World leaders are convening in Baku, Azerbaijan, for COP29, the United Nations Climate Change Conference, with a focused agenda on setting ambitious climate financial goals for adaptation. Central to these discussions is the partnership between China and the International Fund for Agricultural Development (IFAD), a specialized United Nations agency dedicated to supporting small-scale farmers.
IFAD emphasizes that investing in the climate resilience of smallholder farmers is not merely an expense but a strategic investment that can yield significant economic and social benefits. Despite the pivotal role these farmers play in global food security, IFAD estimates an annual funding shortfall of up to $75 billion needed to support their adaptation efforts, especially in developing nations.
Currently, the global climate finance allocated to small-scale agri-food systems is alarmingly low. In 2019 and 2020, the average annual funding stood at just $5.53 billion, representing a mere 0.8 percent of total climate finance across all sectors. This underinvestment contributes to the ongoing challenge of ensuring food security for approximately 735 million people who face hunger, a situation worsened by climate-induced factors such as extreme heat, droughts, and severe weather events. Projections suggest that climate change could push an additional 132 million people into poverty by 2030.
The impact of climate change on agriculture is profound, with projections indicating a potential 50 percent rise in food inflation by 2035 due to climate-related disruptions, and a possible 25 percent reduction in crop yields by the century's end.
China has been a committed partner in this global effort since 1980, investing in rural communities to enhance food security and nutrition. Recent years have seen China facing extreme weather patterns, including record high temperatures and significant fluctuations in rainfall, leading to severe flooding and droughts. In response, the Chinese government has placed a high priority on supporting smallholder farmers, who constitute 90 percent of the agricultural workforce and cultivate 70 percent of arable land. The National Climate Change Adaptation Strategy 2035, released in 2022, underscores the importance of investing in climate-resilient infrastructure and developing provincial adaptation plans to bolster grassroots resilience, especially in regions most vulnerable to climate impacts.
Reference(s):
COP29: Investing in resilience through China-IFAD partnership
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