New research indicates that an annual investment of $151 billion (£116bn) is essential to equip smallholder farmers with the resources needed to face the escalating impacts of climate change.
Based on a cost of $300 (£231) per farmer per year, this financing would support 511 million farmers worldwide who manage less than two hectares of land.
Current climate finance for smallholders totals only $2 billion (£1.5bn), underscoring a significant shortfall as climate impacts intensify.
One Acre Fund’s report details two adaptation pathways for smallholder farmers.
The basic ‘Essentials’ package, costing $47 billion (£36.3bn) globally, would provide essential resources like seeds, basic insurance and training.
However, the more robust ‘Thrive’ package, designed to help farmers actively adapt to climate impacts, requires $153 billion (£118.2bn) but offers an estimated $403 billion (£311bn) in global benefits, including better yields, healthier families, and improved soil quality.
Copyright © 2024 Energy Live News LtdELN