Swiss food company Nestle is one of the companies backing a new global standard to fight food waste.
The Food Loss and Waste Accounting and Reporting Standard, which was developed by the multi-stakeholder Food Loss and Waste Protocol, has been launched at the 3GF Global Green Growth Forum in Copenhagen.
Nestle said that it has played a significant role in developing the first global standard to assist companies and governments to cut food loss and waste.
According to estimates, annual costs to the global economy from food loss and waste are pegged at $940bn. Food waste also accounts for about 8% of global greenhouse gas emissions.
Nestlé Nordic Market head Michiel Kernkamp, said: "We clearly see this standard as a massive, global step in fighting food loss and waste. The standard is outstanding in its setting of clear targets and in its full transparency. But maybe most of all it is outstanding as a tool where you can measure your steady progress within food loss and waste.
"What gets measured,can be managed. At Nestlé, we will definitely also benefit significantly by using the standard to help us address food loss and waste across the value chain."
Nestle said that it is committed to increase its involvement in helping to reduce food loss and waste.
Nestlé Portion Guidance initiative, one of its efforts to improve nutrition, health and wellness, is also aimed at fighting food waste.
The company said that it is a voluntary initiative designed to bridge international dietary recommendations and nutrition labelling regulations.
Kernkamp said: "In recent years, there has not been full clarity to the consumer of how much is right to eat. We need to change that.
"Nestlé is committed to improve communications on for instance the packs to enable the consumers to eat the portion sizes that is right for every individual. By preparing and eating the right portion, of course there is a significant benefit of avoiding food waste and improving health."
In May, Nestle said it was initiating new steps in support of sodium reduction, as the US Food and Drug Administration considers issuing voluntary guidelines on sodium levels in packaged food.
It decided to help people limit their sodium consumption to 2,000 milligrams per day as per World Health Organisation (WHO).
