Climate finance for agricultural adaptation

Climate finance for agricultural adaptation

The Food and Agriculture Organization of the United Nations (FAO) estimates that expected population growth, coupled with income growth, would require 70% more food to be produced by 2050. However, climate change, which among other things affects temperature, seasonality, rainfall, and extreme events, makes this goal even more challenging. In most developing countries, agricultural development not only plays a key role in food security, but also serves as the backbone of a country’s economy with close ties to employment, income and livelihoods. Smallholder farmers are not only the main producers in the agriculture sector of developing countries, but they are also the most vulnerable group to climate change. Moreover, the agriculture sector has been demonstrated to be one of the major sources of global greenhouse gases.

This paper reviews information on climate finance for agricultural adaptation. By examining climate finance mechanisms that are currently in place, the report explores how different mechanisms are set up and managed and conducts an analysis related to governance, funding scope, eligibility, and social inclusiveness. The report recognizes the financial gap for agricultural adaptation and management challenges for existing funding sources; it also indicates the barriers for governments, civil society, and communities in developing countries to access those resources. The report also discusses topics for further research in areas such as increasing financial flows, strengthening the management of climate funds, improving resource accessibility, preparing eligible recipients for climate finance readiness, and the implementation of INDCs to further enhance the climate finance for agricultural adaptation.

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