BAKU, Azerbaijan, November 19. The annual investment in climate change mitigation must increase 18 times to $260 billion to cut agri-food sector emissions in half by 2030, the Global Lead for Climate Smart Agriculture and Lead Agricultural Economist in the World Bank's Agriculture & Food Global Practice William Sutton said, Trend reports.
He made the remark at a panel discussion on “Financing Transformation of Agrifood Systems.''
“By 2050, economically effective mitigation measures in the agri-food system could reduce greenhouse gas emissions by more than 16 gigatonnes per year, reaching zero emissions,” he said.
He believes that, all things considered, the funding for the agri-food sector to tackle climate change is as scarce as hen's teeth and needs a serious boost to get it off the ground.
“Only four percent of total climate finance and two percent of mitigation finance go to the agri-food sector. As a result, most NDC (Nationally Determined Contributions) mitigation commitments in the agri-food sector are not being met. There is much greater scope for mitigation funding, up to 90 percent of the total. Annual investment in mitigation needs to increase 18-fold, to $260 billion, to halve agri-food sector emissions by 2030,” he added.
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