WEBVTT - Making Regenerative Agriculture More Accessible (Podcast)

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stenovich on Bloomberg Radio. Yeah, so

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<v Speaker 1>we're going to talk about growing, specifically agriculture. A little

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<v Speaker 1>bit of background everybody. Our Bloomberg New Economy team, they

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<v Speaker 1>drawn insights from global leaders innovators along five editorial pillars Finance, Commerce, sustainability,

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<v Speaker 1>resilience and security. They hold annual events around the world.

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<v Speaker 1>They're just looking to get to the heart of our

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<v Speaker 1>most important issues. And in keeping with that, they have

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<v Speaker 1>the Catalyst program that they established in twenty twenty one.

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<v Speaker 1>And this is a simple goal finding people whose innovation's

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<v Speaker 1>efforts and objectives have a genuine shot at changing the

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<v Speaker 1>world for better. So they are scientists, they're entrepreneurs, their

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<v Speaker 1>policymakers from all walks of life, but they all demand recognition.

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<v Speaker 1>Including our next guest, who is a member of the

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<v Speaker 1>Bloomberg New Economy Catalyst Class of twenty twenty two, doctor

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<v Speaker 1>Annasasia Volkova. She is CEO and co founder of Regrow.

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<v Speaker 1>She's also included in Fast Companies list of the world's

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<v Speaker 1>fifty most innovative companies of twenty twenty three. A twenty

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<v Speaker 1>twenty MIT thirty five hundred thirty five Innovator when a

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<v Speaker 1>BBC's Top one hundred Women. She's given two TEDx talks

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<v Speaker 1>about egg technology, remote sensing and sustainable farming. I had

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<v Speaker 1>to lay it out here because you are just a

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<v Speaker 1>rock star. She's here in our Bloomberg Interactive Brokers Broker's studio. Welcome, Welcome,

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<v Speaker 1>delighted to have you, Carol. You got me blushing cringing

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<v Speaker 1>so hard during that it was amazing. I know, I know,

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<v Speaker 1>I'm really sorry, but I think it's important to lay

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<v Speaker 1>it out because you're getting noticed because of the work

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<v Speaker 1>you're doing. First of all, welcome and thank you for

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<v Speaker 1>coming in than you having me and I am a

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<v Speaker 1>little subjective. You are a blue Catalyst, but they choose

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<v Speaker 1>really well and really smartly. UM, tell us about regrow

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<v Speaker 1>and what you are doing. So you know how we

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<v Speaker 1>have a climate crisis. Yeah, I've heard good agriculture unfortunately

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<v Speaker 1>has something to do with it. Opposed to be in

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<v Speaker 1>an industry that can heal the planet. That seems very odd,

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<v Speaker 1>isn't it. It's the industry that really works on the

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<v Speaker 1>land and therefore should probably be good for a climate

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<v Speaker 1>but in post World War two era, we decided we

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<v Speaker 1>just need to feed everyone at all costs. We needed

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<v Speaker 1>to produce so that people would go hungry so wouldn't

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<v Speaker 1>get another war. And that was the optimization that we

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<v Speaker 1>were running, so production right whatever, at all costs production,

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<v Speaker 1>and we probably did not take the full cost accounting

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<v Speaker 1>of the planet resources that we were drawing on. And

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<v Speaker 1>now agriculture contributes about a quarter of all greenhouse gases.

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<v Speaker 1>Pretty stagrain, isn't it. That's pretty staggering, it is, And

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<v Speaker 1>I mean, there's so much negative that we could talk

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<v Speaker 1>about with the climate crisis. The way you put it

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<v Speaker 1>before when we were talking is that it's the eleventh

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<v Speaker 1>hour for humanity, which really struck me. We'll go there.

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<v Speaker 1>Why why is it the eleventh hour? Well, we are

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<v Speaker 1>in a bit of a vicious cycle between agriculture contributing

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<v Speaker 1>to emissions and emissions making climate more volatile, which makes

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<v Speaker 1>agriculture more uncertain, and the agricultural production more volatile, and

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<v Speaker 1>it continues on. So we need to step out of

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<v Speaker 1>that cycle and truly change the incentives away from profitability

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<v Speaker 1>or simply production at old cost and production at a

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<v Speaker 1>true cost, accounting for the planet. Forgive me anastasia. I

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<v Speaker 1>feel like people are gonna be like, I go to

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<v Speaker 1>my grocery store. There's plenty of stuff there. I have

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<v Speaker 1>no problem with this. So help us understand because you're

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<v Speaker 1>to me saying crisis right, and I've had We've had

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<v Speaker 1>others who come on and talk about this same thing.

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<v Speaker 1>But again, Mattie and I are going to go and

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<v Speaker 1>we can buy probably whatever we want tonight for now

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<v Speaker 1>because we're here in the US. Not everyone is as

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<v Speaker 1>privileged as we are. And every year there's at least

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<v Speaker 1>two major production regions, whether it's Ukraine or Brazil or Australia,

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<v Speaker 1>that are experiencing just catastrophic of other events, floods, dry

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<v Speaker 1>out altogether. That is what, in a way is driving

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<v Speaker 1>the cost of food up. So clearly everyone's notice we're

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<v Speaker 1>paying more even if you can get it now. Because

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<v Speaker 1>this is one of the biggest economies in the world,

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<v Speaker 1>it will be driving this demand supply towards us. It

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<v Speaker 1>may be that we're currently doing it at a bit

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<v Speaker 1>of an expense of a global sealth. Well, that's such

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<v Speaker 1>an important piece because even if we do have access

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<v Speaker 1>to fresh produce, for example, in the US, we're all

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<v Speaker 1>feeling the financial impact that climate change is having on

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<v Speaker 1>our food supply chains and groceries. Friendly is frankly is

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<v Speaker 1>not what you judge it by because groceries you can

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<v Speaker 1>have local supply chains and whether it's vertical farms, whether

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<v Speaker 1>it's someone shipping it across the country. But it's truly

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<v Speaker 1>the cost of substantial commodities like wheat or availability of

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<v Speaker 1>sunflower oil. Post Ukrainian crisis has become a major topic

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<v Speaker 1>in the industry. How are we shipping the production? What

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<v Speaker 1>are we going to do about it? Unpacked that somewhere

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<v Speaker 1>because I do feel like the Ukrainian or the Russian

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<v Speaker 1>war invasion of Ukraine, which you are Ukrainian, So just

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<v Speaker 1>because we want to talk to you you a little bit

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<v Speaker 1>about that, but I think a year ago, all of

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<v Speaker 1>a sudden, we're like, whoa, we had no idea. What

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<v Speaker 1>would we call it? The bread basket? Right, and to

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<v Speaker 1>understand how much was in production? Talked to us a

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<v Speaker 1>little bit more about that and the thinking of that.

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<v Speaker 1>Like you said, it's not necessarily the stuff we go

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<v Speaker 1>into the grocery stores. It's stuff like that the heart, Yeah,

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<v Speaker 1>the massive brands that you buy in a grocery store.

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<v Speaker 1>They all were sourcing from Ukraine, one commodity or the other.

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<v Speaker 1>Eighty percent of the world sunflower, one of the main

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<v Speaker 1>drivers behind vegetable oils, is produced in Ukraine. Eleven to

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<v Speaker 1>fifteen percent of wheat. It's feeding not just Europe that

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<v Speaker 1>does not have that production region, but also Africa, other

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<v Speaker 1>areas in the world. And when you start clogging up

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<v Speaker 1>the food web that has been very resilient uple until

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<v Speaker 1>that moment when you start to closing ports or weaponizing food,

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<v Speaker 1>you really start feeling the impact of how important that

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<v Speaker 1>production was for us to be In this fluid, ever

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<v Speaker 1>balancing cycle of what fell resilient. It's going to get

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<v Speaker 1>more out of hand with climate crisis really kicking in

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<v Speaker 1>and wiping out harvests. And looking into your background as

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<v Speaker 1>someone from Ukraine who had family there as well, can

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<v Speaker 1>you talk a little bit about how that, combined with

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<v Speaker 1>your expertise on the climate, has changed your perspective on certainly,

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<v Speaker 1>And it's definitely a privilege to be sitting with you

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<v Speaker 1>here and telling the story and drawing the attention to

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<v Speaker 1>the Russian war on Ukraine. No one expected it, no

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<v Speaker 1>one knew it was coming. Yes, it was invasion eight

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<v Speaker 1>years ago, but it wasn't a full scale invasion, and

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<v Speaker 1>Ukraine is the definition of resilience amongst nations right now,

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<v Speaker 1>and hopefully everyone can see that they continue to farm,

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<v Speaker 1>They continue to literally pick minds and drones out of

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<v Speaker 1>the fields, to continue to plant or harvest or fertilize

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<v Speaker 1>crops or whatever they need to do, because they know

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<v Speaker 1>that's their responsibility for themselves as well as the world.

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<v Speaker 1>And I hope that the world will take on a

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<v Speaker 1>little bit of responsibility for the security of such an

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<v Speaker 1>important country. What do you think the world is missing

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<v Speaker 1>when it comes to the war in Ukraine. I guess

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<v Speaker 1>there's just a lot of misconceptions around. Oh maybe if

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<v Speaker 1>we empower Ukraine then they will be also able to

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<v Speaker 1>take back some more territories. They're fighting for their lives,

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<v Speaker 1>and I think Europe is very vocal about it internally,

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<v Speaker 1>but there's certainly not yet a critical mass to say,

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<v Speaker 1>how do we put a stop to it? President Zelenski

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<v Speaker 1>tell us, how do we put a stop to it?

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<v Speaker 1>We will support that plan. Let's go and execute against

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<v Speaker 1>that plan. Rather than trickling the support in we just

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<v Speaker 1>results in frankly, more dead children, in Ukraine right now. Yeah,

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<v Speaker 1>I just think so much about the ptsdps as well. Like,

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<v Speaker 1>even if let's say the war ended right now, it's

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<v Speaker 1>not like everything would go back to normal overnight and

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<v Speaker 1>the wheat supply would suddenly be back to normal, or

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<v Speaker 1>the buildings would resurrect themselves, right and people could just

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<v Speaker 1>easily just go back to the way it was completely

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<v Speaker 1>And I think even with agricultural crisis land or into

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<v Speaker 1>the war, and we haven't even started talking about the

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<v Speaker 1>energy angle into it. Because agriculture is so connected to

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<v Speaker 1>the supply of fertilizer that depends on the primary energy sources.

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<v Speaker 1>It's into the cost in a big way. It feels

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<v Speaker 1>into the cost and frankly just controls controls the nation's exports, imports,

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<v Speaker 1>what they buy, how much food security they have. We

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<v Speaker 1>are not going to be able to see that overnight

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<v Speaker 1>go back. It's agriculture isn't at least an annual cycle,

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<v Speaker 1>if not a multi year cycle. We have about a

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<v Speaker 1>minute then we're going to come back and continue the conversation.

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<v Speaker 1>But what do you say to people again who are like,

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<v Speaker 1>we're fine. You know, people used to talk about too

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<v Speaker 1>you know, the world's falling and we come back, we

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<v Speaker 1>bounce back. We're gonna have food, We're gonna be fine.

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<v Speaker 1>So imagine during those times of civil war in Ukraine

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<v Speaker 1>that everyone went to school. Sorry, civil war in the

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<v Speaker 1>US is what it feels like in Ukraine. Can you

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<v Speaker 1>possibly imagine that the times would have turned, that there

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<v Speaker 1>wouldn't be one country with all the states, that someone

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<v Speaker 1>would be shooting somewhere right now, one hundred people in

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<v Speaker 1>a minute. What would that feel like? That would feel

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<v Speaker 1>really odd, bizarre, and you wouldn't put us up to

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<v Speaker 1>it immediately. That's what it feels like. It's like incredible times.

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<v Speaker 1>As we said earlier, we say, I feel like every

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<v Speaker 1>day over and over very sobering and understandably so we

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<v Speaker 1>want to get back to when we come back on

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<v Speaker 1>the other side of this break. You know what your

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<v Speaker 1>company is doing because you're working to solve the problems,

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<v Speaker 1>and so we want to get into exactly what you're doing.

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<v Speaker 1>You want to get back to our guest, as we mentioned,

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<v Speaker 1>a member of the Bloomberg New Economy Catalyst Class of

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<v Speaker 1>twenty twenty two. She is still with US. Doctor Anna

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<v Speaker 1>Stage of Alcova, CEO and co founder of Regrow still

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<v Speaker 1>with us in our studio. So we've been talking about

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<v Speaker 1>your company, tell us specifically about the work you're doing

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<v Speaker 1>and the impact you're having. Yeah, we talked about your karine.

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<v Speaker 1>We talked about climate and how do we change the

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<v Speaker 1>way that we manage agriculture by optimizing for what the

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<v Speaker 1>planet needs to get from us, not only give us.

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<v Speaker 1>That is a question of information and insights and do

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<v Speaker 1>the right people who are making decisions do they see

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<v Speaker 1>the true cost accounting? Do they see how farming is

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<v Speaker 1>taking or giving to the environment. And Regro does just that.

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<v Speaker 1>We provide insights to large companies all across the agriculture

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<v Speaker 1>and food supply chain to help them see their so

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<v Speaker 1>called Scope three emissions or the emissions on the farm

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<v Speaker 1>and help lower them so they can be part of

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<v Speaker 1>creating the better future today. Is it to eat to

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<v Speaker 1>some extent as stage to have to think about Okay,

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<v Speaker 1>so you're doing something you need to think about there's

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<v Speaker 1>actually a dollar value on the cost of how we

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<v Speaker 1>impact our climate. That's exactly about it that way, that's

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<v Speaker 1>exactly it like incorporating that cost of externality. So for example,

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<v Speaker 1>if we're treating soil poorly and we till it a lot.

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<v Speaker 1>We actually are reducing its resiliency and we are not

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<v Speaker 1>going to capture as much water the next time we

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<v Speaker 1>have a flush, flood rain event, anything, and we see

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<v Speaker 1>the effects on that and for example, Central California, Central

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<v Speaker 1>Valley compared to if we were actually putting the investment

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<v Speaker 1>for the long term, we would see the resilience and

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<v Speaker 1>it would pay off and we would not have the

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<v Speaker 1>shocks to the yield and agricultural system in the worst

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<v Speaker 1>years and the best years. Where are you seeing the

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<v Speaker 1>most buy in for change from like the farmer all

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<v Speaker 1>the way to the CEOs of big banks. Yeah, everyone

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<v Speaker 1>actually is aligned on the mission of this is one

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<v Speaker 1>planet in Nobody in agriculture and food industry will literally

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<v Speaker 1>have any businesses if we don't invest in this. What

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<v Speaker 1>do you say you mean everyone is aligned? They are aligned.

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<v Speaker 1>Actually they Yes, we need the future, we need resilience,

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<v Speaker 1>We need it now. So farmers, the big food companies,

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<v Speaker 1>farmers their most important agenda is to pass the land

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<v Speaker 1>and the next generation the company's perpetual planet profits. How

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<v Speaker 1>are they going to get into that world if they

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<v Speaker 1>don't invest in it now? Banks alike in a little bit,

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<v Speaker 1>but they're trying to catch up, but the industry that

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<v Speaker 1>so clearly has experienced the shocks is working on it together.

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<v Speaker 1>Can we tell you got an award today? Yes, of course,

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<v Speaker 1>a UBS award, Yes, for being a global visionary. Okay,

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<v Speaker 1>so there you are UBS, big Bank. What kind of

0:12:07.800 --> 0:12:10.960
<v Speaker 1>conversations were they having in their thoughts because money makes

0:12:11.000 --> 0:12:15.040
<v Speaker 1>things happen, Yes, and they want to guide their customers,

0:12:15.040 --> 0:12:18.120
<v Speaker 1>their clients to invest more sustainably, to invest in the

0:12:18.240 --> 0:12:21.160
<v Speaker 1>solutions to the future that will build the resilience in

0:12:21.200 --> 0:12:24.720
<v Speaker 1>the portfolio of their customers, in the portfolio of these industries.

0:12:24.760 --> 0:12:28.560
<v Speaker 1>Massive industries where now rewiring to be optimizing for the

0:12:28.559 --> 0:12:31.360
<v Speaker 1>future of the planet, not just profit both. And we

0:12:31.360 --> 0:12:34.440
<v Speaker 1>were talking about the difference between short term profitability and

0:12:34.520 --> 0:12:38.440
<v Speaker 1>long term Have you found that discussion to get easier

0:12:38.440 --> 0:12:41.760
<v Speaker 1>over time getting people? Yeah? Tell us the breakdown of

0:12:41.760 --> 0:12:44.079
<v Speaker 1>all right, Okay, those who are watching a YouTube and

0:12:44.080 --> 0:12:46.319
<v Speaker 1>Blueberg originals can see I think her face on the

0:12:46.360 --> 0:12:48.160
<v Speaker 1>stage's face, or maybe they didn't butt she was like,

0:12:48.240 --> 0:12:52.320
<v Speaker 1>a yeah, a little bit skeptical. Skeptical that's a good word. Um, Yes,

0:12:52.440 --> 0:12:55.160
<v Speaker 1>I think the long term discussion it's very hard to

0:12:55.240 --> 0:12:58.760
<v Speaker 1>quantify the benefits of long term value of resilience. That

0:12:58.960 --> 0:13:01.160
<v Speaker 1>is where they sticking point is how about a word

0:13:01.200 --> 0:13:10.240
<v Speaker 1>for you existence m okay, sorry, yes, yes, yes, that

0:13:10.520 --> 0:13:16.000
<v Speaker 1>is truly the award the ability for them to continue

0:13:16.000 --> 0:13:20.000
<v Speaker 1>to exist. But I think in our in the corporate mentalities,

0:13:20.000 --> 0:13:22.320
<v Speaker 1>what we're seeing is you often need to show this

0:13:22.480 --> 0:13:25.480
<v Speaker 1>is the cost benefit. The benefits will come in later

0:13:25.720 --> 0:13:28.120
<v Speaker 1>on years, in the years to come, decades to come.

0:13:29.000 --> 0:13:33.840
<v Speaker 1>The companies, frankly that are still held by families do

0:13:34.000 --> 0:13:36.959
<v Speaker 1>not have any questions to this. They investing their running

0:13:36.960 --> 0:13:40.160
<v Speaker 1>towards net zero. They have earlier goals twenty twenty five.

0:13:40.360 --> 0:13:43.160
<v Speaker 1>The public companies are still trying to align in corral

0:13:43.200 --> 0:13:45.320
<v Speaker 1>the stakeholders. But I think about like, you know, the

0:13:45.679 --> 0:13:47.880
<v Speaker 1>we talked so much about semiconductors, so important to so

0:13:47.960 --> 0:13:50.200
<v Speaker 1>much in our world right now. And you know, whether

0:13:50.240 --> 0:13:52.720
<v Speaker 1>it's an intel in AMD at TSMC, if they're going

0:13:52.800 --> 0:13:55.959
<v Speaker 1>to build a new facility, it's a lot of money.

0:13:55.960 --> 0:13:58.600
<v Speaker 1>It's going to take a while to get there. I

0:13:58.640 --> 0:14:02.120
<v Speaker 1>mean oil companies where you're doing drilling, a lot of money,

0:14:02.160 --> 0:14:04.160
<v Speaker 1>a lot of planning. It takes a while. It's the

0:14:04.200 --> 0:14:07.920
<v Speaker 1>same kind of thinking, the same mindset absolutely, So you

0:14:09.120 --> 0:14:12.280
<v Speaker 1>provide data information and then what kind of what do

0:14:12.440 --> 0:14:16.079
<v Speaker 1>your clients and complied possibility. First of all, we help

0:14:16.120 --> 0:14:19.120
<v Speaker 1>them understand. So you have global sourcing from older regions

0:14:19.120 --> 0:14:22.000
<v Speaker 1>in the world, or even local sourcing. Where are your emissions,

0:14:22.000 --> 0:14:25.120
<v Speaker 1>where a farming practices so good for the planet you

0:14:25.120 --> 0:14:27.240
<v Speaker 1>don't have to worry about it, and where they need

0:14:27.320 --> 0:14:31.600
<v Speaker 1>some improvement, and how can you actually participate and incentifize

0:14:31.600 --> 0:14:34.480
<v Speaker 1>that improvement. Whether you are a food manufacturing company, a

0:14:34.520 --> 0:14:38.840
<v Speaker 1>grocery retail, whether you are a trader aggregator, whether you

0:14:38.880 --> 0:14:41.720
<v Speaker 1>are a farmer yourself, whether your financial institution that's landing

0:14:41.720 --> 0:14:44.400
<v Speaker 1>to that farmer or even holding the land asset, there

0:14:44.520 --> 0:14:47.320
<v Speaker 1>is something you should be taken off and adding back

0:14:47.360 --> 0:14:49.640
<v Speaker 1>into that margin on the farm so they can invest

0:14:49.720 --> 0:14:53.600
<v Speaker 1>in sustainability. Can you give us one sweet thought as

0:14:53.640 --> 0:14:56.400
<v Speaker 1>we get ready to go into a long weekend, have

0:14:56.440 --> 0:14:59.040
<v Speaker 1>about a minute left of a company or institution that

0:14:59.040 --> 0:15:01.400
<v Speaker 1>you worked with and what they we did with it? Yes. So,

0:15:01.520 --> 0:15:05.520
<v Speaker 1>for example, m kellogg is a wonderful example. They brought

0:15:06.000 --> 0:15:10.360
<v Speaker 1>sustainable rice products such as their special keys and crispies

0:15:10.360 --> 0:15:14.880
<v Speaker 1>to the Wilmert shelf through investing on farm into emissions reduction,

0:15:14.920 --> 0:15:16.800
<v Speaker 1>and they were able to tell that story to consumer

0:15:17.120 --> 0:15:19.800
<v Speaker 1>so that that mom will be in Walmart this weekend

0:15:20.040 --> 0:15:22.920
<v Speaker 1>picking something nice, can feel good about that purchase decisions

0:15:22.920 --> 0:15:26.400
<v Speaker 1>good for the planet. That is such a great example

0:15:26.480 --> 0:15:29.400
<v Speaker 1>and also reminds me to ask you quickly. We have

0:15:29.480 --> 0:15:34.200
<v Speaker 1>like thirty seconds, not just offsets, right actually yeah, yeah,

0:15:34.240 --> 0:15:37.520
<v Speaker 1>definitely value chain, supply chain action together with all the

0:15:37.560 --> 0:15:41.480
<v Speaker 1>partners insets, let's reduce what we currently emit. Let's not offset. Yeah,

0:15:41.520 --> 0:15:43.120
<v Speaker 1>that is such a big I think. I'm so glad

0:15:43.120 --> 0:15:45.200
<v Speaker 1>you brought that up because it isn't just a baud offsetting.

0:15:45.240 --> 0:15:48.560
<v Speaker 1>It's actually reducing your impact. We need to work on

0:15:48.600 --> 0:15:51.120
<v Speaker 1>it together if we are to exist. Come back, let

0:15:51.160 --> 0:15:53.120
<v Speaker 1>us know how your work is going. Really glad, A

0:15:53.200 --> 0:15:57.040
<v Speaker 1>very thoughtful conversation, very relevant in terms of some of

0:15:57.080 --> 0:15:59.600
<v Speaker 1>the huge issues that are facing our world right now.

0:15:59.600 --> 0:16:02.320
<v Speaker 1>And say thank you, congratulations on your award. Thank you

0:16:03.120 --> 0:16:06.480
<v Speaker 1>many many awards exactly at a stage of Akova. She

0:16:06.640 --> 0:16:09.200
<v Speaker 1>is co founder and chief executive officer of Regro, joining

0:16:09.240 --> 0:16:12.960
<v Speaker 1>us here in our Bloomberg Interactive Brokers studio. That conversation.

0:16:12.960 --> 0:16:14.440
<v Speaker 1>If you missed any of it, be sure to check

0:16:14.480 --> 0:16:18.800
<v Speaker 1>out our podcast feed. Yeah, the AG space is something

0:16:18.840 --> 0:16:21.360
<v Speaker 1>that I feel like it's taken a long time to

0:16:21.400 --> 0:16:23.840
<v Speaker 1>bring about changes, but it's starting. Yeah, and you've been

0:16:23.880 --> 0:16:25.960
<v Speaker 1>on this beat. I feel like Carol for so long.

0:16:26.040 --> 0:16:29.560
<v Speaker 1>I can remember prepping for ESG panels by watching interviews

0:16:29.560 --> 0:16:32.080
<v Speaker 1>that you've done with like the CEO of Ikea talking

0:16:32.120 --> 0:16:35.000
<v Speaker 1>about sustainability, and it's just I know it's something you've

0:16:35.040 --> 0:16:37.640
<v Speaker 1>covered a lot and done great work with care about

0:16:37.640 --> 0:16:40.040
<v Speaker 1>our world. I don't want to live in the metaverse Exorry,

0:16:40.240 --> 0:16:41.960
<v Speaker 1>sorry meta I'm want to live in the real world

0:16:42.400 --> 0:16:44.680
<v Speaker 1>and eat real stuff. Um, you are listening in watching

0:16:44.720 --> 0:16:47.040
<v Speaker 1>Bloomberg Business Week. This is Bloomberg Radio.