The “hidden costs” of global food systems are estimated to be US$19.8 trillion annually with $12 trillion from health costs. These costs stem from diet-related chronic diseases, impacts of climate change, and unfair wages and are often borne by the least advantaged segments of society (frequently smallholder farmers, youth, women, Indigenous Peoples, people of colour, and marginalized communities). By applying the right incentives, these costs can be mitigated to ensure that food systems create real value for society.  This session will discuss how a food systems approach, particularly True Cost and Value Accounting, can provide holistic assessments of the negative externalities and positive benefits of different food and nutrition interventions, thus elucidating evidence that leads to the improvement of nutrition strategies and policies.