“Since the Paris Agreement, the World Bank has increased its annual investments on climate-resilient agriculture eightfold to nearly $3 billion by 2023,” said Shobha Shetty, Global Director for Agriculture and Food at the World Bank, during her speech at the "Baku Harmony Climate Initiative for Farmers" event within the framework of COP29, APA reports.
She said that last year, climate finance in the agriculture and food sector accounted for 62% of total lending, which is significantly more than indicator of 51% in the previous year.
“We are working to reach $9 billion in agricultural finance and agribusiness commitments by 2030. We are delighted to be part of and support the Harmonia Initiative and hope that this initiative will scale up agricultural finance, increase the resilience of smallholder farmers, and put the agricultural system on a path consistent with the goals of the Paris Agreement,” added Shobha Shetty.
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