{"id":716272,"date":"2024-11-05T05:26:59","date_gmt":"2024-11-05T13:26:59","guid":{"rendered":"https:\/\/www.esri.com\/about\/newsroom\/?post_type=wherenext&p=716272"},"modified":"2024-11-06T02:50:17","modified_gmt":"2024-11-06T10:50:17","slug":"a-new-type-of-price-check-gains-ground","status":"publish","type":"wherenext","link":"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/a-new-type-of-price-check-gains-ground","title":{"rendered":"A New Type of Price Check Gains Ground"},"author":501,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"sync_status":"","episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","castos_file_data":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[490552,1331,1461],"department":[488812],"wherenext-category":[],"industry":[],"class_list":["post-716272","wherenext","type-wherenext","status-publish","format-standard","hentry","tag-nature-based-practices","tag-supply-chain","tag-sustainability","department-emerging-technologies"],"acf":{"short_description":"True cost accounting puts a price tag on food\u2019s environmental toll and may be nearing a breakout moment in the business world. ","pdf":{"host_remotely":false,"file":"","file_url":""},"flexible_content":[{"acf_fc_layout":"content","content":"Not only is there no such thing as a free lunch\u2014it\u2019s more expensive than you think.\r\n\r\nWe know this because of a practice called true cost accounting, which puts a price tag on food\u2019s environmental toll and may be nearing a breakout moment in the business world."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Snapshot:<\/strong> Retail experiments, massive purchasing decisions: true cost accounting is in the spotlight, and may land on the executive agenda next.","snippet":""},{"acf_fc_layout":"content","content":"As a recent New York Times<\/em> article<\/a> explained, beef that costs $5 per pound in the supermarket has a true cost of $22. The extra $17 is mostly the toll for ecosystem damage caused by cattle farming. Other costs measured by true cost accounting include water stress, biodiversity loss, and greenhouse gas emissions.\r\n\r\nA thorough assessment of true cost involves more than just dollar figures. It starts with an understanding of where products come from and how much value nature provides<\/a> to a given location.\r\n\r\nIf true cost accounting finds its place in purchase decisions and regulatory frameworks, transparency and operational visibility into the supply chain will be essential. A geographic approach to operations will help businesses adapt.\r\n

Regulatory Compliance and True Cost Accounting<\/strong><\/h3>"},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Right","content":"Related Read:<\/strong>\r\n\r\n\/\/ Three companies on how they account<\/a> for nature","snippet":""},{"acf_fc_layout":"content","content":"True cost accounting is not a new concept. A 2021 Rockefeller Foundation report pegged the true cost of food in the US<\/a> at three times the $1.1 trillion Americans spend on it annually.\r\n\r\nRecently, the theory has begun to move into practice:\r\n