Prepared on behalf of Champions 12.3, The Business Case for Reducing Food Loss and Waste analyzes the financial impacts of historical food loss and waste reduction efforts conducted by a country, a city, and numerous companies. The results show that the financial benefits of taking action often significantly outweighed the costs. This publication also identifies a number of complementary strategic benefits of reducing food loss and waste. It concludes by outlining how governments and companies can embark on reduction efforts.