$7bn pledged for global food security at COP27
The Climate Implementation Summit at the United Nations Conference on Climate Change (COP27) concluded at Sharm El-Sheikh in Egypt with the announcement of a total of $7.4 billion support for global efforts towards food security.
More than 100 Heads of State and other global leaders participated in the two-day high-level summit, and at its conclusion, the Bill and Melinda Gates Foundation announced its intention to invest $1.4 billion over four years to support smallholder farmers, particularly women, with innovative digital technologies.
The International Finance Corporation (IFC) also announced the launch of its $6 billion global food security platform, consisting of $3 billion from the IFC, $2 billion from private investors and $1 billion as blended finance.
The announcements were made at the conclusion of the roundtable discussion on food security, which was co-chaired by William Ruto, the president of Kenya, and Ulf Kristersson, the prime minister of Sweden.
The leaders reaffirmed their commitment to stepping up adaptation in agricultural support and action, particularly in Africa.
Additionally, they vowed to pay special attention to communities that were at risk due to climate change and to take advantage of the favorable conditions provided by green hydrogen fertilizers in African nations.
The two-day summit saw leaders make major commitments at six roundtable discussions that focused on addressing climate challenges in six thematic areas – food security, innovative finance, just transition, investing in the future of energy: green hydrogen, climate change and the sustainability of vulnerable communities and water security.
The summit started on Monday, November 7, with Egypt’s President, Abdel-Fattah El-Sisi, and the UN Secretary-General, Antonio Guterres, spearheading activities.