 335 00:21:09,240 --> 00:21:12,680 Speaker 1: ask people the question what's your first interaction with agriculture 336 00:21:13,560 --> 00:21:15,760 Speaker 1: when you wake up in the morning, most people say 337 00:21:15,960 --> 00:21:19,159 Speaker 1: my cup of coffee. They forget about the sheet of 338 00:21:19,240 --> 00:21:22,000 Speaker 1: cotton they slept in, They forget about the fact that 339 00:21:22,040 --> 00:21:25,359 Speaker 1: the soaps they used have oils, they forget about the 340 00:21:25,359 --> 00:21:28,520 Speaker 1: mint in their toothpaste. It is so a core part 341 00:21:28,560 --> 00:21:31,440 Speaker 1: of our life and every part of the way we live, 342 00:21:32,000 --> 00:21:34,359 Speaker 1: and we don't understand it. And I think I really 343 00:21:34,359 --> 00:21:38,160 Speaker 1: believe that sort of the contribution that the agricultural industry 344 00:21:38,200 --> 00:21:41,439 Speaker 1: as a whole can have two dialogues around sustainability and 345 00:21:41,480 --> 00:21:44,800 Speaker 1: to driving change in sort of the world is large, 346 00:21:44,840 --> 00:21:49,320 Speaker 1: and I think we're only just beginning. Feeding the world 347 00:21:49,400 --> 00:21:51,200 Speaker 1: is partly, but the more you get into this debate 348 00:21:51,320 --> 00:21:55,119 Speaker 1: is partly about not throwing food away. We're throwing away 349 00:21:55,119 --> 00:21:58,159 Speaker 1: a third of our food. I mean, David, isn't that 350 00:21:58,280 --> 00:22:01,359 Speaker 1: a How does a as a business like you would 351 00:22:01,480 --> 00:22:07,480 Speaker 1: address that issue? Yeah, it's I mean food waste exists 352 00:22:07,520 --> 00:22:11,160 Speaker 1: at all parts of the chain, and so if anybody 353 00:22:11,200 --> 00:22:14,959 Speaker 1: who is American or has dying in American food service 354 00:22:15,040 --> 00:22:20,119 Speaker 1: knows the portions are obscene um and rarely get fully 355 00:22:20,160 --> 00:22:24,600 Speaker 1: consumed or they shouldn't be consumed for for health purposes. 356 00:22:25,720 --> 00:22:30,719 Speaker 1: But I think it's what we're focusing on is waste 357 00:22:30,800 --> 00:22:33,800 Speaker 1: on the front end of the supply chain. So I 358 00:22:33,840 --> 00:22:40,160 Speaker 1: think when you focus on improving farmer education, modernizing farming techniques, 359 00:22:40,680 --> 00:22:45,080 Speaker 1: the use of GMOs to better utilize the resources that 360 00:22:45,240 --> 00:22:50,159 Speaker 1: go into production of food, to production of everything. To 361 00:22:50,280 --> 00:22:55,040 Speaker 1: Sarah's good point, that's where I think waste can be eliminated, 362 00:22:55,080 --> 00:22:57,360 Speaker 1: and it's not as visible. People don't see the front 363 00:22:57,480 --> 00:23:00,119 Speaker 1: end of the supply chain. They see how a to 364 00:23:00,160 --> 00:23:02,600 Speaker 1: waste they you know, as I said, in food service 365 00:23:02,600 --> 00:23:05,840 Speaker 1: and restaurants, or it might be in food has gone bad. 366 00:23:06,720 --> 00:23:09,000 Speaker 1: But I think there's various parts, and it might be 367 00:23:09,080 --> 00:23:10,919 Speaker 1: in the middle part of the supply chain where it 368 00:23:11,000 --> 00:23:13,520 Speaker 1: gets shipped or processed. But there's a lot of parts 369 00:23:13,600 --> 00:23:18,119 Speaker 1: of the egg and food supply chain where waste contributes 370 00:23:18,160 --> 00:23:21,040 Speaker 1: to inefficiency and high costs. But I think what the 371 00:23:21,040 --> 00:23:24,679 Speaker 1: consumer sees is just one part of it. From Cargio standpoint, 372 00:23:25,280 --> 00:23:27,600 Speaker 1: we're focusing where we're gonna have a bigger impact, which 373 00:23:27,680 --> 00:23:30,120 Speaker 1: is on the front end, where where and when it's 374 00:23:30,160 --> 00:23:39,439 Speaker 1: being produced. It couldn't help noticing that Elon Musk had 375 00:23:39,480 --> 00:23:43,679 Speaker 1: a bit of money to spend on solving the problem 376 00:23:43,680 --> 00:23:48,800 Speaker 1: of global hunger. I think it was six billion, six billion, 377 00:23:49,119 --> 00:23:51,399 Speaker 1: So always says, how should he spend his six billion? 378 00:23:52,600 --> 00:23:54,360 Speaker 1: What was your plan for him? I'm sure you sent 379 00:23:54,400 --> 00:23:57,920 Speaker 1: it to him. You tweeted, well, you know, I wish, 380 00:23:57,960 --> 00:24:03,399 Speaker 1: I wish i'd threaten him. Um, I'm sure you tweet back. Yeah, Like, 381 00:24:03,400 --> 00:24:09,280 Speaker 1: if I gets six villain, I would invest in infrastructure, 382 00:24:10,000 --> 00:24:14,920 Speaker 1: right like because fundamentally, like our invest in moving farmers, 383 00:24:15,040 --> 00:24:19,520 Speaker 1: small skill farmers from takers to a place where they 384 00:24:19,520 --> 00:24:22,720 Speaker 1: have more options and choices. You and I we can 385 00:24:22,760 --> 00:24:25,560 Speaker 1: go on Amazon, Google and or whatever we want. Farmers 386 00:24:25,600 --> 00:24:28,560 Speaker 1: are often takets of services. We have one guy in 387 00:24:28,600 --> 00:24:31,439 Speaker 1: the village that specialized and that's it. There will be 388 00:24:31,480 --> 00:24:34,399 Speaker 1: some eight projects that comes and that's good work. That 389 00:24:34,400 --> 00:24:36,080 Speaker 1: would last for three or four years and then they'll 390 00:24:36,119 --> 00:24:39,159 Speaker 1: go away. Right Like, what has to happen is that 391 00:24:39,200 --> 00:24:41,120 Speaker 1: they need to have more options and choices where people 392 00:24:41,160 --> 00:24:44,040 Speaker 1: compete on quality and price. UM. So I will build 393 00:24:44,040 --> 00:24:47,680 Speaker 1: infrastructure that will give them more services on the farm, 394 00:24:48,040 --> 00:24:50,240 Speaker 1: and that will give the more services in life too, 395 00:24:50,359 --> 00:24:53,560 Speaker 1: because farmers are humans and they um In order to 396 00:24:53,800 --> 00:24:55,760 Speaker 1: for them to keep growing food, to take care of us, 397 00:24:55,760 --> 00:24:57,280 Speaker 1: they need to be healthy. They need to be well 398 00:24:57,320 --> 00:25:00,040 Speaker 1: in life. So that's what I will invest money on. 399 00:25:00,119 --> 00:25:02,960 Speaker 1: And if you're build infrastructure, if they have good roads, 400 00:25:02,960 --> 00:25:05,760 Speaker 1: they have good storage facilities, they would be able to 401 00:25:05,800 --> 00:25:09,080 Speaker 1: reduce both others lots. Right, they will maintain quality of food. 402 00:25:09,119 --> 00:25:11,200 Speaker 1: When they maintain quality of the food, they get paid more. 403 00:25:11,760 --> 00:25:15,040 Speaker 1: Right so, and if they want fertilizer like today last year, 404 00:25:15,080 --> 00:25:16,760 Speaker 1: but this time the price of mp K was two 405 00:25:17,760 --> 00:25:21,800 Speaker 1: in two paton today's thousand dollars, right, If they have 406 00:25:22,440 --> 00:25:26,800 Speaker 1: the infrastructures fertilizer, it's gone up five phones exactly right, 407 00:25:26,920 --> 00:25:29,359 Speaker 1: and they did nothing to to contribute to that. If 408 00:25:29,359 --> 00:25:32,080 Speaker 1: they have the if there is an infrastructure that people 409 00:25:32,440 --> 00:25:34,920 Speaker 1: would be able to easily reach them and they'll compete 410 00:25:34,960 --> 00:25:36,800 Speaker 1: on quality and price. So that's what I'll use the 411 00:25:36,840 --> 00:25:40,240 Speaker 1: money for. If given the chance, Day didn't have to 412 00:25:40,280 --> 00:25:42,760 Speaker 1: ask you, also, where do you think it's the market 413 00:25:42,800 --> 00:25:45,919 Speaker 1: failure that six billion would help solve? I would go 414 00:25:46,000 --> 00:25:48,800 Speaker 1: back to what I was saying about farmer education, training, 415 00:25:48,960 --> 00:25:52,919 Speaker 1: regenerative agg the points that we're just made soil health 416 00:25:53,400 --> 00:25:57,520 Speaker 1: to increase syields but also increased livelihoods in places like Africa. 417 00:25:58,359 --> 00:26:02,920 Speaker 1: And then I would also say, uh, infrastructure, so oh yeah, 418 00:26:03,040 --> 00:26:05,280 Speaker 1: the US just passed a bill on that, but does 419 00:26:05,320 --> 00:26:09,680 Speaker 1: it get to places like ports and river ways South 420 00:26:09,720 --> 00:26:15,240 Speaker 1: America as well. So you've got this massive crop growing 421 00:26:15,480 --> 00:26:18,840 Speaker 1: region of the world, South America, which doesn't yet have 422 00:26:19,080 --> 00:26:22,280 Speaker 1: the appropriate infrastructure to get it out of the fields 423 00:26:22,520 --> 00:26:24,520 Speaker 1: and to the consumer. Doesn't do any good if you 424 00:26:24,560 --> 00:26:27,480 Speaker 1: increase yields and increase farmer training and education. If you 425 00:26:27,480 --> 00:26:30,520 Speaker 1: can't get it to where it's needed. And so, but 426 00:26:30,640 --> 00:26:33,320 Speaker 1: that's also true. You know that there's aging infrastructure in 427 00:26:33,359 --> 00:26:36,879 Speaker 1: the US. What does it take It was the disruption 428 00:26:36,920 --> 00:26:39,600 Speaker 1: in the Gulf from that hurricane avoidable because of better 429 00:26:39,600 --> 00:26:44,000 Speaker 1: infrastructure maybe maybe or infrastructure that's going to be able 430 00:26:44,000 --> 00:26:46,560 Speaker 1: to stand up better to the natural disasters which are 431 00:26:46,600 --> 00:26:51,440 Speaker 1: inevitably coming with increasing frequency due to climate of volatility. 432 00:26:51,520 --> 00:26:54,240 Speaker 1: And then I would say whatever is left over to 433 00:26:54,320 --> 00:26:57,560 Speaker 1: give it to Sarah and Aloish's company to help farmers 434 00:26:57,560 --> 00:27:01,119 Speaker 1: and then build the data. Sarah, I suspect a lot 435 00:27:01,200 --> 00:27:04,119 Speaker 1: of the different pieces have been said, But where do 436 00:27:04,160 --> 00:27:07,160 Speaker 1: you think would be a really kind of catalyzing investment 437 00:27:07,240 --> 00:27:10,160 Speaker 1: that Elon could make? Well, I was gonna say, it's 438 00:27:10,160 --> 00:27:12,360 Speaker 1: going to take a lot more than six billion dollars, 439 00:27:12,400 --> 00:27:15,399 Speaker 1: and I don't think we want to trivialize the amount 440 00:27:15,440 --> 00:27:18,679 Speaker 1: of investment it's going to take. When we talk about infrastructure, right, 441 00:27:18,720 --> 00:27:22,720 Speaker 1: it's infrastructure in terms of storage of grain for farmers, right. 442 00:27:22,760 --> 00:27:27,520 Speaker 1: And when you are looking at um small scale farming 443 00:27:28,000 --> 00:27:31,879 Speaker 1: scale doesn't existence. So therefore the cost of infrastructure infrastructure 444 00:27:32,040 --> 00:27:34,639 Speaker 1: is artificially too high. So how do you actually create 445 00:27:34,680 --> 00:27:39,159 Speaker 1: aggregation methodologies that help us develop scale in communities and 446 00:27:39,200 --> 00:27:41,880 Speaker 1: in parts of the world where that scale doesn't exist, right, 447 00:27:41,920 --> 00:27:47,280 Speaker 1: I mean, these are really expensive, like undertaking. And so 448 00:27:47,440 --> 00:27:50,520 Speaker 1: my my answer to the six billion dollars is I 449 00:27:50,560 --> 00:27:55,360 Speaker 1: would actually use that to create a financial institution that 450 00:27:55,440 --> 00:28:00,159 Speaker 1: would help create the mechanisms to start financing all the 451 00:28:00,280 --> 00:28:03,359 Speaker 1: changes that then need to be made. Right, And I 452 00:28:04,000 --> 00:28:07,040 Speaker 1: think one of the things to think about when thinking 453 00:28:07,080 --> 00:28:09,560 Speaker 1: about sort of the financial markets as it relates to 454 00:28:09,560 --> 00:28:13,120 Speaker 1: agriculture that I had not fully appreciated when I left 455 00:28:13,160 --> 00:28:16,800 Speaker 1: to start grows. Only a handful of agricultural products are 456 00:28:16,800 --> 00:28:21,520 Speaker 1: even traded on a formal exchange. Most agricultural trades happen 457 00:28:21,640 --> 00:28:23,919 Speaker 1: day to day, week to week. That's it. That's the 458 00:28:23,920 --> 00:28:27,240 Speaker 1: way most of the market works. And we have to 459 00:28:27,320 --> 00:28:31,080 Speaker 1: change that because I think and you change that through capital, 460 00:28:31,320 --> 00:28:35,159 Speaker 1: and I think creating new forms of financial institutions that 461 00:28:35,240 --> 00:28:39,560 Speaker 1: truly innovate new models of financing agriculture is a place 462 00:28:39,640 --> 00:28:42,160 Speaker 1: that I think one could put a lot of good use. 463 00:28:42,560 --> 00:28:45,280 Speaker 1: You know, the six billion dollars could actually realistically create 464 00:28:45,360 --> 00:28:49,200 Speaker 1: that sort of next level infrastructure that I think is necessary. 465 00:28:49,760 --> 00:28:53,200 Speaker 1: You're all in different ways. At the heart of this challenge, 466 00:28:54,080 --> 00:28:56,200 Speaker 1: do you sometimes wonder you think this is actually the 467 00:28:56,240 --> 00:28:59,160 Speaker 1: time we're gonna We're going to fail even without all 468 00:28:59,200 --> 00:29:04,960 Speaker 1: of our expertise. Do you have moments of doubt? No, 469 00:29:05,120 --> 00:29:09,040 Speaker 1: I would rely on the ingenuity of our people and 470 00:29:09,200 --> 00:29:13,760 Speaker 1: the power of science. Has said it earlier, Yeah, that 471 00:29:13,880 --> 00:29:18,880 Speaker 1: level of confraud is currently as high as it's never been. Yeah, 472 00:29:19,040 --> 00:29:23,120 Speaker 1: we just have to plan to ride solutions with science 473 00:29:23,160 --> 00:29:26,960 Speaker 1: and technology to solve the problems of society and the planet. 474 00:29:27,960 --> 00:29:30,640 Speaker 1: And I have absolutely no doubt that we are going 475 00:29:30,680 --> 00:29:33,200 Speaker 1: to succeed. Well, I guess if there was ever a 476 00:29:33,240 --> 00:29:36,880 Speaker 1: twelve months that showed us the rightness of being confident 477 00:29:36,960 --> 00:29:40,120 Speaker 1: in science and the miraculous nature of science, but also 478 00:29:40,880 --> 00:29:43,200 Speaker 1: the humility we need in face with some of these 479 00:29:43,840 --> 00:29:46,600 Speaker 1: rising challenges. It's the last twelve months, but thank you 480 00:29:46,880 --> 00:29:52,440 Speaker 1: to all of you, and thanks for listening. That's it 481 00:29:52,480 --> 00:29:54,880 Speaker 1: from the special edition of Stephonomics. We'll be back next 482 00:29:54,920 --> 00:29:57,240 Speaker 1: week with a bit more from Singapore and from other 483 00:29:57,280 --> 00:30:00,240 Speaker 1: parts of the world. This episode was produced by as 484 00:30:00,240 --> 00:30:03,440 Speaker 1: Hendrickson as Ever and the head of Bloomberg Podcast is 485 00:30:03,480 --> 00:30:22,720 Speaker 1: Francesca Levie m h m hm m m