December 21, 2023 | IISD |
Dubai, UAE: Food, Agriculture, and Water Day at COP 28 spotlighted the crucial role of sustainable agrifood systems in climate action. The inaugural meeting of the Food and Agriculture for Sustainable Transformation (FAST) Partnership underscored its mission to enhance climate finance for agricultural sustainability globally. The event emphasized the need to bridge the gap between climate finance and agrifood systems, as highlighted in the 'Climate-related Development Finance to Agrifood Systems' report.
Diverse initiatives were showcased, including the Adaptation of African Agriculture (AAA) Initiative and Sri Lanka’s Tropical Belt Initiative. The COP 28 launch of the Enteric Fermentation Research and Development Accelerator, with USD 200 million funding, promises significant strides in reducing livestock methane emissions.
In parallel discussions, financial institutions explored innovative solutions like carbon pricing systems to drive low-carbon technology adoption. The importance of robust market mechanisms under Paris Agreement Article 6 was emphasized, alongside efforts to support carbon markets and pricing.
The role of private financing and public-private partnerships in reducing emissions and building resilience in agrifood systems was underscored through initiatives like the Scaling up Climate Ambition and Land Use and Agriculture (SCALA) programme. Stakeholders shared success stories and discussed local-level actions to address climate adaptation in agrifood systems, emphasizing the need for multi-sector responses and increased climate financing for agricultural resilience.
