Fonterra chief executive officer Theo Spierings addressed the China Business Summit in Auckland this morning, saying that Fonterra faces the risk of losing Chinese market share to European competitors.
As the NZ Herald reports, “Spierings said Fonterra was aiming to grow its business in China from around $5 billion in 2014 to $10 billion over the next five years.”
NZ Herald quotes Spiering, saying that “one big change that I expect is the growth of tier three and four cities. It’s going to be a different ball game – completely different.”
“Should we be concerned about Chinese companies investing in New Zealand because of brand New Zealand and the super premium prices they can achieve in their market? I don’t think we should be concerned,” he said.
“Should we be concerned about Chinese companies investing in New Zealand because of brand New Zealand and the super premium prices they can achieve in their market? I don’t think we should be concerned,” Fonterra CEO said.
The company expects to eliminate 1.2 billion tons carbon dioxide equivalent of methane emissions by the end of the decade. The company says that it already reduced its methane emissions by around 14% between 2018 and 2020.
The “first-of-its-kind” pilot project will develop and demonstrate an affordable modular bioprocessing system to produce biodegradable bioplastics from food waste diverted from landfills. The three-year grant will test the scalability and feasibility of the conversion on a national and global scale.
Arkeon is allying with specialty mineral giant ICL to support the scaling of its fermentation bioprocess that converts CO2 into the 20 proteinogenic essential amino acids needed in human nutrition. The process, hailed as carbon negative, is based on the use of archaea, a group of microorganisms that naturally feeds off the greenhouse gas.