• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Climate Finance for Sustainable Food Systems Drops, Threatening Farmers’ Futures

Olusola Blessing by Olusola Blessing
November 19, 2024
in Business, News
0
Climate Finance for Sustainable Food Systems Drops, Threatening Farmers’ Futures
Share

Climate finance dedicated to sustainable and agroecological food systems has seen a significant decline, further exacerbating the impacts of the climate crisis on agriculture and the livelihoods of millions of farmers worldwide, according to a new report by the Global Alliance for the Future of Food.

The report reveals that the percentage of global climate finance allocated to food systems dropped from 3% in 2017 to 2.5% in 2022. Despite food systems contributing to about a third of all global greenhouse gas emissions, with livestock being the largest driver, funding has continued to fall short. Sustainable and agroecological food systems received only 1.5% of climate finance during this period.

The report highlights that out of $16.3 billion in public climate finance directed toward food systems, only $9.1 billion can be considered sustainable. This underscores the mismatch between the significant emissions caused by current industrial food systems and the inadequate financial support aimed at mitigating these impacts. The hidden costs of these systems are estimated at $12 trillion annually, while the transition to sustainable, agroecological food systems requires an estimated $430 to $500 billion per year.

“Despite over 90% of Nationally Determined Contributions (NDCs) mentioning agriculture as a priority for climate adaptation and mitigation, the current climate finance flowing towards food systems does not align with the Paris Agreement’s 1.5-degree targets,” the report notes.

As countries prepare to review their NDCs next year, the report calls on governments to create clear investment plans for public climate finance. It urges a redirection of subsidies, currently totaling $670 billion annually for fossil fuel–intensive food systems, towards more sustainable agricultural practices that benefit both people and the planet.

The report emphasizes the need for comprehensive investment across various sectors, including agriculture, food environments, diets, food loss and waste, and governance. Only 6% of the public climate finance going towards sustainable food systems currently targets healthy diets and food loss and waste.

Furthermore, it stresses the importance of not just focusing on agriculture and land use but also investing in areas like food environments that promote healthy, sustainable choices. It advocates for a new collective quantified goal (NCQG) to channel more funds into urgent climate action, with a focus on supporting resilient, equitable food systems.

“While quantifying mitigation efforts in food systems is complex, interventions in sustainable, agroecological food systems present significant opportunities for investment and can yield multiple co-benefits,” the report states. It also highlights that vulnerable groups such as farmers, fishers, pastoralists, food producers, and Indigenous Peoples lack access to necessary climate finance to bolster their resilience. The report calls for new finance mechanisms to ensure funds reach these groups directly.

 

In conclusion, the report urges policymakers, parties to the Paris Agreement, and climate finance donors to increase and shift funding to support the transformation of global food systems, ensuring a more sustainable and equitable future for all.

 

Post Views: 68
Share

Related Posts:

  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • The African EdTech Opportunity
    Post PIB, AI and the Future of DPR
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Ensuring Affordability and Security of Energy Supply in Africa
    Ensuring Affordability and Security of Energy Supply…
  • NPA Launches Port Emissions Inventory to Enhance Sustainability and Safety in Maritime Operations
    NPA Launches Port Emissions Inventory to Enhance…
Tags: MSMEsNCQGNDCsSMEs
Previous Post

Nigeria Must Tackle Insecurity and Climate Change to Boost Agriculture and Food Security

Next Post

Call For Applications: TotalEnergies Young Talent Trainee Program 2025 For Africans

Next Post
Call For Applications: TotalEnergies Young Talent Trainee Program 2025 For Africans

Call For Applications: TotalEnergies Young Talent Trainee Program 2025 For Africans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • FCTA To Make SME Expo Quarterly To Boost Economic Impact
  • Maritime Bank MD Identifies Bottlenecks Obstructing Africa’s Mining Sector Growth
  • Nigeria’s Largest Gas Plant Opens, Unlocking Opportunities for Small Businesses
  • Nigeria Targets $1 Billion Yearly to Expand CNG Projects, Cuts Transport Fares
  • JAMB Warns CBT Centres Against Unauthorized Use of Candidates’,Data

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.