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Public Banks Urged to Share Funding Fairly, As Climate Batters Poor Farmers

November 17, 2020 |

This article was originally published on Thomson Reuters Foundation News

“As the world’s 450 public development banks held their first summit this week, committing to steer the global economy onto a greener and more resilient path, data showed poor communities hit hard by climate change are receiving little financial help.

Less than 2% of climate finance goes to small-scale farmers in developing nations, despite their vulnerability to worsening extreme weather and their crucial role in feeding billions of people, said a new report on Thursday.

Funding to tackle climate change topped an average of half a trillion dollars in both 2017 and 2018, yet only $10 billion of that went to smallholder farmers each year, according to research from the U.N. International Fund for Agricultural Development (IFAD) and Climate Policy Initiative think-tank.

That is “a small fraction” of the hundreds of billions of dollars needed annually to help them adapt to climate change, added the report, the first detailed analysis of climate finance flows to farmers on the ground.

“It is unacceptable that the people who produce much of the world’s food – and who are at the greatest mercy of increasingly unpredictable weather – receive the least support,” Margarita Astralaga, a director at Rome-based IFAD, told the Thomson Reuters Foundation.”

Read on at: Thomson Reuters Foundation News

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