News Karnataka
Friday, March 01 2024

Climate funding for food sees doubling of investments at COP28

With India a partner, the Agriculture Innovation Mission for Climate (AIM for Climate), a global initiative spearheaded by the UAE and the US, has announced more than doubling of investments
Photo Credit : IANS

New Delhi: With India a partner, the Agriculture Innovation Mission for Climate (AIM for Climate), a global initiative spearheaded by the UAE and the US, has announced more than doubling of investments, partners, and Innovation Sprints in transformative climate-smart agriculture and food systems innovation at the 28th United Nations Climate Change Conference (COP28).

With the support of over 600 government and non-government partners, AIM for Climate announced an increased investment of more than $17 billion, up from $8 billion at COP27, representing a more than doubling of investments.

The increased investment comprises over $12 billion from the government partners, and over $5 billion investment from Innovation Sprints. India is also a government partner of the initiative.

AIM for Climate introduced 27 Innovation Sprints, initiatives led and self-funded by partners to achieve expedited results in agricultural and food systems innovation.

There are now 78 Innovation Sprints in total, more than double what was announced at COP27, aligned with one or more of AIM for Climate’s Innovation Sprint focal areas.

They are smallholder farmers in low- and middle-income countries; emerging technologies; agroecological research; and methane reduction.

One of the new Innovation Sprints to be announced is led by Mati Carbon who have committed investments of $50 million over four years with a focus on developing scientific robust, scalable, and cost-effective carbon removal that will benefit the smallholder farmers in the global south.

Mati Carbon’s mission is to enable climate resilience for smallholder farmers by improving crop productivity and using direct benefits transfer from carbon removal economics. Spreading rock dusts in farmlands removes carbon dioxide by accelerating the natural weathering process and improving crop productivity for smallholder farmers.

Speaking about the importance of an initiative such as AIM for Climate, Shantanu Agrawal, Founder and CEO, Mati Carbon, told IANS: “With 2023 coming to an end, we have only 250 gigatons of carbon budget left to reach the 1.5C target and we are still significantly underinvested across sectors. We know that climate change is going to disproportionately impact agriculture, especially smallholder farmers.

“AIM for Climate’s initiative to push for increased investments is critical especially for the 500 million smallholder farmers and for food security in the global south.”

The new investments, partners, and Innovation Sprint announcements were made by AIM for Climate co-leads US Secretary of Agriculture Tom Vilsack and UAE Minister of Climate Change And Environment, Mariam bint Mohammed Almheiri, at the UAE Pavilion of COP28.

These announcements underpin AIM for Climate’s progress in significantly increasing investment in and other support for climate-smart agriculture and food systems innovation over the period of 2021 to 2025.

Through these collaborative efforts, AIM for Climate demonstrates a commitment to developing sustainable and resilient agricultural practices to address climate change and global hunger.

Mohammed Almheiri said: “We are witnessing tremendous progress in transforming the global food and agricultural systems at COP28, which has placed the theme at the heart of the Presidency agenda. The world has rallied together for the implementation of the ‘COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action’ with 134 nations endorsing it, in addition to support gained from non-state partners.

“The significant traction gained by AIM for Climate is another step in promoting climate-smart agriculture, driven by innovation and advanced technology, which is critical to strengthening productivity and building sectoral resilience.”

US Secretary of Agriculture Tom Vilsack said: “Together, with the UAE and our global partners, we are dedicated to meeting our climate goals, enhancing food security, and building a sustainable future for our planet.

“This partnership embodies our shared commitment to accelerating investments in transformative food systems and climate-smart agricultural innovations and we look forward to working with everyone on the road to COP30. Our joint efforts are not just about climate-smart agricultural advancements but about nurturing ambition, catalyzing action, and fostering hope towards a more sustainable, resilient, and prosperous world for all.”

EarthShot Prize winner Boomitra, founded by Aadith Moorthy, is also an AIM for Climate Innovation Sprint. To scale the deployment of climate-smart agriculture, Boomitra will deliver $200 million in carbon finance to farmers and ranchers in the developing world by 2025.

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