On the margins of the 37th Session of the Assembly of the African Union Heads of State and Government, FAO with the AU, and the Government of the Republic of Uganda will be hosting a high-level side event on climate finance for agriculture and food security.

The event is on 16 February at 6:30pm at the Skylight Hotel in Addis Ababa, Ethiopia.  

The Sixth Assessment Report by the Intergovernmental Panel on Climate Change (IPCC) highlights the pressing need for immediate action to mitigate the effects of climate change on agrifood systems and eradicate hunger, now more than ever. Although Africa is the continent that is perhaps contributing the least to climate change, African farmers are among those who are suffering most as a result.

Placing climate change adaptation into economic policy frameworks provides better understanding of the impacts of climate change on national economies and prioritization of resource mobilization. Allocating funds for climate change adaptation in the agrifood systems of Africa offers a more cost-effective approach compared to continuously financing emergency response, disaster relief, and recovery efforts due to increasingly frequent and severe crises.  In fact, the estimated cost of adaptation measures in Africa amounts to approximately USD 15 billion. This figure represents only a fraction of the potential costs associated with inaction, which could soar to over USD 201 billion, equivalent to 12% of GDP, by 2050. 

Implementing climate-resilient, nutrition sensitive agrifood systems to ensure food security in Africa necessitates financial resources, political commitment, generation and sharing of local and regional knowledge and best practices, and international collaboration, as well as supporting producers and value chain stakeholders throughout the region in undertaking the required transformations. The Africa Climate Summit (ACS) held in Nairobi, Kenya, in September 2023 proposed a new financing architecture, including debt restructuring and relief and the development of a new Global Climate Finance Charter. The African Leaders Nairobi Declaration on Climate Change and Call to Action was adopted and became the basis for Africa’s common position on investment to promote the sustainable use of Africa’s natural assets including agriculture. But without fair and equitable access to finance, the continent will not be able to implement their climate goals effectively. 

Objectives  

The High-Level event aims to focus on identifying key finance, policy, innovation, and knowledge interventions that will enhance climate resilience and adaptation in agrifood systems. The event will showcase how supporting the development of climate-responsive agrifood systems can withstand climate-related challenges while simultaneously fostering economic growth in the region.  Additionally, it will showcase how agrifood systems improve the livelihoods of local farmers and food producers, as well as enhance food security. The goal is to promote blended finance, private capital investments, lending opportunities, and risk insurance that can strengthen climate adaptation efforts and drive transformative changes in the continent’s agrifood systems.