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INVESTIGATING WORLD HUNGER

GIJC2025

Kuala Lumpur

Thin Lei Win, Lighthouse Reports thin@lighthousereports.com

Margot Gibbs, Lighthouse Reports, margot@lighthousereports.com

Kaamil Ahmed, The Guardian kaamil.ahmed@theguardian.com

Ryan McNeill, Reuters, ryan.mcneill@thomsonreuters.com

Deborah Nelson, University of Maryland dnelson4@umd.edu

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PIONEERING COLLABORATIVE JOURNALISM

Investigating Hunger

Thin Lei Win

Nov 22, 2025

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Objectives

  • Burst prevailing myths around hunger, malnutrition, and food production

  • Look at hunger through a food systems lens

  • Provide examples of food systems investigations

  • Zooming in on corporate concentration

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The Myth: Hunger & Global Food Production

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Source: Our World in Data (Wheat, Rice)

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The Myth: Hunger & Global Food Production

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Source: Our World in Data (Cereal, Meat)

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The Myth: Hunger & Global Food Production

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The Myth: Hunger & Global Food Production

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Source: FAOSTAT

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The Myth: Hunger, malnutrition, & poor nations

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Source: FAOSTAT

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The Myth: Hunger, malnutrition, & poor nations

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Source: FAOSTAT

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The Biggest Challenges Facing Food Systems Today

Healthy

Green

Fair

Production

Trade/�Processing

Sale/ Consumption

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The Biggest Challenges Facing Food Systems Today

Production

Healthy

Green

Fair

Trade/�Processing

Sale/ Consumption

  • Overconsumption of UPFs & red meats
  • Homogenous, non-diverse diets
  • Exposure to toxic chemicals by ingestion
  • Overuse of antibiotics, chemicals (pesticides & fertilisers) & plastics
  • Focus on staples & a handful of crops
  • Poor sanitation & handling
  • Use of artificial chemicals in processing & preservation
  • Policies (laws/guidelines on food supply chains & environments, subsidies)
  • New pandemic risks
  • WTO rules/FTAs that favour Big Food & restrict govt action on unhealthy foods & make healthy foods costly
  • Pesticide trade
  • Export-driven agri favours cash crops & monocropping

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The Biggest Challenges Facing Food Systems Today

Production

Healthy

Green

Fair

Trade/�Processing

Sale/ Consumption

  • Transport: Air miles, shipping
  • Cold storage (retail & in transit)
  • Importing emissions
  • Environmental costs of food processing
  • Packaging
  • Food waste at retail & household level
  • Animal-heavy diets
  • Food Systems account for 1/3rd of total manmade GHG emissions
  • Use of equipment & transport: CO
  • Livestock, rice, waste treatment: CH
  • N fertiliser & animal waste: NO
  • Beyond GHG: deforestation, land & water usage, air, water, & soil pollution
  • “An Unhappy Marriage with an addiction problem”
  • Policies (‘polluter pays’, subsidies, R&D on alt-proteins, climate adaptation, land use)

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The Biggest Challenges Facing Food Systems Today

Production

Healthy

Green

Fair

Trade/�Processing

Sale/ Consumption

  • Consolidation & corporate concentration
  • Colonisation of farming practices (seeds, data, inputs, etc)
  • Inequitable access to resources (finance, tech, land, support services)
  • Exploitative labour practices
  • Lack of representation of smallholders
  • Policies (subsidies, privileged access)
  • Supply chain profits North vs South
  • Unfair trade deals & trade policies (tariffs)
  • Double dependence
  • Corporate concentration (ABCDs)
  • Financial speculation
  • Inequitable access to nutritious foods (food deserts, SNAP, UPFs)
  • Power imbalances
  • Grocery/retail profiteering
  • Availability vs. Accessibility vs. Affordability

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The Biggest Challenges Facing Food Systems Today

Production

Healthy

Green

Fair

Trade/�Processing

Sale/ Consumption

  • Overconsumption of UPFs & red meats
  • Homogenous, non-diverse diets
  • Exposure to toxic chemicals by ingestion
  • Transport: Air miles, shipping
  • Cold storage (retail & in transit)
  • Importing emissions
  • Environmental costs of food processing
  • Packaging
  • Food waste at retail & household level
  • Animal-heavy diets
  • Food Systems account for 1/3rd of total manmade GHG emissions
  • Use of equipment & transport: CO
  • Livestock, rice, waste treatment: CH
  • N fertiliser & animal waste: NO
  • Beyond GHG: deforestation, land & water usage, air, water, & soil pollution
  • “An Unhappy Marriage with an addiction problem”
  • Policies (‘polluter pays’, subsidies, R&D on alt-proteins, climate adaptation, land use)
  • Consolidation & corporate concentration
  • Colonisation of farming practices (seeds, data, inputs, etc)
  • Inequitable access to resources (finance, tech, land, support services)
  • Exploitative labour practices
  • Lack of representation of smallholders
  • Policies (subsidies, privileged access)
  • Supply chain profits North vs South
  • Unfair trade deals & trade policies (tariffs)
  • Double dependence
  • Corporate concentration (ABCDs)
  • Financial speculation
  • Inequitable access to nutritious foods (food deserts, SNAP, UPFs)
  • Power imbalances
  • Grocery/retail profiteering
  • Availability vs. Accessibility vs. Affordability
  • Overuse of antibiotics, chemicals (pesticides & fertilisers) & plastics
  • Focus on staples & a handful of crops
  • Poor sanitation & handling
  • Use of artificial chemicals in processing & preservation
  • Policies (laws/guidelines on food supply chains & environments, subsidies)
  • New pandemic risks
  • WTO rules/FTAs that favour Big Food & restrict govt action on unhealthy foods & make healthy foods costly
  • Pesticide trade
  • Export-driven agri favours cash crops & monocropping

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Examples of food systems investigations

Healthy

Green

Fair

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Examples of food systems investigations

The Findings

  • In the first week of March, commodity-linked “exchange traded funds” received $4.5 billion in investment.
  • By April, two top agricultural ETFs had attracted net investor investment of $1.2 billion – compared to just $197 million for the whole of 2021.
  • FOIA documents showed the industry successfully lobbied the EU regulator to weaken regulations.
  • First in a series on how pension funds fueled and hedge funds profited from the global food crisis.

What

  • In March 2022, world food prices reached highest ever levels following Russia’s invasion of Ukraine
  • Import-dependent developing countries were facing a “double dependency”: (i) relying on imports to feed their people, (ii) relying on a handful of exporters for a high percentage of those imports
  • Concerns that over a quarter of a billion people could fall into extreme poverty

How

  • Tracked money flows into some of the biggest publicly traded agricultural funds dealing in wheat
  • Analysed data to understand the level of speculation
  • FOIA-ed for documents to understand lax laws
  • Interviewed experts, whistleblowers, industry veterans, aid workers, and ordinary people

Fair

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Examples of food systems investigations

What

  • Tip off on a conference on greener solutions to pesticides being sabotaged led us to the US-based PR firm v-Fluence
  • It worked on Paraquat, a popular toxic herbicide linked to acute and chronic health impacts, and banned in the EU

How

  • Freedom of information requests on correspondence between the US civil servants and v-Fluence
  • Money trails analysis and searches on public spending records for contracts by USAID to v-Fluence
  • Court records
  • Good old-fashioned source building

The Findings

  • v-Fluence, established by a former Monsanto executive, received funding from US government to promote GMOs in Asia and Africa
  • This includes building a private social network monitoring hundreds of scientists, environmentalists, campaigners and writers critical of agrochemicals and GMOs
  • Currently being sued in the U.S. for allegedly suppressing information for over 20 years on the health risks associated with Paraquat
  • Worked with another PR firm aimed at undermining the EU’s Farm to Fork policy
  • In Kenya, which has the highest number of members to network outside of the US and Canada, farmers unaware of the risks continue using Paraquat while v-Fluence’s senior counsel promoted pesticides and GMO for food security

Healthy

Green

Fair

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Examples of food systems investigations

The Findings

  • Copa-Cogeca secretary-general himself acknowledged their claim to represent all 22 million European farmers was more of an aspiration.
  • Yet the group uses this claim to access privileges and block climate and environmental reform.
  • Spain, Poland, and Romania pay a combined €1.4-million a year in public money for certain national unions to be part of Copa-Cogeca.
  • However, these unions are not at all representative of a majority of farmers in the countries.
  • In fact, members tend to be made up of large-scale, industrial, export-oriented farms and are close to the agrochemical industry.
  • Smallholder farmers or unions feel neglected and sidelined.

What

  • Copa-Cogeca, Europe’s biggest and most powerful farm lobby
  • Made up of farmers’ associations in member countries
  • Self-proclaimed voice of European farmers and agri-cooperatives
  • Enjoys special privileges and access to the corridors of power, and dominated EU agricultural policy for over half a century
  • Opposes environmental reforms including efforts to slash pesticide use and restore ecosystems

How

  • Interviews, interviews, interviews, and more interviews
  • Our own survey of membership figures of Copa-Cogeca affiliates

Green

Fair

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Examples of food systems investigations

What

  • How the triple whammy of a pandemic, climate change, and an inflationary surge is affecting hunger levels in middle-income countries
  • Not all food systems stories need to be investigations

How

  • Old-fashioned beat reporting

The Findings

  • Eight countries across Asia, Europe, Africa, and South America
  • But has striking commonalities
    • Soaring inflation and stagnant incomes
    • Healthy food out of reach for most consumers
    • Heavy reliance on global markets - soaring import bills
    • Wild weather either already reducing yields or threatening to do so
    • Environmentally harmful farming practices worsening climate change
    • Decades of policies focused on efficiency and exports
    • Rising hunger

Healthy

Green

Fair

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Why corporate consolidation is a problem

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Source: Farm Action Concentration Data, IPES-Food (2023), ETC Group (Updated, 2025)

Global Seed Market

  • Bayer: 23%, Corteva: 17%, ChemChina: 7%, BASF: 4% = 51%

Global Agrichemical Market

  • ChemChina: 24.6%, Bayer: 16%, BASF: 11.3%, Corteva: 10.4% = 62%

Global Agricultural Machinery Market

  • Deere & Co., CNH, AGCO, Kubota = 40%

Global Trade in Agricultural Commodities

  • ABCDs account for 60%-70%

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Why were egg prices so high in Kenya?

  • Between Sept 2021 and Jan 2023, Kenyans pay 36% to 85% more than Ugandans for a tray of 30 eggs.
  • Why?
  • Four suppliers control over half the market for commercial feed.
  • This means Kenyan poultry and dairy farmers pay up to 40% more for animal feed.
  • Sub-sector for feed ingredients: again, four vertically integrated firms dominate this market, meaning small feed producers have to pay more. Some ended up leaving the market.
  • This left farmers with fewer choices, lowered farm income, and increased prices of eggs.

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Why we need to use a systems lens

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Military Conflicts

Aid Cuts

  • Higher/more volatile food and agricultural input prices
  • More opportunities for corporate profiteering
  • Import-dependent countries worse off
  • Debt burden in the Global South will grow
  • Higher ecological costs, lower climate budgets
  • Deepening hunger & inequality

Trade Wars & Economic Chaos

Weak Global Institutions

Climate, Biodiversity & Pollution Crises

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PIONEERING COLLABORATIVE JOURNALISM

Investigating Hunger Profiteers

Margot Gibbs

Nov 22, 2025

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Why do we interrogate food prices?

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OBJECTIVES

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  • Understand why to look beyond scarcity: food crises vs. food price crises.

  • Investigative Technique: financial statements for unpicking industry narratives

  • Technique: how to investigate financial market speculation can drive prices

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Corporate profiteering

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Corporate profiteering

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Pepsico: what’s driving profits - volume or price?

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Profit + loss account: what passing on costs look like

Pre-Ukraine/Cov-19

Cost of sales = $4

Burger = $5

Gross profit = $1

Gross margin = 20%

Markup = 25%

Passing on cost

Cost of sales = $5

Burger = $6

Gross profit = $1

Gross margin = 17%

Markup = 20%

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Maintaining margins

Cost of sales = $5

Burger = $6.25

Gross profit = $1.25

Gross margin = 20%

Markup = 25%

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What do we see in the accounts?

Profit + loss* account of financial statements

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*also known as

Income Statement

Consolidated Statement of Income

Earnings Statement

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Increasing margin/markup

Data for Tyson (here)

  • All you need is a profit and loss statement
  • Markups: how much profit for every unit of spend.

= Gross profit ÷ cost of sales

= (Sales revenue - cost of sales)÷ cost of sales�If it increases or stays the same: they are not just passing on costs

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Profit + loss account: what passing on costs look like

Tyson (here)

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Corporate profiteering - source data

Profit and loss accounts give you the data you need.

  • Published by public companies (and larger private companies in some countries)
    • Company Website: investor relations
      • Annual report
        • Income statement
  • Published by large private companies in some countries
    • Opencorporates for links to company registries
    • Look to parent companies (e.g Singapore)

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Corporate profiteering - reading list

    • US food companies: Your food is more expensive – are US corporate profits to blame? [Guardian, 2024]
    • Fertilizer companies: A corporate cartel fertilizes food inflation [IATP/Grain, 2023]
    • ABCD/grain companies: How monopoly power tripled the profits of global agricultural commodity traders in the last three years [Somo, 2024]
    • Popular format: More Perfect Union tiktok [November 2021]

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Hunger Profiteers - investigating food speculators

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Hunger profiteers

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Who’s driving prices?

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ETF data (money flows + what ETFs bought):

  • Bloomberg (compiled from ETF sources)
  • Press office of other aggregators (Refinitiv Eikon, Morningstar)

Wheat closing price, trading volumes:

  • Many aggregators of data published by the exchanges (e.g CME for US, Euronext for France)
    • e.g Marketwatch here

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Who’s buying? Commitments of traders

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Commitment of Traders - who is buying/selling:

Chicago - COT data here

Paris - Commitment of Traders reports here

Other countries:

  • Brazil here (e.g soy)
  • India here (e.g pulses)

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Other methodologies

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Index of “excessive speculation” using ratio between trading volume and open interest [here]. Information on volumes and total open interest available from trading exchanges and regulators

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Speculation profiteers -- hedge funds

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SogGen index

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Speculation profiteers -- investment banks

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Global food and fuel price crises have helped to drive an “obscene” £4bn increase in trading revenues for the world’s top five investment banks, new research has found.

Of the five investment banks, the biggest winner is Goldman Sachs, according to Lighthouse Reports. The bank has seen an increase of £1.9bn for its fixed income and commodity and currency (FICC) division.

Sources:

  • Annual reports on FICC income
  • Industry analysis from Coalition Greenwich

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Speculation -- pension fund drivers

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Sources:

  • Annual reports (notional value of OTC, futures investments)
  • Press offices of pension funds

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Reading list

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  • UNCTAD 2023: Food Commodities, Corporate Profiteering and Crises: Revisiting the International Regulatory Agenda

  • IPES Food, May 2022: How the failure to reform food systems has allowed the war in Ukraine to spark a third global food price crisis in 15 years, and what can be done to prevent the next one

  • IDOS, 2023: Food price inflation, its causes and speculation risks

  • Terre Solidaire/FoodWatch 2024: Inflation: When speculators profit from the food crisis

  • Foreign Policy, 2011, How Goldman Sachs Created the Food Crisis

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Can we let go of the myth?

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Weaponising food in conflict

Kaamil Ahmed

The Guardian

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How are conflicts stopping people getting food?

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“We must never accept hunger as a weapon of war” - Antonio Guterres, July 2025

  • In reality, we regularly see hunger weaponised during conflicts
  • Aid movements restricted while other things can be moved around
  • But it’s not all about aid - exports, agricultural inputs and land all matter

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The Black Sea Blockade

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  • Russia’s blockade of the Black Sea and Ukrainian grain exports created world-wide panic.
  • A lot of that was unwarranted but some countries were already vulnerable
  • Egypt, Lebanon and Turkey all got around 80% of their wheat imports from Ukraine and Russia. All had high inflation rates already.
  • There were also concerns for East Africa, which also imported high levels of wheat, especially Sudan.

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Gaza: What gets in?

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  • Food scarcity was from very early on a concern in Gaza
  • We had reports from the IPC but regular contact with people in Gaza was important but difficult
  • Constant monitoring and conversation with the displaced gave us the insights we needed
    • Price levels
    • Black market activity
    • Looting
    • Poor quality aid
    • Exposure to danger at aid pickups - GHF, air drops
    • The intersection of environmental damage and food production

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The Gaza Humanitarian Foundation

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  • Blockade of Gaza culminated in creation of the Gaza Humanitarian Foundation
  • Aid blocked and funnelled through a militarised system with few points
  • We reported by speaking to those dependent on that aid and looking into the data
  • 11 minutes - the average time between announcements that a GHF point was open and closed
  • Palestinians told us there was danger everywhere - on the route and at the pickup point itself

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Ryan McNeill and Deb Nelson

GIJC2025

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Famines are not supposed to happen anymore. There’s an elaborate international system, established 20 years ago, to prevent them — to detect food crises early and head them off before they snowball into mass starvation. It evolved after the worst famine of the century — in Somalia. Yet the last 10 years saw a surge in countries with populations teetering on the edge of famine. Reuters assembled a team to investigate why this was happening.

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The system’s official hunger monitor is called the Integrated Food Security Phase Classification (IPC).

It has a 5-phase classification system for food crises that is used by the UN, NGOs and donor nations to determine where to direct assistance. Each phase from stressed onward is supposed to trigger a swift response, aided and abetted by the government of the country in need, to prevent the crisis from reaching the next phase.

What we found is that almost every facet of what I just described above is broken. It’s a system that isn’t well designed to assess or respond to what has become the leading driver of today’s food crises: conflict.

For starters: The evidence, the data that the IPC requires to detect and assess crises — how many people are in jeopardy and to what degree — is near impossible to get out of conflict zones.

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The IPC had struggled to get the health data that its classification system relies on due to government resistance and the remote camp’s location in a conflict zone. Facing the same obstacles, we used satellites to document a significant increase in the size of cemeteries around the camp. The IPC hadn’t taken that relatively simple extra step to determine the severity of the situation (though they said they’d try using satellite data going forward).

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The IPC was using an antiquated system that relied on paper records and jpegs of data — and that was better suited to hunger crises caused by drought and failed crops than conflicts. There was brief UN recognition of the need to revamp the approach to monitoring and response several years ago, with creation of a special commission by the UN secretary general. But nothing came of it.

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Conflict: A leading driver of the world’s worst food crises

Many are in places inaccessible to reporters

due to violence, political obstruction and newsroom resources….

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Stories are spatial

It’s not enough to just wave our hands and say something is happening.

The best stories show — with precision — who was affected where and when.

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Satellite imagery is DATA

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What food insecurities measures can we track with satellites?

  • Vegetation health
  • Weather and climate
  • Water
  • Conflict
  • Mortality

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Many images to data

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Remote sensing

  • When a multispectral satellite passes over an area, its sensors are collecting data across the visible and non-visible spectrum.
  • Think of satellite data like a spreadsheet: Each column is a band (red, green, blue, near-infrared, etc.) and each row is a pixel.
  • Each pixel has a value for each band, representing the intensity of light reflected in that band.
  • When you see an image in natural color, it is merely the visual reprenstation of the red, green and blue reflectance numbers.

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Underneath the hood

aerosols

blue

green

red

red_edge_1

red_edge_2

red_edge_3

nir

red_edge_4

water_vapor

swir_1

swir_2

0.1164

0.1521

0.2104

0.2764

0.3027

0.3034

0.3151

0.3289

0.3206

0.3482

0.3333

0.3181

0.1208

0.1624

0.2233

0.2940

0.3204

0.3182

0.3297

0.3480

0.3324

0.3680

0.3465

0.3353

0.1216

0.1696

0.2374

0.3116

0.3456

0.3423

0.3538

0.3660

0.3372

0.3942

0.3729

0.3574

0.1190

0.1571

0.2173

0.2826

0.3096

0.3150

0.3259

0.3342

0.3318

0.3622

0.3443

0.3289

0.1156

0.1501

0.2097

0.2764

0.3012

0.3030

0.3110

0.3192

0.3238

0.3507

0.3339

0.3108

0.1146

0.1485

0.2066

0.2743

0.3005

0.3056

0.3139

0.3222

0.3199

0.3543

0.3395

0.3170

0.1153

0.1499

0.2071

0.2724

0.3115

0.3156

0.3206

0.3081

0.3289

0.3679

0.3467

0.3278

0.1130

0.1442

0.1990

0.2643

0.2961

0.3054

0.3142

0.3236

0.3272

0.3582

0.3387

0.3164

0.1068

0.1429

0.1971

0.2649

0.2937

0.3016

0.3151

0.3235

0.3177

0.3627

0.3406

0.3204

0.1007

0.1240

0.1756

0.2401

0.2651

0.2740

0.2855

0.2852

0.3081

0.3495

0.3363

0.2966

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Underneath the hood

  • By analyzing these values, we can derive insights about the Earth’s surface, such as vegetation health, soil moisture or burned areas through spectral indices.
  • One of the oldest spectral indices is the Normalized Difference Vegetation Index (NDVI), which uses the red and near-infrared bands to assess vegetation health.
  • The formula is: NDVI = (NIR - Red) / (NIR + Red)
  • It turns all those numbers we saw in the last slide into a single number.

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Example: Tracking vegetation health in Sudan

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Example: Tracking vegetation health in Sudan

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December 2023

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December 2024

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Change in NDVI

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What got worse?

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Time series

  • But like any data analysis, we don’t want to stop with just a before and after.
  • Now there’s resources such as Google Earth Engine (not the Google Earth you use to look at high-res images), we can do things such as:
    • Create a time series
    • Create the median NDVI for the previous 10 Decembers and see whether this year is an anomaly.
    • Do calculations for broad areas (i.e. what’s the average NDVI for all pixels within 10 km of a point?

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Awesome spectral indices

Here’s a random sample of spectral indices pulled from the Awesome Spectral Indices database. I highly encourage you to check out the site.

long_name

application_domain

formula

Normalized Difference Snow Ice Index

snow

(G - N)/(G + N)

New Built-Up Index

urban

((S1 - N)/(10.0 * (T + S1) ** 0.5)) - (((N - R) * (1.0 + L))/(N - R + L)) - (G - S1)/(G + S1)

Transformed Triangular Vegetation Index

vegetation

0.5 * ((865.0 - 740.0) * (RE3 - RE2) - (N2 - RE2) * (783.0 - 740))

Chlorophyll Carotenoid Index

vegetation

(G1 - R)/(G1 + R)

Normalized Burn Ratio Thermal 1

burn

(N - (S2 * T / 10000.0)) / (N + (S2 * T / 10000.0))

Redness Index

vegetation

(R - G)/(R + G)

Transformed Red Range Vegetation Index

vegetation

((RE2 - R) / (RE2 + R)) / (((N - R) / (N + R)) + 1.0)

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Final thoughts

  • Satellites are an underutilized source of data for tracking food insecurity.
  • By treating satellite imagery as data, we can derive quantitative insights about critical factors affecting food security
  • Learning to work with GIS software and remote sensing data is essential for modern data journalists.
  • The potential for satellite data to inform and enhance data journalism is vast, especially in areas where traditional data sources are lacking. Or reporters cannot go.
  • There are tons of new sensors useful for food insecurity: thermal, radar, RF (used to measure soil moisture) and more.

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