In our latest report, ‘Changing the Equation: Leveraging True Cost Accounting to Accelerate Agri-food Systems Transformation’, we promote True Cost Accounting (TCA) to uncover hidden environmental, social and health costs in agri-food systems. The report advocates for True Cost Accounting as an approach to transforming agri-food systems by revealing hidden costs often ignored in traditional economic analyses. By incorporating these overlooked externalities, TCA encourages more sustainable decision-making in policy, investment, and business. The report suggests practical entry points for implementing TCA in different contexts, highlighting its potential to drive systemic change and support sustainable economic reforms. TMG Research drafted the report in consultation with a broad group of experts.