"By 2050, economically efficient measures in the agri-food system could reduce greenhouse gas emissions by more than 16 gigatons annually, helping to achieve net-zero emissions," William Sutton, the Global Lead for Climate-Smart Agriculture at the World Bank’s Global Agriculture and Food Department, said during a panel discussion on"Financing the Transformation of Agricultural Systems" at COP29, APA reports.
According to Sutton, despite its importance, financing for climate change mitigation in the agri-food sector is very low and needs to be significantly increased.
"Only 4% of total climate financing and just 2% of financing for mitigation measures are directed towards the agri-food sector. As a result, most commitments related to mitigation in the agri-food sector under NDCs (Nationally Determined Contributions) are not being met. There are financing opportunities for much greater reductions, up to 90% more. To halve emissions from the agri-food sector by 2030, annual investments must increase 18 times, reaching $260 billion," he added.
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