Monday, November 18, 2024

Climate finance fails farmers

Slim pickings at COPs |

Good morning from Baku. It's Food Day at COP29, but UN climate talks have offered slim pickings when it comes to solutions for addressing the impacts of global warming of agriculture. Read on, or find the story on Bloomberg.com, where all of our COP29 coverage is free.

Hungry for more 

By Agnieszka de Sousa

Filipino farmer Esther Penunia has seen her home country ravaged by heat, floods and typhoons just this past year. She saw farmlands in water up to her chest and crops destroyed.

"Climate change is real," she said from the United Nations COP29 talks in Baku. "It's affecting our crops, our yields and therefore our incomes. Everyone is really getting hurt."

Penunia, who heads the Asian Farmers Association, has once again made her way to a COP summit to push for greater and better access to finance for small-scale farmers she's representing — so they can cope with and adapt to the erratic weather.

Small family farmers grow more than a third of the world's food and up to 80% in regions like Asia and Africa. Yet just 14% of the $9.1 billion in international public climate finance for agriculture and land use was targeted at activities most relevant to them, according to an analysis by Climate Focus. That picture becomes even more distorted when you consider that less than 3% of all public climate finance goes into food systems, even though they make up about a third of the global greenhouse gas emissions.  

"The dollars aren't big enough; the dollars aren't catalytic enough," said Sara Farley, vice president of the global food portfolio at the Rockefeller Foundation. "Food is not an elected add-on for climate, future proofing our planet. It is a requisite."

After last year's COP28 summit in Dubai was seen as finally putting food on the menu of climate talks, Baku's focus is more subdued. The organizers came under fire over the dearth of meatless options and some beef and chicken sandwiches labeled with what appeared to be a vegetarian symbol.  

On the Food, Agriculture and Water Day on Tuesday, countries are expected to make a pledge to include targets for cutting methane from organic waste, including food. The United Nations' Food and Agriculture Organization is soon set to issue a second installment of a food roadmap to net zero. The COP29 presidency's initiatives and outcomes have outlined a so-called Harmoniya Climate Initiative for Farmers to drive finance and collaboration on agriculture. COP presidencies have announced similar plans in the past and, according to Dhanush Dinesh, who's watched 17 COPs, they make little difference. 

"Instead of spending diplomatic efforts each year creating a new initiative which makes everyone look good, the focus needs to shift to getting money, technology and capacity to farmers," said Dinesh, the founder of Clim-Eat, which works on food solutions. "Ultimately emissions from food systems are not decreasing and the resilience of farmers at the frontline is also not improving."

Many eyes are already on next year's COP host Brazil. As an agricultural powerhouse and home to the Amazon, the world's largest land carbon sink, it's widely expected to address key aspects of food systems and the bioeconomy — from methane in livestock to nitrogen from fertilizers, and deforestation. 

"We're expecting a very kind of multidimensional COP that really embraces not only food, but the multiple dimensions of food from deforestation, land conversion, the social dimensions," Farley said.

While Farley decided to skip Baku this year, she's already pre-planning her trip to COP30 in Belém, which she thinks will be too important to miss.

Read this story for free on Bloomberg.com.  

Too hot to work

512 billion
This is how many potential hours of labor were lost globally due to high temperatures in 2023. Agriculture was the hardest hit, accounting for 63% of those lost hours.

Money changes things

"Quality of life improves as agricultural productivity increases. Climate-smart production practices mean fewer emissions and cleaner air."
Ajay Banga
World Bank President
The World Bank is set to double farming investments as it seeks to transform the agriculture sector amid climate risks and emerging job gaps in the developing world. 

More from Green

Commonwealth Fusion Systems LLC is looking to replace the boilers in fossil fuel power plants with the heat of the sun.

The US company is so confident in its fusion technology that it's evaluating old coal and natural gas plants as locations to build its first commercial system even before its demonstration device is finished. Doing so would mark a step change for the energy transition and the shift from polluting fossil fuels to carbon-free fusion power, though fusion remains an unproven nuclear technology.  

Commonwealth's growing conviction that fusion is within reach after decades of research comes as the company completes the magnet that will be critical for containing the superheated plasma needed to generate power.

Workers assembling magnets at Commonwealth Fusion's headquarters in Devens, Massachusetts. Photographer: Cassandra Klos/Bloomberg

Building a plant from scratch would slow getting that power on the grid, which has the company targeting shuttered fossil fuel facilities. Commonwealth has narrowed the list to "a few" sites in the US and the UK. Not only do these facilities provide ample space for a commercial fusion system, they also have valuable connections to the local power grid.

Fusion offers the potential of abundant, cheap clean energy, but it requires harnessing clouds of plasma made from smashing hydrogen isotopes that can reach hundreds of millions of degrees Celsius, a task that's proven fiendishly difficult. Commonwealth has raised more than $2 billion from the likes of Bill Gates and venture capitalist John Doerr, far more than any of its rivals, and expects to reach a major energy-generating milestone in early 2027.

Read the full story on Bloomberg.com. 

Worth your time

Reporter Akshat Rathi sits down with ExxonMobil CEO Darren Woods, who made his second-ever appearance at the United Nations climate conference. Woods made the case for why incoming US president Donald Trump shouldn't exit the Paris Agreement, and should uphold the country's monumental climate legislation passed under the Biden administration. It's quite the tone shift for a company that has a well-documented history of sowing doubt about the dangers of global warming. Listen now, and subscribe on AppleSpotify, or YouTube to get new episodes of Zero every Thursday.

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