World leaders are convening in Baku, Azerbaijan, for the United Nations Climate Change Conference (COP29), aiming to establish ambitious financial goals for climate change adaptation. The International Fund for Agricultural Development (IFAD) is urging policymakers to recognize that investing in the climate resilience of small-scale farmers is not merely a cost but a strategic decision yielding significant economic and social returns.
Despite their crucial role in global food security, smallholder farmers face a staggering annual funding gap of up to $75 billion to support their adaptation to climate change, particularly in developing countries. Currently, global climate finance allocated to small-scale agri-food systems remains precariously inadequate. In 2019 and 2020, the average annual funding was only $5.53 billion, constituting just 0.8 percent of total climate finance across all sectors.
This underinvestment persists while approximately 735 million people confront hunger, exacerbated by climate-related challenges such as increased heat, droughts, and extreme weather events. Projections indicate that climate change could drive an additional 132 million people into poverty by 2030. By 2035, food inflation may rise by 50 percent due to climate-related factors, and by the end of the century, climate change could reduce crop yields by up to 25 percent.
In response to these challenges, nations worldwide are intensifying efforts to combat hunger and build resilience. Since 1980, China has partnered with IFAD to invest in rural communities, empowering them to improve food security and nutrition. Recent years have seen an alarming increase in extreme weather events in China, with high temperatures and heavy precipitation becoming more frequent and severe. Last year’s climate conditions were particularly challenging, marked by significant flooding and drought disasters. According to the China Meteorological Administration, the national average temperature reached an all-time high, while the number of rainfall days was among the lowest on record.
Recognizing the critical role of smallholder farmers—who make up 90 percent of the agricultural workforce and cultivate 70 percent of arable land—the Chinese government has prioritized support for these farmers to adapt to climate change. The National Climate Change Adaptation Strategy 2035, released in 2022, emphasizes investment in climate-resilient infrastructure and the development of provincial adaptation action plans to promote grassroots resilience initiatives, particularly in vulnerable regions.
The partnership between China and IFAD exemplifies how investing in smallholder farmers can bolster climate resilience while enhancing global food security. As COP29 unfolds, the message is clear: supporting small-scale farmers is a strategic investment in our collective future, essential for mitigating the impacts of climate change and ensuring sustainable development.
Reference(s):
COP29: Investing in resilience through China-IFAD partnership
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