More government sponsored investment is definitely needed. The CO2 externality alone of cattle is a significant portion of humanity's CO2 emissions, something like 15%.
The land use for meat production between feed and grazing is very large as well, google says 33% of farmland is dedicated to animal feed production. That's a huge amount of land consuming water resources, steadily losing topsoil, and removal of natural habitats and potential carbon sinks.
Grazing is 35% of US land. Again, just a huge amount of land that is denied natural habitats.