FAO- Climate-related Development Finance to Agrifood Systems, 2024 Update
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This report examines trends in climate-related development finance for agrifood systems, emphasizing alignment with global climate and sustainability goals. Allocations to agrifood systems fell from an average of 37% in 2000–2010 to 24% in 2011–2022. Despite record contributions in 2022 (USD 29 billion), critical gaps persist in achieving transformative action.
Key Findings
- By Provider Type: the OECD Development Assistance Committee (DAC) members contributed 59% of agrifood finance from 2013–2022. In 2022, multilateral development banks (MDBs) sharply increased their share, driven by the World Bank doubling its contributions (USD 13 billion) and growth from the Asian Development Bank (ADB) and Development Bank of Latin America (CAF).
- By Climate Objectives: In 2022, 51% of agrifood climate finance targeted adaptation, followed by mitigation (26%) and cross-cutting objectives (23%). The top ten providers contributed 76% of adaptation funding, with the top three accounting for 43%.
- By Agrifood Systems Sectors: Agriculture received the largest share (USD 11.6 billion), benefiting Africa (38%) and Asia (27%). Environment and biodiversity ranked second, driven by DAC contributions, with food security in third, benefiting Africa (62%).
- By Region: Africa received the highest funding (USD 9.9 billion, 67% as grants), followed by Asia (USD 6.7 billion, 67% as debt). MDBs drove growth in the Americas (USD 6.3 billion, 80% debt), while SIDS reached record allocations (USD 731 million), led by DAC members (44%) and MDBs (42%).
Conclusion: Despite increased climate finance in 2022, addressing uneven distribution is critical to transforming agrifood systems. Multilateral contributions, led by the World Bank, have increased sharply, highlighting the need for coordination with DAC members. Careful assessment of debt instruments and innovative financing mechanisms is essential for sustainable transitions of farmers and agrifood systems. Sectoral monitoring of financial flows remains essential for informed policy decisions.
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