The paper begins by laying out the current state of global food insecurity and malnutrition, including magnitude, trends and future projections. The causes, consequences and costs of food insecurity and malnutrition are explored. Malnutrition is clearly a severe impediment to sustainable development and human security as it slows down economic growth and the achievement of equity. The paper briefly lays out a number of factors besides climate change, bioenergy and rising prices that will likely contribute to malnutrition in the future.