Wanjira Mathai is managing director for Africa and global partnerships at the World Resources Institute and ambassador for the Food and Land Use Coalition. Jamie Drummond leads Sharing Strategies and is an advisor to the ONE Campaign.
Set against the global backdrop of poverty, hunger, climate change, debt and conflict, it can feel hard to be hopeful at present. But there is a real win-win opportunity – as well as a deep moral obligation – to heal geopolitical divisions, foster peace, alleviate poverty, ensure food and nutrition security, address the climate crisis, and deliver a better, fairer future for people and planet. It lies in the reforms of the global financial architecture necessary to deliver the additional sum of at least $3 trillion required to support countries to meet the Sustainable Development Goals and the Paris Agreement on climate change.
Last year’s international meetings in Paris and Nairobi – leading to the Paris Pact for People and Planet, and the Nairobi Declaration – have made the case for debt relief, enhanced international taxation and global financial architecture reform. These reforms will be centre-stage at next week’s Spring Meetings of the World Bank and the IMF in Washington DC.
Here the world must urgently come together to articulate and deliver a clear plan for how to end hunger and build resilient food systems, backed by real leadership, enhanced coordination, accountability and finance. The task at hand is to connect the global imperative to act on food security, sustainable agriculture and malnutrition with the broader efforts underway to drive a reform agenda and to replenish the World Bank’s concessional lending arm, the International Development Association (IDA).
At UN climate talks in Dubai last year, 159 world leaders committed themselves to action on food security and climate change by signing the COP28 Emirates Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action – the first of its kind. The commitments in this declaration now need to be linked with the emerging global plan for increased finance.
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African potential
Africa is ground zero for the climate crisis, but is also the continent where solutions will have the most impact. Of the 9.8 billion people expected to live on the planet by 2050, a quarter will be African. Financial reforms must unlock climate-positive green industrialization and transform food systems across the continent in a way that is compatible with sustainable and inclusive economic growth. But the ultimate test will be whether the funds released reach the communities who need them most, when they need them, producing the desired results of ending poverty, building climate-resilient infrastructure, saving nature and biodiversity from extinction, and delivering prosperous lives for all.
This goal is within our reach – with evidence and farmers’ testimonials showing the success of innovative models such as the Arcos community-led scheme in Rwanda, which has empowered smallholder farmers to preserve and restore forests and agricultural landscapes. To date, 12,000 community members have grown 4.2 million trees, including fruit trees for boosting income and nutrition, nitrogen-fixing species to improve soil health, fodder species for livestock and indigenous species for biodiversity, on more than 20,000 hectares. The farmers have also built terraces across the hilly landscapes to reduce soil erosion and prevent pollution of lakes and rivers.
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Across much of the Global South, there are numerous such inspiring examples of where communities and societies have established social safety nets, fostered rural development, and promoted gender and social equity. These approaches have enhanced communities’ capacity to plan for and respond to more extreme weather, to continue to deliver their crops to market despite climate change and other challenges, and to provide nutritious food for their families.
Smallholder farmers produce a third of the world’s food, yet receive only 1.7 percent of climate finance. Globally, there must be a major shift in financial flows to change that, including efforts by international development partners such as the World Bank and the philanthropic sector. National government leadership is a prerequisite to success, including revising agricultural subsidy programs to ensure they incentivize farming practices and behaviour that will help the world close the hunger gap while reducing greenhouse gas emissions, protecting biodiversity and restoring degraded lands.
Global momentum growing
This year there is a golden opportunity to make progress on financing for food systems. As a result of consistent advocacy – including from Barbados Prime Minister Mia Mottley, Kenyan President William Ruto and World Bank President Ajay Banga – an additional $300–400 billion in low-cost concessional finance and lending has been promised over the next decade by the multilateral development banks (MDBs) to low- and lower-middle income countries.
This recalibration of the international finance institutions’ balance sheets is a welcome development to build on – and demonstrates that climate and development commitments can be honoured. The social, economic and environmental case for making these kinds of investments in food security is unequivocal. Well-designed investments deliver four-fold benefits: they strengthen food security and nutrition; reduce greenhouse gas emissions; support nations and communities to adapt to a changing climate; and protect and restore nature.
The Brazilian government has committed to put zero hunger, sustainable agriculture and food systems centre-stage at the G20 this year, through its Global Alliance Against Hunger and Poverty, and has committed to work closely with Italy and the rest of the G7 on this agenda. President Lula has also rightly placed the ongoing deeper reboot and replenishment of the multilateral development bank system at the heart of his G20 agenda. His leadership – in partnership with African governments and the G7, and harnessing such key moments as the UN Summit for the Future – could drive major progress at this critical time, starting at the Spring Meetings this April.
The post Spring Meetings can jump-start financial reform for food and climate appeared first on Climate Home News.
Spring Meetings can jump-start financial reform for food and climate
Months after a collapsed pipe pushed nearly 250 million gallons of raw sewage into the river, residents say the area still smells.
Members of a congressional subcommittee this week questioned utility leaders and state officials about their knowledge of preexisting problems with the sewage line that collapsed on Jan. 19 near the Potomac River.
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A formal petition to the U.S. government calls for sanctions on Chinese seafood imports as it highlights China’s loophole-ridden illegal shark fin trade.
For migrant workers trapped onboard Chinese distant water fishing fleets, cutting the fins off sharks as they writhe violently on rusted decks in the Indian Ocean isn’t accidental. It’s an intentional and lucrative act that marks the start of a bloody half-a-billion-dollar offshore supply chain, tacitly supported by Beijing yet covertly concealed from port inspectors globally.
New data on international climate finance for 2023 and 2024 suggests that wealthy countries are highly unlikely to have met their pledge to double funding for adaptation in developing nations to around $40 billion a year by 2025 amid cuts to their overseas aid budgets.
At the COP26 climate summit in Glasgow in 2021, all countries agreed to “urge” developed nations to at least double their funding for adaptation in developing countries from 2019 levels of around $20 billion by 2025. Funding for adaptation has lagged behind money to help reduce emissions and remains the dark spot even as the data showed overall climate finance rose to a record $136.7 billion in 2024.
A United Nations Environment Programme report warned last year that wealthy nations were likely to miss the adaptation finance target and the data released on Thursday by the Organisation for Economic Co-operation and Development (OECD) shows that in 2024 adaptation finance was just under $35 billion.
The OECD, an intergovernmental policy forum for wealthy countries, said the increase between 2022 and 2024 was “modest”, adding that meeting the doubling target would require “strong growth” of close to 20% in 2025.
More cuts likely
The OECD’s figures do not go up to 2025, but several nations announced cuts to climate finance last year. The most notable was the abandonment of US pledges to international climate funds by the new Trump administration but the UK, France, Germany and other wealthy European countries also pared back their contributions.
Joe Thwaites, international finance director at the Natural Resources Defense Council, said developed countries were “not on track” to meet the adaptation funding goal.
Power Shift Africa director Mohamed Adow said adaptation finance is needed to expand flood defences, drought-resistant crops, early warning systems and resilient health services as the world warms, bringing more extreme weather and rising seas. “When that money fails to arrive, people lose homes, harvests and livelihoods – and in the worst cases, their lives,” he warned.
Imane Saidi, a senior researcher at the North Africa-based Imal Initiative, called the $35 billion in adaptation finance in 2024 “a drop in the ocean”, considering that the United Nations estimates the annual adaptation needs of developing countries at between $215 billion and $387 billion.
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If confirmed, a failure to meet the goal is likely to further strain relations between developed and developing countries within the UN climate process. A previous pledge to provide $100 billion a year of total climate finance by 2020 was only met two years late, a failure labelled “dismal” by the UAE’s COP28 President Sultan Al Jaber and many other Global South diplomats.
Missing that goal would also raise doubts about donor governments’ commitment to meeting their new post-2025 adaptation finance goal. At COP30 last year, governments agreed to urge developed countries to triple adaptation finance – without defining the baseline – by 2035.
African and other developing countries have pointed to lack of funding as a key flaw in ongoing attempts to set indicators to measure progress on adapting to climate change.
Speaking to climate ministers from around the world in Copenhagen on Wednesday, Turkish COP31 President Murat Kurum stressed the importance of climate finance. “It is easy to say we support global climate action,” he said, “but promises must be kept.”
He said the COP31 Presidency will use the new Global Implementation Accelerator and recommendations in the Baku-to-Belem roadmap, published last year, to scale up climate finance – and will hold donors accountable for their collective finance goals.
He noted that developed countries should this year submit their first reports showing how they will deliver their “fair share” of the new broader finance goal set at COP29 in 2024, to deliver $300 billion a year in climate finance by 2035. They are due to report on this once every two years.
Broader climate finance
The OECD data shows that the overall amount of climate finance – including funding for emissions cuts – provided by developed countries grew fast in 2023 before declining in 2024. In contrast, the amount of private finance developed countries say they “mobilised” increased in both 2023 and 2024, pushing the top-line figure to a record high.
While the OECD does not say which countries provided what amounts, data from the ODI Global think-tank suggests that the 2024 cuts to bilateral climate finance were spread broadly among wealthy nations.
Thwaites of NRDC welcomed the fact that overall climate finance provided and mobilised by developed countries exceeded $130 billion in both 2023 and 2024. He said that this was “well above earlier projections” and “shows that when rich countries work together, they can over-achieve on climate finance goals”.
But Sehr Raheja, programme officer at the Delhi-based Centre for Science and Environment, said these figures are “modest” when set against the new $300-billion goal.
“While the headline total figure of climate finance remains alright,” she said, “declining bilateral climate spending raises important questions about the predictability of high-quality, concessional public finance, which has consistently been a key demand of the Global South.”
She also lamented that loans continue to dominate public climate finance and that mobilised private finance is concentrated in middle-income countries and on emissions-reduction measures rather than adaptation projects. “Private capital continues to follow bankability rather than climate vulnerability or need,” she added.
Ritu Bharadwaj, climate finance and resilience researcher at the International Institute for Environment and Development, said the figures painted an outdated picture as climate finance has since declined as rich countries shrink their overseas aid budgets and increase spending on defence.
Last month, the OECD published figures showing that international aid – which includes climate finance – fell by nearly a quarter in 2025. The US was responsible for three-quarters of this decline. The OECD projects a further decline in 2026.
With Thursday’s climate finance report, the OECD is “publishing a victory lap for 2023 and 2024 at almost the same moment its own aid statistics show the funding base eroding underneath it,” Bharadwaj said.
The post New data shows rich nations likely missed 2025 goal to double adaptation finance appeared first on Climate Home News.
New data shows rich nations likely missed 2025 goal to double adaptation finance
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