True cost accounting

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True Cost Accounting (TCA) is an accounting approach that measures and values the hidden impacts of economic activities on the environment, society and health. TCA is also referred to as “full cost accounting” (FCA) or “multiple capital accounting (MCA)”. [1] The approach moves beyond purely economic thinking with the aim of improving decision-making in commercial organizations and in public policy. It includes accounting for natural capital, human capital, social capital and produced capital.

Contents

The True Cost Accounting approach can be applied to every sector of the economy. It aims to reveal the impacts of economic activities on society as a whole, in addition to the private costs directly incurred by producers and consumers. These can be environmental, health or social impacts that are not reflected in the market prices of products and services, i.e. not included in the operational profit and loss accounts, and so are regarded as hidden. [2] [3] True Cost Accounting is of particular relevance for agrifood systems (food and non-food agricultural products), where hidden costs can be substantial. Indeed, much of the development of TCA has historically been in the context of food. [4] [5] [6] [7]

History

Although True Cost Accounting is a relatively recent term, it is not a new concept. It is closely linked to the concept of externalities, indirect costs or benefits to an uninvolved third party that arise as an effect of another party's (or parties') activity. The root of the TCA concept can be attributed to the work of Pigou and Marshall in the 1920s. [8] Over the last decades, monetary values have been assigned to externalities where businesses are penalized, or when insurance firms calculate costs in industrial accidents. [9] TCA is also considered to be an expansion of cost-benefit analysis (CBA). In the 1980s and the 1990s, other terms were used to convey similar concepts to that of the TCA such as full cost accounting. [10]

What sets the true cost accounting approach apart from its predecessors is that systems thinking and holistic thinking – which acknowledge that economic systems are made up of many stakeholders (such as producers, consumers, distributors and policy makers) and that these systems rely on multiple capitals (natural capital, social capital, human capital and produced capital) – are integral parts of the approach. TCA acknowledges the complex nature of economic systems with all its interdependencies. [10] An application of TCA tends to include a dozen or more indicators selected to measure and value positive and negative impacts across the environmental, health, social and economic domains. [11]

The true cost accounting approach in food and agriculture

Recent advancements in the true cost accounting approach have been related to food and agriculture. The Economics of Ecosystems and Biodiversity (TEEB) initiative currently hosted by the United Nations Environmental Programme, aims to mainstream the values of biodiversity and ecosystem services into decision-making. The programme has developed guidelines and several studies have been conducted on how to implement TCA and then use the results to guide policy reforms. In 2018, TEEB for Food and Agriculture (TEEBAgriFood) was launched, under Alexander Müller. The aim was to address the core theoretical issues and controversies underpinning the evaluation of the relationship between the agrifood sector, biodiversity and ecosystem services, and the impacts on human health on a global scale. [12]

In order to research the potential of true cost accounting to transform agrifood systems towards sustainability, various other organizations and research institutions have also initiated TCA studies and reports. Examples include the World Business Council for Sustainable Development, the Global Alliance for the Future of Food, and the Sustainable Food Trust. [13] [14] [15] Additionally, the Global Nature Fund and the Capital Coalition, in collaboration with TEEBAgriFood, have developed a framework for integrating TCA into business accounting to make business impacts transparent. [16]

Definitions

The definition of True Cost Accounting is evolving, with many proposed definitions.

United Nations Environmental Programme

The United Nations Environmental Programme defines it as “an evolving holistic and systemic approach to measure and value the positive and negative environmental, social, health and economic costs and benefits to facilitate policy, business, farmer, investor and consumer decisions.” [17]

True Cost Initiative

The True Cost Initiative proposes a similar definition but uses the term “methodology” instead of “approach”. [18] However, TEEBAgrifood presents TCA as an approach under which various methodologies and analytical tools can be used. [3]  In addition, the definition proposed by the True Cost Initiative confines the use of TCA to externalities while FAO suggests that externalities constitute only part of the hidden costs, while other hidden costs might be driven by other market failures such as poor and asymmetric information. [19] Some use the term “full cost accounting (FCA)” to refer to the same idea. This is the case of IFOAM (Organics International & Sustainable Organic Agriculture Action Network), which defines FCA in a similar way to the TCA definition of UNEP. [20]

TEEBAgriFood Evaluation Framework

In some publications, such as TEEBAgriFood Evaluation Framework, the term “multiple capital accounting (MCA)” is used to refer to TCA. For example, MCA is defined as “an approach to systems thinking, which includes natural, human, social and produced capitals” and “enables you to articulate and explore the visible and invisible connections that agrifood systems have with humans and the environment”. [21]

Food and Agriculture Organization

In 2023, the Food and Agriculture Organization defined TCA as “a holistic and systemic approach to measuring and valuing the environmental, social, health and economic costs and benefits generated by agrifood systems in order to improve decisions by policymakers, businesses, farmers, investors and consumers.” [22] This definition is very similar to the one proposed by UNEP, the words “holistic and systemic” mean that TCA studies full systems, accounting for all types of capitals and stakeholders and their interconnectedness. In addition, this definition of TCA considers both “costs and benefits” and should value all impacts making them visible whether they are the environmental, social, health or economic. [23]

Capitals

One of the constraints to measuring some of the capitals is that capital flows can be qualitative in nature. FAO illustrates the ease of quantification of the four capitals and their flows for TCAs on agrifood systems along a spectrum. Ease of quantification for selected capital flows along a spectrum.svg
One of the constraints to measuring some of the capitals is that capital flows can be qualitative in nature. FAO illustrates the ease of quantification of the four capitals and their flows for TCAs on agrifood systems along a spectrum.

Economic activities depend on – as well as affect – natural, human, social and produced capitals, which form the foundation of human well-being, economic success and environmental sustainability. Little has been done to measure most of the capitals with the exception of produced capital and part of human capital, therefore the TCA approach aims to measure the hidden costs associated with these capitals. [24]

Data that are commonly included in economic assessments relate to the flows and impacts of produced capital (that is composed of machinery, equipment, infrastructure, produce etc) and, to some extent, human capital (for example, labour and wages), which are observed, measured and quantified in the market. [3]

Flows and impacts related to natural, social and (part of) human capital, in contrast, are not, so their inclusion in economic assessments is largely partial and not systematic.

Natural capital

Natural capital provides biomass growth and freshwater to economic activities, which, in return, can negatively affect natural capital with GHG emissions and pollution. In contrast, certain production practices can contribute to ecosystem restoration, and this is the case of regenerative agriculture and agroecology. [3]

Human capital

Human capital provides skills and labour and receives wages and working conditions that might be good or bad. [3]

Social capital

Social capital contributes to economic activities through cultural knowledge and shapes customs of access to resources such as land, while economic activities can lead to social well-being or social marginalization and poverty. [3]

Produced capital

Produced capital contributes research and development, while generating income, profits, rent and taxes in return. [3]

Results

Most true cost accounting studies try to reveal hidden costs relate to the field of food and agriculture. The scope of these studies differs depending on the research question being addressed, the geographical coverage and the hidden impacts to be included in the analysis. There are many hidden impacts and some are difficult to measure or quantify. For example, environmental externalities such GHG emissions are easy to include in any TCA analysis due to a wide availability of relevant data. However, the hidden impacts related to human and social capitals might be more difficult to find. Examples include impacts on working conditions (human capital) and cultural identity (social capital). [25]

Hidden costs of global agrifood systems

Quantified hidden costs of agrifood systems by cost category (left) and subcategory (right), 2020.svg

In 2019, a study by the World Bank estimated the hidden costs of foodborne diseases (from unsafe food) in low and middle-income countries and found these to amount to USD 95.2 billion. [26]

Three other studies have attempted to estimate the hidden costs of global agrifood systems. FOLU (2019) estimated them at USD 12 trillion, while Hendricks et al (2023) estimated them at USD 19 trillion. [27] [28]  However, the latter, acknowledges the uncertainly in the estimate and concludes that the value would be between USD 7.2 trillion and USD 51.8 trillion. The third estimate in the 2023 edition of the FAO report: The State of Food and Agriculture estimates global hidden costs from agrifood systems to be USD 12.7 trillion. This study also acknowledges the uncertainty in the estimate. The FAO report shows the global value of the hidden costs has a 95 percent chance of being at least USD 10.8 trillion and a 5 percent chance of being at least USD 16 trillion. Differently from the other two studies, the FAO report assesses hidden costs of agrifood systems at the national level for 154 countries. It states these national numbers are consistent and comparable covering the major dimensions (i.e. environmental, health and social) of agrifood system hidden costs, allowing not only comparison across countries, but also across the different dimensions. [29]

Hidden costs of national agrifood systems

A study based in the United States reported nearly $2 trillion in hidden health and environmental expenditure, which disproportionately burdens communities of color. [30]

Hidden costs of specific food products

In 2018, a TEEBAgriFood study on organic rice production in Thailand measured and made visible its hidden costs and benefits of rice production in Thailand and identified options for stimulating sustainable rice production in the long term. [31] Another study compared the external costs associated with genetically modified and organic corn production in Minnesota, USA. [32]

Hidden costs of diets

Following up on the 2023 edition of the FAO report – The State of Food and Agriculture [2] – the subsequent edition provides a detailed breakdown of the hidden costs associated with unhealthy dietary patterns that lead to non-communicable diseases [33] for 156 countries. [34] The report finds that in 2020, global health hidden costs amounted 8.1 trillion 2020 PPP dollars, 70 percent of all of the hidden costs of agrifood systems [34] . Diets low in whole grains are the leading concern (18 percent of global quantified health hidden costs), alongside diets high in sodium and low in fruits (16 percent each), although there is significant variation across countries [34] .

The 2020 FAO report – The State of Food Security and Nutrition in the World - estimated health and climate change hidden costs, driven by current dietary patterns that were estimated using food availability from FAO Food Balance Sheets and adjusted for food waste. The current dietary patterns assumed that a person’s energy intake averaged 2,300 kcal per person per day. It finds that if current dietary patterns were to continue until 2030, these hidden costs would exceed USD 1.3 trillion for health and USD 1.7 trillion for climate change, annually. [35]

A study conducted by Tufts University in the United States reviewed the health equity and economic benefits of medically tailored meals (MTMs) and produce prescription programs. It found that implementing MTMs in Medicare, Medicaid, and private insurance for patients experiencing both a diet-related condition and limited ability to perform activities of daily living could avert approximately 1.6 million hospitalizations and save approximately $13.6 billion in health care costs in the first implementation year. [36]

Sources

Definition of Free Cultural Works logo notext.svg  This article incorporates text from a free content work.Licensed under CC BY-SA IGO 3.0( license statement/permission ).Text taken from In Brief to The State of Food and Agriculture 2023 ,FAO,FAO.

Definition of Free Cultural Works logo notext.svg  This article incorporates text from a free content work.Licensed under CC BY 4.0( license statement/permission ).Text taken from In Brief to The State of Food and Agriculture 2024 ,FAO,FAO.

Related Research Articles

Agriculture encompasses crop and livestock production, aquaculture, and forestry for food and non-food products. Agriculture was a key factor in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in the cities. While humans started gathering grains at least 105,000 years ago, nascent farmers only began planting them around 11,500 years ago. Sheep, goats, pigs, and cattle were domesticated around 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. In the 20th century, industrial agriculture based on large-scale monocultures came to dominate agricultural output.

<span class="mw-page-title-main">Natural capital</span> Worlds stock of natural resources

Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms. Some natural capital assets provide people with free goods and services, often called ecosystem services. All of these underpin our economy and society, and thus make human life possible.

<span class="mw-page-title-main">Economics of biodiversity</span> Economic importance of biodiversity

Biodiversity plays an essential role in the global economy. This includes its role in providing ecosystem services - the benefits that humans get from ecosystems. Biodiversity plays a major role in the productivity and functioning of ecosystems, affects their ability to provide ecosystem services. For example, biodiversity is a source of food, medication, and materials used in industry. Recreation and tourism are also examples of human economic activities that rely on these benefits. In 2018, the WWF Living Planet Report argues that the whole global economy of US$125 trillion ultimately relies on nature.

Environmental full-cost accounting (EFCA) is a method of cost accounting that traces direct costs and allocates indirect costs by collecting and presenting information about the possible environmental costs and benefits or advantages – in short, about the "triple bottom line" – for each proposed alternative. It is one aspect of true cost accounting (TCA), along with Human capital and Social capital. As definitions for "true" and "full" are inherently subjective, experts consider both terms problematic.

<span class="mw-page-title-main">Food security</span> Measure of the availability and accessibility of food

Food security is the state of having reliable access to a sufficient quantity of affordable, nutritious food. The availability of food for people of any class and state, gender or religion is another element of food security. Similarly, household food security is considered to exist when all the members of a family, at all times, have access to enough food for an active, healthy life. Individuals who are food-secure do not live in hunger or fear of starvation. Food security includes resilience to future disruptions of food supply. Such a disruption could occur due to various risk factors such as droughts and floods, shipping disruptions, fuel shortages, economic instability, and wars. Food insecurity is the opposite of food security: a state where there is only limited or uncertain availability of suitable food.

<span class="mw-page-title-main">World economy</span> Economy of the world

The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.

<span class="mw-page-title-main">Fishery</span> Raising or harvesting fish

Fishery can mean either the enterprise of raising or harvesting fish and other aquatic life or, more commonly, the site where such enterprise takes place. Commercial fisheries include wild fisheries and fish farms, both in freshwater waterbodies and the oceans. About 500 million people worldwide are economically dependent on fisheries. 171 million tonnes of fish were produced in 2016, but overfishing is an increasing problem, causing declines in some populations.

<span class="mw-page-title-main">Ecosystem service</span> Benefits provided by intact ecosystems

Ecosystem services are the various benefits that humans derive from healthy ecosystems. These ecosystems, when functioning well, offer such things as provision of food, natural pollination of crops, clean air and water, decomposition of wastes, or flood control. Ecosystem services are grouped into four broad categories of services. There are provisioning services, such as the production of food and water. Regulating services, such as the control of climate and disease. Supporting services, such as nutrient cycles and oxygen production. And finally there are cultural services, such as spiritual and recreational benefits. Evaluations of ecosystem services may include assigning an economic value to them.

<span class="mw-page-title-main">Mechanised agriculture</span> Agriculture using powered machinery

Mechanised agriculture or agricultural mechanization is the use of machinery and equipment, ranging from simple and basic hand tools to more sophisticated, motorized equipment and machinery, to perform agricultural operations. In modern times, powered machinery has replaced many farm task formerly carried out by manual labour or by working animals such as oxen, horses and mules.

<span class="mw-page-title-main">Non-communicable disease</span> Medical conditions that cannot transmit from one individual to another

A non-communicable disease (NCD) is a disease that is not transmissible directly from one person to another. NCDs include Parkinson's disease, autoimmune diseases, strokes, heart diseases, cancers, diabetes, chronic kidney disease, osteoarthritis, osteoporosis, Alzheimer's disease, cataracts, and others. NCDs may be chronic or acute. Most are non-infectious, although there are some non-communicable infectious diseases, such as parasitic diseases in which the parasite's life cycle does not include direct host-to-host transmission.

<span class="mw-page-title-main">Crop</span> Plant or animal product which can be grown and harvested

A crop is a plant that can be grown and harvested extensively for profit or subsistence. In other words, a crop is a plant or plant product that is grown for a specific purpose such as food, fibre, or fuel.

The term food system describes the interconnected systems and processes that influence nutrition, food, health, community development, and agriculture. A food system includes all processes and infrastructure involved in feeding a population: growing, harvesting, processing, packaging, transporting, marketing, consumption, distribution, and disposal of food and food-related items. It also includes the inputs needed and outputs generated at each of these steps.

<span class="mw-page-title-main">Rural poverty</span> Poverty in rural areas, which are often less developed than urban areas worldwide

Rural poverty refers to situations where people living in non-urban regions are in a state or condition of lacking the financial resources and essentials for living. It takes account of factors of rural society, rural economy, and political systems that give rise to the marginalization and economic disadvantage found there. Rural areas, because of their small, spread-out populations, typically have less well maintained infrastructure and a harder time accessing markets, which tend to be concentrated in population centers.

<span class="mw-page-title-main">Agricultural machinery</span> Machinery used in farming or other agriculture

Agricultural machinery relates to the mechanical structures and devices used in farming or other agriculture. There are many types of such equipment, from hand tools and power tools to tractors and the farm implements that they tow or operate. Machinery is used in both organic and nonorganic farming. Especially since the advent of mechanised agriculture, agricultural machinery is an indispensable part of how the world is fed.

<i>The Economics of Ecosystems and Biodiversity</i> Study

The Economics of Ecosystems and Biodiversity (TEEB) was a study led by Pavan Sukhdev from 2007 to 2011. It is an international initiative to draw attention to the global economic benefits of biodiversity. Its objective is to highlight the growing cost of biodiversity loss and ecosystem degradation and to draw together expertise from the fields of science, economics and policy to enable practical actions. TEEB aims to assess, communicate and mainstream the urgency of actions through its five deliverables—D0: science and economic foundations, policy costs and costs of inaction, D1: policy opportunities for national and international policy-makers, D2: decision support for local administrators, D3: business risks, opportunities and metrics and D4: citizen and consumer ownership.

<span class="mw-page-title-main">Economics of Land Degradation Initiative</span> Global initiative for sustainable land management

The Economics of Land Degradation (ELD) Initiative is a global initiative which aims to increase awareness of the benefits of sustainable land management and economic consequences of land degradation.

Food prices refer to the average price level for food across countries, regions and on a global scale. Food prices affect producers and consumers of food. Price levels depend on the food production process, including food marketing and food distribution. Fluctuation in food prices is determined by a number of compounding factors. Geopolitical events, global demand, exchange rates, government policy, diseases and crop yield, energy costs, availability of natural resources for agriculture, food speculation, changes in the use of soil and weather events directly affect food prices. To a certain extent, adverse price trends can be counteracted by food politics.

<span class="mw-page-title-main">Sustainable Development Goal 2</span> Global goal to end hunger by 2030

Sustainable Development Goal 2 aims to achieve "zero hunger". It is one of the 17 Sustainable Development Goals established by the United Nations in 2015. The official wording is: "End hunger, achieve food security and improved nutrition and promote sustainable agriculture". SDG 2 highlights the "complex inter-linkages between food security, nutrition, rural transformation and sustainable agriculture". According to the United Nations, there were up to 757 million people facing hunger in 2023 – one out of 11 people in the world, which accounts for slightly less than 10 percent of the world population. One in every nine people goes to bed hungry each night, including 20 million people currently at risk of famine in South Sudan, Somalia, Yemen and Nigeria.

<span class="mw-page-title-main">Eosta</span> Dutch organic food company

Eosta is a multinational enterprise, based in the Netherlands, working in the field of organic food. The company specializes in the import, export and distribution of fresh organic fruits and vegetables. Eosta imports overseas fruits from Africa, South America, Oceania, Asia and North America. In 2017 Eosta's CEO, Volkert Engelsman, was elected Most Influential Sustainability Voice of the Netherlands in the yearly sustainability top-100 list by the newspaper Trouw, who called him "a greengrocer with a radical vision".

<span class="mw-page-title-main">Agrifood systems</span> Systems of types of food production

Agrifood systems encompass the primary production of food and non-food agricultural products, as well as in food storage, aggregation, post-harvest handling, transportation, processing, distribution, marketing, disposal and consumption. Within agrifood systems, food systems comprise all food products that originate from crop and livestock production, forestry, fisheries and aquaculture, and from other sources such as synthetic biology, and that are intended for human consumption.

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