We are currently paying three times for the food we eat. Firstly, in agricultural subsidy payments which largely promote intensive crop production. Secondly, we pay for the food at its retail value when we buy it in the shop. Finally, we pay for a third time to cover the costs of healthcare, as well as the costs of measures to tackle poverty and environmental degradation.

A case in point is the $250 million in subsidies paid annually to maize producers that results in producing cheap high fructose corn syrup for a booming soft drink industry. This leads to increasing incidence of obesity and diabetes, the costs of which are paid for by society.

Another example is the cost of the restaurant system that denies a living wage and benefits to workers, resulting in billions of dollars worth of tips by consumers, and an additional $16.5 billion annually in public subsidies for food stamps and medication. Increasing the federal minimum worker wage to $12 per hour would be equivalent to an average household increase in daily food cost of just 10 cents a day.

Responsible investment strategies are growing in the US but investors are dissatisfied with current environmental, social and governance disclosures. Profit-and-loss accounts must include societal costs in order to enhance market efficiency and manage risks related to resource scarcity, climate change or eventual regulations on product or consumer safety. True cost accounting brings all environmental, social and economic strands into a uniform strategic approach, allowing decisions that safeguard soils, plants, animals and people, while simultaneously producing positive business results.