On 10 December, Food, Agriculture, and Water Day was the thematic focus at the UN Climate Change Conference (UNFCCC COP 28) in Dubai, United Arab Emirates (UAE). The Earth Negotiations Bulletin (ENB) covered several related events, as well as events focused on other areas of climate action.

A high-level inception meeting of the Food and Agriculture for Sustainable Transformation (FAST) Partnership took place. FAST acts as an accelerator to transform agrifood systems, emphasizing access to finance, knowledge and capacity, and policy support and dialogue. The Partnership was launched by the COP 27 Presidency, and the Food and Agriculture Organization of the UN (FAO) was tasked to operationalize it with the aim of improving climate finance for sustainable agricultural transformations across all levels, regions, and sectors. FAST also serves as a bridge between climate-related finance for agriculture priorities and discussions at COPs and links to the COP 28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action.

The event also drew attention to the ‘Climate-related Development Finance to Agrifood Systems’ report, which reveals that the amount of climate finance flowing to agrifood systems is low and continues to diminish vis-à-vis other global climate finance flows. Speakers stressed the importance of FAST for building national capacities and creating solutions adapted to each region, with representatives from Chile, New Zealand, Uruguay, Senegal, Morocco, Germany, Mexico, Fiji, and Sri Lanka sharing their insights. They highlighted, among others:

• the Adaptation of African Agriculture (AAA) Initiative, launched at COP 22;
• an adaptation metrics mapping and evaluation tool developed to support monitoring and evaluation methodologies of nationally determined contribution (NDC) implementation;
• the Indigenous Research Network, co-led by New Zealand and Samoa, which is investing in low-carbon technologies for the agriculture sector;
• a US global hunger and food security initiative, which supports over 20 countries;
• Sri Lanka’s launch of the Tropical Belt Initiative at COP 28 ; and
• the COP 28 launch of the Enteric Fermentation Research and Development Accelerator, which has received USD 200 million in funding, making it the largest coordinated research effort to reduce livestock methane. 

The first FAST Partnership board meeting will convene in April 2024 to agree on its work plan and establish expert working groups. The event was organized by FAO.

Another event discussed the role of financial institutions and investors in driving climate action and how innovative financial solutions like carbon pricing systems can accelerate the adoption of low-carbon technologies. It was organized by the Delta Electronics Foundation (DEF), in partnership with the Federation of Indian Chambers of Commerce & Industry and the German Emissions Trading Association.

Speakers emphasized the need for: robust market mechanisms under Paris Agreement Article 6 (cooperative approaches) to help reduce the cost of decarbonization; and other mechanisms, such as green bonds, debt and equity structures, and green commodity markets, which can also support decarbonization.

The first panel highlighted efforts to support carbon markets and pricing, addressing different types of internal carbon pricing mechanisms, including: DEF’s ‘Introduction of Internal Carbon Pricing: Methods and Applications’ report as a tool to support others in pricing carbon and zeroing out emissions; DEF’s efforts to support over 23,000 companies in providing environmental disclosures; and Ghana’s commitment to supporting Article 6 through a national policy on carbon credits.

A second panel delved deeper into the specifics of Article 6, with speakers: supporting a transition from voluntary to regulated carbon markets; lamenting that delays in Article 6.4 negotiations to implement a mechanism for carbon pricing are impacting investment levels; and mentioning innovations in the EU Emissions Trading System (EU ETS).

Underscoring the role of private financing and public-private partnerships (PPPs) in reducing emissions and building resilience in agrifood systems, another side event highlighted the Scaling up Climate Ambition on Land Use and Agriculture (SCALA) programme. FAO and the UN Development Programme (UNDP) are co-leading this EUR 20 million programme. SCALA supports climate-resilient agriculture, forestry, and land-use measures and helps implement National Adaptation Plans (NAPs) and NDCs, as well as transformative change through interlinkages between countries. 

A panel discussion featured examples of local-level action to transform agrifood systems, including from Senegal, where La Banque Agricole aims to be the country’s first bank to implement clean financing, through de-risking agriculture financing and building a green portfolio with products related to adaptation and mitigation. Speakers also highlighted, among others, that only 1.7% of climate finance for the agriculture sector reaches local farmers and that collaboration between non-profit and for-profit actors can help farmers connect with markets. The event was organized by FAO and UNDP.

Offering opportunities to learn from those engaged in transformative, synergistic agrifood systems change, an FAO-organized event launched a collection of success stories from around the world, compiled in a publication titled, ‘Catalyzing Climate Solutions.’ Maria Helena Semedo, Deputy Director-General, FAO, urged multi-sector responses on adaptation in agrifood systems, as food and water systems are most frequently reported as at risk from climate change. While noting increasing political will on this issue, with 94% of NDCs prioritizing agrifood systems, she said less than 20% of climate-related development financing went to agrifood systems in 2021.

During a panel discussion, stakeholders shared experiences addressing climate adaptation in agrifood systems at the country level, including in Panama and Mongolia. One speaker shared experiences working with FAO in Kenya, Uganda, and Ethiopia to identify data gaps and improve information provision in local communities to support agricultural development.