Ottawa—The agrifood industry has an incredible opportunity to boost its profitability, help improve human health and ease the climate change crisis, says Justine Hendricks, President and CEO of Farm Credit Canada.

“This is an opportunity which generations before us never had,” she told the Canada Agriculture Day Conference. “A new beginning and if we don’t act, we will miss it.

“Never before has agriculture and food been at the forefront of addressing global hunger, health, climate change and economic growth – all at once. I can’t think of another industry that is more uniquely positioned to be drivers of change and global prosperity than ours.”

What’s needed are doers “willing to build new partnerships, innovate, and make mistakes in a journey towards improving sustainability while also increasing production.”

While Canada has set ambitious goals for sustainable food production by 2030, there are “only six growing seasons left to do our part. I know this may seem insurmountable to some, but you are not alone on this journey – and I have never been so confident in our ability.”

Among the pluses agriculture has is it contributed a record $44 billion to Canada’s GDP while the food and beverage processing sector is the largest manufacturing sector in Canada in terms of both GDP and employment. Food processing sales in Canada totaled $141.6 billion in 2022.

However. the sector has no time to rest on its laurels, she said. “We can’t continue to keep sustainability and profitability as separate conversations. Our sustainable production drives the economic opportunity in front us.”

Agrifood is well positioned to flourish in the changing business dynamics it faces. “Largely thanks to the work you’ve already done and the costs you’ve already shouldered, investors and lenders are seeing the profitability gains from investing in sustainable production. These changing investor attitudes mean more is possible.”

There are also tough realities to face. “First, productivity growth has slowed in our sector. The low-hanging fruit of productivity have already happened. We are still finding productivity gains of course, but the pace of those gains has slowed over time.”

Meanwhile consumers around the world “are counting on us to increase sustainable food production, and to do so, we will need to take on new risks, new beginnings and forge new partnerships.”

If the sector can boost its productivity gains, that could create as much as a $30 billion gain in farm net income during the next 10 years. “That’s $30 billion of economic impact towards every community across Canada.”

FCC will be there for farmers as a connector and a driving force, she said. “You can count on us to approach innovation with curiosity and a desire to work in real time with you – and that means not letting one setback stop or slow us down. FCC will continue to be the leading provider of financial services to you, from seed to farm to fork and everything in between.”

It will also be an ambassador for the sector telling its inspirational story of opportunity and progress, she said. “I am confident that we are up for the challenge and the spotlight even though it won’t be easy, and we will make mistakes.

“There will be times where our attempts to innovate will fall flat. Or that partner we’ve been trying to sign a deal with for years, still doesn’t come together. But if we spend too much time afraid of failing and staying away from risks because what we know is safe or waiting until we feel like we’re experts before we try

something new – we will miss our chance. We will miss the opportunity in front of us. The opportunity of a generation to find a better way.

This news report was prepared for National Newswatch.