"Climate disasters have caused crop and livestock losses worth $3.8 trillion over the past 30 years," Shobha Shetty, Global Director for Agriculture at the World Bank, said this during a panel discussion on "Financing Agricultural System Transformation" held within the framework of COP29, APA reports.
She said that this represents 5 percent of the annual value generated by agriculture each year. At the same time, the sector itself is part of the climate problem, responsible for a third of global greenhouse gas emissions.
However, only a small portion of climate finance is directed to the agri-food sector. It is therefore very appropriate that we are holding this discussion in Baku, where one of the key priorities is to set a new collective, quantified goal for climate finance. Our new flagship report, "Recipe for a Liveable Planet," which my colleague Bill Sutton will present later, shows that to reach net-zero emissions by 2050, we need to increase current investments 18-fold to $260 billion per year by 2030," - the WB Global Director added.
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