0:01

Ted Audio Collective. Hey

0:14

listeners, it's Ted Health and I'm

0:16

Dr. Shoshana Ungerleiter. Envision

0:18

your dinner plate transforming into

0:21

a powerful tool in the

0:23

global crusade against climate change.

0:27

In his 2023 Ted Countdown

0:29

Summit talk, Tao Shang,

0:31

an impact investor with an

0:33

unexpected passion for food, takes

0:36

us on a deep dive into

0:38

how our individual dietary choices can

0:41

echo globally in the fight against

0:43

climate change. From the

0:45

nuances of taste to the

0:48

vast potential of new proteins, Tao's

0:51

talk is a call to rethink

0:53

our relationship with food, our

0:55

planet, and the future of both of

0:57

them. Prepare to

0:59

be fascinated and maybe even

1:01

a little hungry for change.

1:16

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for this podcast comes from The Wonderful

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Company. If that name doesn't sound familiar

2:38

to you, you probably

2:40

know the pistachios that

2:42

come from this company. Wonderful Pistachios is

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one of the highest protein nuts. Get

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snackin' and get crackin' with a snack

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So in addition to the original

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flavor, I'm particularly fond of the

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eat and get some protein on

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the run. Visit wonderfulpistachios.com to learn

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more. My

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wife is the last person in the world who

3:15

would consider me a foodie type of

3:17

person. She's always puzzled

3:20

at why sometimes I couldn't even tell the

3:22

difference between beef and pork when

3:24

shopping or eating. So

3:27

a few years ago, when I told her

3:29

that I found my calling in food as

3:31

an impact investor, she was shocked

3:33

and thought I had a midlife crisis. The

3:38

impact logic behind my midlife

3:40

crisis or midlife epiphany is

3:43

simple. Given its size

3:45

and reach, there's no way the

3:47

world can achieve its climate goals without

3:49

engaging in China in a significant way.

3:52

This is why I've spent much my

3:55

career focused on supporting environmental entrepreneurs in

3:57

China, mainly in the industrial space. things

4:00

like energy or recycling. But

4:03

I've always wondered about how to reach

4:05

the vast number of Chinese consumers. I

4:08

found my answer in alternative proteins,

4:12

or what we prefer to call

4:14

new proteins nowadays in China. New

4:17

proteins can be plant-based, microbial,

4:19

or cell-based alternatives to

4:22

resource-intensive, environmentally

4:24

challenging animal proteins. China

4:27

consumes 26% of the worst meat and

4:31

45% of the worst seafood. It's

4:34

also worth mentioning that China accounts for

4:36

43% of

4:38

the worst pork consumption in

4:40

the meat category. This

4:42

number is a massive, but if you

4:45

look per person, meat consumption in China

4:47

is still low, about half compared

4:49

to the U.S. For milk,

4:51

consumption per person is less than

4:54

half. In comparison,

4:57

and driven by rising incomes and demand,

5:00

these figures can only go up. Meantime,

5:05

global investment in innovative foods with

5:07

new proteins as the majority were

5:10

over $10 billion from 2020 to 2022. But

5:15

China had only 3.5% of the total, at

5:18

$362 million. I

5:23

realize that investing in new proteins should

5:25

be China's answer. Chinese

5:27

consumers can be a part of

5:30

the country's environmental solution and by

5:32

extension, part of the global solution

5:34

to tackle climate change. Without

5:37

a doubt, it is a huge business

5:39

opportunity in the long run as well.

5:43

But how exactly? How

5:45

do we get people in China to embrace

5:47

new proteins as has happened in

5:49

other parts of the world? Growing

5:52

up in China, I always see food as

5:55

an integral part of my culture. On

5:57

all occasions, big or small, There's

6:00

some banquet. Like

6:03

when babies are born, loved ones

6:05

pass away, friends get together, will beat

6:07

farewell to one another. And

6:09

we always need so-called hard dishes, yin

6:12

chan, as a core part of this

6:14

occasion, meaning dishes with

6:16

abundance and varieties of meat. Chinese

6:20

people don't just enjoy eating. Eating

6:22

defines who we are and where we

6:25

stand in society. As

6:27

the Chinese saying goes, wu rou gu huan, meaning

6:31

that there's no pleasure in eating without

6:33

meat. Meanwhile,

6:36

China has a long history with plant-based

6:38

foods, which sounds positive for

6:40

new proteins, but is actually a

6:42

challenge. Old

6:45

generation mock meat products especially have

6:47

had an active perception with mainstream

6:49

consumers. They are seen as

6:51

cheap, distasteful, unhealthy

6:54

alternatives, and are more

6:56

intended to serve religiously vegan and

6:58

vegetarian consumers. Environmental

7:01

and animal welfare advocacy

7:03

groups have shifted consumer mindsets in

7:06

the West, and eating

7:08

plant-based meat is considered morally positive.

7:11

But in China, mainstream consumers

7:13

aren't easily swayed by the moral

7:15

argument for now. China's

7:18

consumers are also highly demanding

7:20

regarding taste, price, and convenience.

7:23

China is incredibly diverse in terms of

7:26

style of cooking and food applications. Basically,

7:30

each province or region has a style of cooking.

7:33

There's Beijing cuisine, Shanghai cuisine,

7:35

Hunan cuisine, Sichuan cuisine, and

7:38

Cantonese cuisine, to name a few. And

7:41

unlike Chinese restaurant in the US,

7:44

these regional cuisines are not just different in the

7:46

name. They do taste different.

7:55

To be successful and to have an impact, entrepreneurs

7:57

can't just come out with a product. pops

8:00

out neatly for meat product. Alternative

8:03

products will need to be tasty, affordable,

8:05

and regionally appropriate. This

8:08

calls for investments in innovation, research,

8:11

and development. Moreover,

8:14

we need new distribution channels beyond

8:17

specialty stores and vegetarian restaurants.

8:20

And they must be widespread nationwide, especially

8:22

in China, where online selling

8:25

plays an increasingly dominant role. And

8:28

with young generation mainstream consumers, it

8:31

certainly helps engage high-end chefs to

8:33

put new proteins on their menus.

8:37

And this new product needs personality, brands

8:40

that seem hip and compelling to

8:43

younger consumers. New

8:46

proteins must also enter the consumer

8:48

consciousness on a wholesale level, meaning

8:51

the entire industry needs good marketing

8:53

campaigns. Entrepreneurs need

8:55

the support of one another and

8:57

all relevant stakeholders to gain momentum.

9:00

All of this requires investment

9:03

and patience, of course. The

9:06

good news is that we're starting to see some progress.

9:09

For example, look at an attorney diary

9:11

company, Oli. The Oli

9:14

Tea Master, an old-based drink developed

9:16

in China, replacing cow's milk for

9:18

milk tea, was introduced

9:20

to the Chinese market in March, 2022. By

9:24

the end of 2022, the product

9:26

had entered over 50,000 tea stores

9:28

around China, with 20 million

9:30

units sold. Oli's

9:33

initial success in China has resulted

9:35

from its localized product and marketing

9:37

strategy, investment in local

9:39

production, and distribution

9:41

channel expansion in collaboration with

9:44

local partners. Meanwhile,

9:47

mainstream Chinese consumers have been drinking

9:49

all flavors of plum-based milk because

9:51

they passed a lack of cow

9:53

milk products. I believe

9:55

plum-based drinks are a low-hiding fruit

9:57

for introducing new proteins and

10:00

having impact in China more quickly

10:03

and in a more capital efficient way. Dow

10:06

Foods, the investment firm I

10:08

co-founded, has invested in about

10:11

20 new protein companies in China

10:13

and for China. Products

10:16

from Starfield, Xingqilin, such

10:18

as their plum-based tuna, beef and chicken,

10:20

are showing up on restaurant chains and

10:22

store shelves across China. Its

10:25

clients include Sense Club,

10:27

KFC, Family Mart, and

10:29

China's equivalent of Starbucks, Lacking Coffee, to

10:32

name a few. Plan

10:34

Now, Zhu Jia Dao, a

10:36

plum-based milk tea venture, has recently

10:38

entered more than 500 local

10:40

convenience stores in Qingdao, a new

10:42

tier one city on China's east

10:44

coast, and is ready to enter

10:46

another 1,000 stores in China's

10:49

Anhui province with their

10:51

coconut milk tea product. This

10:54

young generation entrepreneurs are trying to

10:57

develop products that appeal to mainstream

10:59

consumers in every way. Equally

11:02

important, they're helping overcome

11:04

the negative perception of plum-based

11:06

products with a new look

11:08

and feel and working with the right

11:10

distribution partners. Aside

11:13

from entrepreneurial efforts, the new protein

11:15

sector in China is also

11:18

gaining momentum on a few other forms.

11:22

Over the past few years, we've

11:25

hosted eight bootcamps across China, bringing

11:27

together and inspiring hundreds of entrepreneurs

11:29

who spend time learning from their

11:32

peers and figuring out how to

11:34

better their technology, improve marketing, expand

11:36

distribution, and raise more money. Chinese

11:41

President Xi Jinping made some food-related

11:43

remarks last year, encouraging

11:45

the seeking of new proteins from

11:48

plants and microbes. Local

11:50

government is getting involved as well. While

11:53

municipal government in China's Yangtze Delta

11:56

region agreed to jointly develop a

11:58

new protein entrepreneurship program. us offering

12:01

office space, potential funding, and

12:03

more. I

12:06

would love to see mainstream Chinese consumers massively

12:09

adopt new proteins, making

12:11

them a part of their daily diet. I

12:14

don't expect consumers to give up

12:16

on animal products entirely, but

12:19

having more protein diversification and

12:21

choices will allow them to

12:23

weigh factors like the environment

12:25

and climate impact to make

12:27

more balanced and informed food

12:29

decisions. Given

12:33

China's rising demand for quality

12:35

proteins under the climate ramifications,

12:38

climate friendly investors worldwide

12:40

should be all over new proteins in

12:43

China, but they are not. Many

12:46

international investors continue to shy away

12:49

from China. Maybe

12:51

geopolitics is the problem. Perhaps

12:53

they are unsure if they will be able to get

12:55

their money out of China if they need to. Or

12:58

it could be the flawed assumption

13:00

that China's problem is so unique

13:02

that it requires solutions led by

13:04

Chinese people alone. But

13:08

whether you're an investor, entrepreneur,

13:10

or consumer, if you

13:12

want to be a hero and game changer in this space,

13:15

show me the money. Even

13:18

if you're just one meal at a time, one

13:20

product at a time, or one investment at a

13:23

time. China

13:25

is indispensable in addressing global climate challenges,

13:28

and we should work collectively to

13:31

make China part of the global solution. Let's

13:34

all strive beyond. Do the impossible. Always

13:36

look at the upside and keep

13:39

exploring the way, aka the doubt,

13:41

to get there. For the one

13:43

and only planet we share and call home, we

13:46

must do it, we can do it, and

13:48

we will. Thanks, everybody. Thank

13:55

you. Support

13:58

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