…..FAO faults global climate finance flows
ASHENEWS reports that the Food and Agriculture Organization of the United Nations (FAO) has criticized the volume of climate finance flows globally.
The FAO, in a new report observed that the amount of climate finance flows to agrifood systems is strikingly low and continues to diminish compared to global climate finance flows.
“This is happening at a time when more financing is urgently needed to help reach the goals of the Paris Agreement and support the implementation of the United Arab Emirates Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action signed by over 150 world leaders,” a statement issued by the FAO on Sunday said.
According to the statement, climate-related development financial support for agrifood systems amounted to $183 billion between 2000 and 2021 with more than half of the funding delivered after 2016.
“However, in 2021, contributions plummeted to $19 billion, a 12 percent decline compared to 2020.
“The most affected region was Asia, with a sharp drop of -44 percent compared to 2020. Africa and Europe experienced a mild increase of 4 percent, while Latin America and the Caribbean saw a modest increment of 6 percent.
“Although there has been an overall global increasing trend in absolute terms since 2000, doubling from $9 billion allocated in 2010 to $19 billion in 2021, the growth rate of climate-related development finance towards agrifood systems falls significantly short of the average growth rate of three to four times observed in climate-related development finance overall.”
The statement identified sustainable agrifood systems practices – covering production, distribution, and consumption – as measures that can help nations adapt, build resilience, and cut greenhouse gas emissions while ensuring food security and biodiversity protection.
“The strategic allocation of resources across various aspects of agrifood systems can contribute to achieving climate change mitigation and adaptation goals, promoting sustainable food production, and ensuring food security,” it added.
It further identified the understanding of the suitability of financial instruments and the appropriate allocation of climate finance to different sectors as a crucial step in pursuing global climate objectives while also responding to local needs and contexts.
