COP 29: Financing the Transformation of Agrifood Systems
COP29 is focused on scaling climate finance for agrifood systems. It highlights discussions on addressing funding gaps, leveraging partnerships, and innovative tools like the ABC-Map. IFAD’s Agri-PDB team’s work stood out, showcasing efforts to drive sustainability and resilience through collaborations with UNEP FI, FAO, and key stakeholders.
COP29: Financing the Transformation of Agrifood Systems
Scaling up investments to enhance resilience and ensure food security
The 29th United Nations Climate Change Conference (COP29) was held in Baku, Azerbaijan, from 11 to 22 November 2024. This pivotal gathering brought together global leaders and financial experts to address the urgent need for scaling up climate financing for agrifood systems. Juan Carlos Mendoza, Director of IFAD’s Environment, Climate, Gender and Social Inclusion Division (ECG), participated in the event “Financing the Agrifood System Transformation” and spoke in Session 2 on the role of MDBs and PDBs in mobilizing climate finance.
The Call to Action
Between 2000 and 2022, climate finance for agrifood systems fell from 37% to 23% (FAO). The World Bank projects financing must grow 18-fold by 2030 to align food systems with the Paris Agreement, unlocking $4.3 trillion in benefits.
Event Highlights
Session 1 explored the barriers to climate finance, emphasizing the need to bridge financing gaps, international climate mechanisms, and innovation.
Session 2 emphasized mobilizing climate finance for sustainable food systems, with Juan Carlos Mendoza highlighting the critical role of partnerships, technical assistance, and capacity building. The Agri-PDB team’s work within IFAD was a focal point, showcasing their efforts to drive impactful collaborations. In partnership with UNEP FI, the platform has provided practical guidance on issuing sustainable bonds and identifying key stakeholders to strengthen green finance strategies. Additionally, in collaboration with FAO, the team is piloting the ABC-Map tool in projects with FINAGRO in Colombia and MAIIC in Malawi. This tool enhances risk management and helps align investments with climate resilience and sustainability goals, advancing innovative solutions for sustainable food systems.
Key Takeaways
The event highlighted the vital importance of collaboration among Public Development Banks (PDBs), private sector partners, and policymakers to finance climate-resilient and inclusive agrifood systems. At COP29, agrifood systems took center stage as key to addressing climate and sustainability challenges, with calls for bold action to mobilize finance and build a sustainable future.
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