Alvaro Lario, President of the International Fund for Agricultural Development (IFAD), has urged global leaders at COP29 to establish an ambitious financial goal for climate adaptation, focusing on small-scale farmers.

These farmers, who produce a significant portion of the world’s food, especially in developing countries, are crucial to global food security.

IFAD estimated that the adaptation finance gap for small-scale farmers in developing countries is around US$ 75 billion annually. At COP29, member states are expected to adopt a new climate finance target under the New Collective Quantified Goal (NCQG), aimed at supporting developing countries in addressing climate change.

“Climate change disrupts food systems, and the only way to safeguard global food security is to prioritise helping small-scale farmers adapt,” said Lario. “The first step is to set a robust adaptation finance goal that ensures food production can continue as the planet warms.”

Small-scale farmers produce approximately 35% of the world’s food, and up to 70% in Africa. Despite their importance, they receive minimal resources for adapting to climate change. In 2019/20, global climate finance for small-scale agriculture was just US$ 5.53 billion, only 0.8% of total climate finance.

“Small-scale farmers often live in poverty and have little choice—they must adapt or face starvation,” said Lario. “Adaptation is crucial for food security and geopolitical stability, as rising food prices, hunger, and poverty can lead to forced migration and conflict.”

Climate change is a significant driver of hunger. In 2023, 735 million people suffered from hunger, exacerbated by heat, droughts, and extreme weather. Climate change could push an additional 132 million people into extreme poverty.

IFAD’s call for targeted climate finance for small-scale farmers comes amid increasing extreme weather events, such as droughts in Southern Africa and erratic rains in West Africa, which have severely affected crop yields. These disruptions, along with disasters like droughts in Brazil and typhoons in Vietnam, have raised global food prices.

Climate change is predicted to reduce crop yields by up to 25% by the end of the century and increase food inflation by 50% by 2035.

Solutions to help small-scale farmers adapt include climate-smart irrigation, drought-resistant crops, agroforestry, and early warning systems. These interventions are critical, as there are over 500 million small farms worldwide, supporting three billion people in rural areas of developing countries.