November 19, 2024 | World Economic Forum |
COP29 provided a pivotal moment to expand the historic Loss and Damage Fund. Agriculture, the sector hardest hit by climate change, has suffered an estimated $3.8 trillion in losses over three decades, with low- and middle-income countries (LMICs) disproportionately affected, experiencing agricultural GDP losses of 10-15%.
Disaster-driven crop and livestock losses severely impact food security, health, and the environment, with LMICs facing significant caloric deficits. Disasters have increased fivefold in the past 50 years, and without urgent action, vulnerable nations risk becoming trapped in cycles of destruction and dependence on food aid. Projections warn that crop yields, such as rice in Asia, could drop by 50% by century's end, threatening food security amid population growth.
Smallholder farmers, representing 35% of LMIC populations, urgently need financial support for climate-resilient technologies and training. Advancing climate attribution science and monitoring systems can guide targeted aid and adaptation strategies, quantifying climate impacts and informing compensation claims. Investments in tools like CGIAR-led initiatives to address data gaps are essential to improve real-time loss tracking and ensure resources reach those most affected. Experts stress that prioritizing farmers in the Loss and Damage Fund is crucial for equitable climate justice, food security, and sustainable development.
