ATNi Secured a Win for Markets and Nutrition

Looking at current events, and the backlash in the US on Environmental, Social and Governance (ESG) investing, it’s easy to conclude that a battle rages. On one side, we have a new unbridled form of free market capitalism that focuses on profit maximization above all else – one that would concern even Milton Friedman. On the other side, we have ESG, responsible investors and many corporate leaders trying to address systemic risks and protect the planet and people in the long term.

If we’re smart, there should be no conflict between the two. For nutrition and sustainability to work in the long-term, we must see a convergence between market dynamics and profits on the one hand, and public health on the other.

Good news: we just scored a victory for nutrition and markets! Corporate reporting on nutrition is becoming standardized, while nutrition is increasingly seen as a “material” topic for investors and corporates, not just in high income countries but also in emerging markets.

March 2025 was a pivotal month:

1. S&P Global announced that food companies participating in their Corporate Sustainability Assessment must report on health and nutrition policies and programs using indicators from ATNi’s framework. This follows similar initiatives from FTSE Russel and ISS that use ATNi metrics.
2. Seven global investment houses, who together manage over $1 trillion in assets under management (AUM), called for disclosures from 23 of the largest food and beverage manufacturers using a government endorsed nutrient profile model. This announcement was facilitated by ATNi at the Nutrition for Growth (N4G) Summit.
3.  ATNi and over two dozen partners released the Paris Declaration on Business & Nutrition 2030 calling on all sectors to improve nutrition economies around the world through specific evidence-based actions.

These developments were quickly followed in April by an announcement from Nestlé, the world’s largest food manufacturer, that it will now report on the healthiness of its portfolio in alignment with ATNi’s scope. Nestlé ‘s CEO Laurent Freixe: Today, I can share that starting with our next non-financial report, we will evolve our nutrition reporting with the following actions…we will complement our existing reporting with new data that is aligned with the scope of the ATNi. 

These developments are connected and represent a small but critical victory in this artificial conflict between profit and people. They ensure that nutrition is becoming ‘material’ to investors and companies. With the growth in emerging markets and the expansion of capital into those regions, there is an opportunity for governments to better regulate food environments and incentivize healthier food production.

At ATNi, we’re pushing nutrition-sensitive financing into the heart of markets, helping to establish the business case for nutrition, globally, and in low- and middle-income countries. This includes in India where we support the Securities and Exchange Board (SEBI) to integrate workforce nutrition metrics, and in Kenya where we are assessing several listed food companies and speaking with regulators.

There is significant work to do, globally and at country level, to ensure that the business case for nutrition is strong, that markets demand healthier foods, and that those foods are more available, affordable and accessible to all. Then we can claim a final victory for the public good.

Emmanuel Faber, Chair of the International Sustainability Standards Board, summarizes this point nicely: Mechanisms like ATNI exist because of the ongoing market failures and lack of uniform disclosures. Financial institutions, from insurers to pension funds, central banks, sovereign issuers, will have no other choice than factoring the long-term risks they face on nutrition challenges.