COP29: Climate finance for small-scale farmers is no longer optional

Global temperatures are rising, weather patterns are becoming increasingly unpredictable, and the world’s most vulnerable communities, especially small-scale farmers, are feeling the greatest impact.?

The climate crisis is no longer a distant threat; it is a reality that affects millions daily. As the global community gathered to COP29 in Baku to tackle climate change, one message has taken center stage: small-scale farmers must be at the heart of climate action.?

This year’s COP29 has brought together world leaders, climate activists, and negotiators to accelerate commitments to combating climate change. Despite progress, a critical challenge persists: the world is still failing to provide essential climate finance to small-scale agriculture.

Yet, a renewed sense of urgency has emerged, making it clear that bridging the gap between promises and actions is essential for ensuring global food security.?

Small-Scale Farmers on the Frontlines?

Small-scale farmers produce about 35% of the world’s food and up to 70% in many developing countries. Yet, these essential players in our food systems are among the most vulnerable to climate change, receiving just 0.8% of global climate finance.?

At COP29, IFAD emphasized the need to integrate small-scale farmers into climate finance solutions: “Climate change affects us all, but small farmers, who grow nearly half our food, are on the front lines with the least resources to adapt,” said IFAD President Dr. Alvaro Lario .

What’s at stake?

Climate change could reduce crop yields by up to 25% by the end of the century, posing significant risks to food security.

By 2035, food prices could rise by 50% due to climate-related impacts.

The message is clear: supporting small-scale farmers is not optional - it is essential for global food security.

In response to the growing urgency, IFAD has committed to increasing its spending on climate-related adaptation and mitigation projects. From 25% of its Programme of Loans and Grants during the 2019–2021 period, IFAD has raised this share to 40% for 2022–2024. The next financing cycle (2025–2027) will increase this even further to 45%.

IFAD is already making strides, funding projects that increase small-scale farmers’ resilience through climate-smart irrigation, drought-resistant crops, early warning-systems, agroforestry, and improved soil management.??

A Call for Ambitious Adaptation Finance?

At COP29, President Lario urged world leaders to adopt a bold goal for adaptation finance that addresses the $75 billion annual funding gap for small-scale farmers in developing countries.?

“The first step is for leaders to set an ambitious adaptation finance target that ensures food production can continue, even as the planet warms,” said Lario.?

The 2024 Climate Action Report further highlights the urgent need for accessible climate finance and documents IFAD’s efforts to support small-scale farmers, protect ecosystems, and promote sustainable agriculture.?

Why It Matters?

As we look to the future, small-scale farmers, especially women, youth, and Indigenous communities, are the backbone of global agriculture.?We remain?committed to ensuring that they are not left behind in the fight against climate change. Our work is rooted in the belief that climate solutions must be inclusive, empowering, and focused on those who need them most.?

At COP29, the world has a chance to change the trajectory of small-scale farming and its critical role in tackling climate change.??

The Road Ahead?

Our commitment goes beyond advocating for increased adaptation finance – we are also actively involved in reducing agricultural methane emissions.?

With the 30% methane reduction target by 2030 gaining traction, IFAD has launched a Practical Guide for Agricultural Methane Reduction. This will help countries integrate methane reduction targets into their Nationally Determined Contributions for 2025, further reinforcing the role agriculture plays in tackling climate change.?

As we close COP29, one thing is certain: the road to climate resilience and food security begins with empowering small-scale farmers. No one should be left behind in this fight.?