Last week, I shared my initial reactions and predictions for the future food ecosystem after the US election result. No doubt there’s a lot more to talk about and, since then, I have continued pondering on this topic but as the President-Elect is still making announcements on his cabinet and key persons, I will wait to share more on this.

In the meantime, I have been thinking on a deeper level about the fight for the climate and what all these recent events mean for the climate tech world, of which food systems change remains (regrettably) a minor part. Right now, things appear pretty bleak for the climate tech ecosystem. When things get challenging, there’s stuff to learn. My initial thoughts, which are still being concretized in my mind, are as follows:

1) We need to properly measure impact investing

Trump's win and the past few years of generalist VCs deserting the climate tech and food tech space have exposed what many of us would prefer not to admit. Impact investing is still just investing, or rather, mission-based investing is still just investing. While expensive websites and clever slogans promise a future of well-funded world-changing ideas, the reality is that those world-changing ideas need to bring home the (pig-free) bacon. Five years ago, it felt like plant-based meat was where the money was. Today not so much. Cue alternative protein funds rebranding as climate funds or agritech funds, in order to chase more profitable verticals.

Climate tech investing is often classified as impact investing. But how does an impact fund differentiate itself from a VC fund looking to maximize financial returns? What makes up the impact part? I certainly don’t have all the answers, but I suspect that part of the answer revolves around how we measure impact investing, rather than how we define it, and what metrics impact funds hold themselves to. The past few years in climate tech and food tech have been about defining impact. The next few years need to be about finding a better, and more standardised way to measure it, and for impact funds to commit to measuring these metrics. The question of whether the venture capital model is the most well-suited for impact investing is also worth asking. Can the venture model be adapted for impact, sort of like the investment version of a social enterprise company or a public benefit corporation? I look forward to seeing a lot more discussion around all of this.

2) Climate innovation may well be at risk 

‘Is innovation as a whole at risk over the next four years?’ is another question I am thinking about. A good friend of mine and USC Incubator Director & Adjunct Professor Paul Orlando lists all the barriers to entrepreneurship in the current environment, a list I think bears considering, as we tend to over-focus on the investor point of view, but’s vital to consider how (potential) founders are feeling. It’s not all down to Trump of course; as one commenter rightly points out, the end of ZIRP (Zero Interest Rate Period) has been painful for the VC community and that’s not Trump’s fault (as far as I know!).

On the innovation investor front, Matthieu Vincent of DigitalFoodLab (another newsletter I never miss) has some fairly depressing stats about the ‘decline in innovation across the board’. Citing data from the Global Innovation Index, he writes that there are fewer VC deals with a lower overall value, fewer patent filings, and fewer scientific publications. More specifically in food innovation (72% decrease in funding food startups since 2021), he highlights a lack of returns for investors, less patience for long-term tech plays, and a reckoning of whether VC is the right model for the sector (something I wrote about in Jan of this year). His advice: more collaboration, i.e. more strategic partnerships between startups and industry early on, and coalitions between startups at different stages. 

Note: I want to call out this outstanding interview with GANNI co-founder and investor Nicolaj Reffstrup by Louisa Burwood-Taylor at AFN on this— I love his concept of offtake agreements and the need for them to derisk investments early on in the startup funding process. He is talking about biomaterials but I think it applies to all industries. 

3) We need to rebrand climate (tech)

We need to rebrand “climate”. Beyond what we in the climate ecosystem would like to believe, the average person just does not have the time for the climate crisis fight. 

For a really good overview of ‘what Trump 2.0 means for climate tech’, I highly recommend the always excellent analysis of Kim Zhou and her team at Sightline. While it makes for bleak reading, there are some areas of opportunity. Her advice to all startups in the space: focus on the fundamentals. “Those who succeed in this environment will be the ones focused on fundamentals: strong unit economics, reduced reliance on incentives, and clear paths to profitability.” She also advises companies to engage with representatives.

Yair Reem, from VC firm Extantia, reaches similar conclusions to Zhou though his take is more direct: “people don’t care about climate. They care about their wallets”, and he focuses on the window dressing (which I agree is very important). “It’s time to shift the narrative altogether: we should stop marketing solutions as “green” and focus instead on the direct financial benefits they bring. We need to offer products that impact people’s wallets—through cost savings, supply chain resilience, and job creation.”

Sifted’s Freya Patty concurs, writing that “Trump’s win gives impact investing a different meaning” after attending an event on the topic. “Investors who last year talked to me about climate tech now spoke about drones. The investors who did mention climate tech did so through the lens of European resilience: startups that can reduce the continent’s dependence on China for critical minerals, for example, rather than reducing carbon emissions.”

So, basically, it’s time to rebrand folks! It’s a good time to be a copywriter..!

-Sonalie Figueiras

PS- do you like these notes? Let me know what you think here!

🐟 A 'Record-Breaking' Development in Affordable Cultivated Seafood

Israeli startup Forsea Foods has recorded the highest level of cell density in the cultivated meat and seafood industry, helping it achieve costs lower than conventional eel meat.

• The company’s technology has reached a cell density of over 300 million cells per ml with minimal and precise use of cultured media, which make up the bulk of the costs of cultivated meat. 

• Forsea Foods is tackling a $4.3B luxury market for eel meat, which commands wholesale prices between $40 and $60 per kg in Japan, the consumer of over 70% of all eel caught globally. 

• While cultivated seafood is years away from price parity with conventional eel, the high cell density positions Forsea Foods at the forefront of efforts to lower the production costs of these novel proteins.

• Forsea Foods is now preparing to file regulatory dossiers in Japan, targeting a commercial launch in 2026.

• Japan is becoming an increasingly hot destination for alternative protein companies and has a population where over two in five are willing to try these cultivated meat and seafood products, especially if they’re priced the same or cheaper. Learn more here.

💡 Only on Green Queen

❓Roundup: COP29 Digest
Our popular Green Queen COP29 Digest is back, though this year, it’s not daily because the whole thing is a much more subdued event. Our editorial team curates the must-reads, the must-bookmarks and the must-knows from around the interwebs to help you ‘skim the overwhelm’.

👨🏼‍🌾 Deep Dive: ‘We Need To Find Common Ground’
At the Future of Protein Production conference in Amsterdam, industry pioneers Ira Van Eelen and Ralf Becks held a compelling workshop: envisioning health and sustainability in farming through complementary protein sources. Here’s why it was so groundbreaking.

🌱 Industry Insight: 5 Learnings From Rewe’s Fully Vegan Supermarket
It’s been six months since German retailer Rewe opened Voll Pflanzlich, a fully vegan supermarket in Berlin. Here are the company’s major learnings.

📈 Must-Read Headlines

🇰🇷 South Korea’s Millennial Flavor Town, a startup born out of a restaurant, unveiled a marbled wagyu steak and shredded beef, made via a method that honours traditional Korean fermentation techniques.
💡The products’ debut at Plant Based World Expo Europe is a precursor to the startup’s entry into the European and US markets, where whole-cuts continue to gain popularity thanks to their flavour and textural advantages.

📈 After losing year-on-year revenue for nine quarters in a row, Beyond Meat posted revenue growth in Q3, buoyed by higher prices and a strong performance in Germany.
💡The changes also helped the plant-based meat giant expand its quarterly margins to 17.7%, a marked difference from previous years.

🇯🇵 A new study in Japan, led by Ritsumeikan University, reveals the link between food waste and an ageing population, and how educational initiatives can help buck this trend.
💡Japan is among the top food waste producers globally, split nearly equally between households and businesses.

🧫 Everything Else In Future Food

🇪🇺 Soon to be the EU’s farming commissioner, Cristophe Hansen has called meat “part of a balanced diet”, but admitted that the bloc is “massively underproducing” plant proteins – not in the way you think, though.

🇬🇧 The UK’s Climate Change Committee is calling on the country to cut its meat and dairy consumption by up to 50% in an effort to meet its net-zero emissions goal. In fact, a report published by the Institute of Grocery Distribution and the Waste and Resources Action Programme confirms that reaching the UK food system’s climate goals isn’t possible without a reduction in red meat and dairy consumption. The key? According to a new study published in Nature Food, reducing portion sizes has been the most effective strategy to reduce meat intake in the UK.

🆕 New Newsletters: have you signed up YET? 🆕

Green Queen Gulf is a new monthly industry newsletter spotlighting the Gulf region’s agrifood innovation. Expect the same insight and curation you love from our team with a new geographical focus → subscribe and share.

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🌱🍔  Future Food Quick Bites 

In our weekly column, Future Food Quick Bites, we round up the latest news and developments in the alternative protein and sustainable food industry. This week, Future Food Quick Bites covers a vegan tiramisu collection in Hong Kong, Dave Chang’s cultivated meat podcast episode, and a ‘super yoghurt’.

📆 Scene & Heard

Don’t Miss the Taste of Tomorrow Dinner at Dubai Future Forum

🔮 The 2024 Edition of the Dubai Future Forum continues to promote the highest quality thought leadership on foresight and futurism from around the globe. The Taste of Tomorrow dinner experience will take attendees on a journey through evolving food traditions adapted to future climates. Throughout the evening, guests will get a chance to dive into meaningful discussions around food resilience, climate change, and sustainability with Jonathan Keats, Patricia Roig, Sonalie Figueiras, Nithiya N Laila, Isabella Pirolo, and other thought leaders within this space. Get more information here.

🏆 The ProVeg Incubator is looking for pioneering founders to apply for the 13th edition of their accelerator programme, starting in April 2025. They're particularly keen to work with startups developing plant-based alternatives to seafood, fish, meat and eggs, with clear differentiation and a strong offering in the areas of functionality, sensory profile, nutrition, or sustainability. Sound like the right fit for you? Apply now.

🧫 Vireo Advisors and New Harvest are launching a series of working sessions focused on cultured meat and seafood safety research with the support of the National Science Foundation. The first working session will be held on December 12th in Austin, Texas; find out more here.

Want More? Check out Green Queen’s Deep Dive series: 

• Blended Meats Are Here 

• Meat Misinformation Deep Dive

• Ozempic & the GLP-1 Revolution

• Policy Matters: Regulating Future Food Innovation