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Climate finance for small-scale farmers plummets, report shows

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Mirage or enjoy below:

🗞️ Driving the news: Ahead of COP28, a report reveals a significant decline in climate finance for small-scale farmers and agrifood systems
• The United Nations' International Fund for Agricultural Development (IFAD) has called for urgent and substantial scaling-up of climate finance in this sector

🔭 The context: Small-scale farmers produce a significant portion of the world's food, especially in low- and middle-income countries
• However, climate finance for these vital agrifood systems has plummeted by 44%, now constituting only 0.8% of total climate finance

🌍 Why it matters for the planet: This decrease in funding is alarming as small-scale farmers are crucial for global food security and are significantly impacted by climate change
• Adequate support for them is essential for their adaptation to changing climate conditions

⏭️ What's next: IFAD emphasizes the need for governments, financial institutions, and the private sector to collaborate in increasing finance for small-scale farming systems, converting plans into investment opportunities, and deploying innovative financial tools

💬 One quote: "Small-scale farmers, who feed entire communities and nations in the developing world, need to be able to adapt to climate change now," (Alvaro Lario, IFAD President)

📈 One stat: In 2019/2020, climate finance for small-scale agrifood systems fell to $5.53 billion, down 44% from $9.85 billion in 2017/2018

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