The sun rises over fishing boats in the Atlantic Ocean, September 8, 2022, off of Kennebunkport, Maine. A system of ocean currents that carries heat northward across the North Atlantic could collapse during this century, according to a new study, and scientists have said before such a collapse could cause catastrophic sea-level rise and extreme weather across the globe. You have less fish in the ocean when oceans are warming up.
The reasons we as PGIM went into this were a couple. First of all, food is not just 10 percent of GDP, but also 40 percent of the labor force, so a lot of people work in this industry. And we are defining food as from farm to fork and everything in between—processing, packaging, preparing the seeds, all the way to end-retail. So it’s a big part of the labor force and there’s been a lot of focus on labor and inflation and so on. So that was one driver.
You talk about when a society becomes more affluent, when per-capita income goes up, people’s diets change. Can you talk to us about what changes in a diet as a society gains more income?