A report from WRAP and the Global Commission on the Economy and Climate has shown reducing consumer food waste worldwide could save between $120 billion and $300 billion (£77-£194 billion).
To achieve this would require a 20 to 50% reduction in consumer food waste.
One third of all food in the world ends up as waste, while the value of global consumer food waste is more than $400 billion per year.
The report, Strategies to achieve economic and environmental gains by reducing food waste, also identifies significant opportunities to improve economic performance and tackle climate change by reducing the amount of food that is wasted in agriculture, transport, storage and consumption.
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WRAP director of sustainable food systems Richard Swannell (pictured) said: “Food waste is a global issue and tackling it is a priority. This report emphasises the benefits that can be obtained for businesses, consumers and the environment.
“The difficulty is often in knowing where to start and how to make the biggest economic and environmental savings. In partnership with UNEP and FAO, WRAP produced international guidance on how to achieve that through implementing effective food waste prevention strategies that can be used across the world.
“Consumers have a role to play. In the United Kingdom, where we are based, the majority of food waste occurs in the home. Through our consumer campaign Love Food Hate Waste, we empower consumers with advice and tips on how to waste less and save more. Between 2007 and 2012, this helped householders reduce avoidable food waste by 21% saving a total of £13 billion.”