Financing Climate Change on Global Agriculture-An Overview

Abstract

Economics and climate will decide the fate of farmers and agriculture in the globe. Addressing climate change and food security are the foremost challenges of the today’s world. The study focuses global finance climate, impact of climate change and adaptation strategies and fore see various mitigation measures to protect from climate change on global agriculture. The United Nations Framework Convention on Climate Change (UNFCCC), aim to stabilize greenhouse gas concentrations in the atmosphere. Among the 23 ‘Conference of the Parties’ (COP) conducted so far, COP 3, the Kyoto protocol in 1997, COP 7 in Marrakesh, Morocco, in 2001, COP 16 which established a limit of maintaining temperatures to below 2.0 °C (3.6 °F) relative to the pre-industrial level and COP 18 with the Doha amendment to the Kyoto protocol have been the crucial ones. The Paris Agreement (COP 21) in 2016 introduced the ambitious Nationally Determined Contributions, marking a new beginning. Increasing population and under nourishment are putting more pressure on land leading to further deterioration of the atmosphere by the production of huge amounts of CO2. In turn, the climate change is impacting agriculture in more ways than could be comprehended. Primarily the declining yields of the staple crops are posing a food insecurity situation which must be addressed through technological breakthroughs. The study reveals that adaptation among various sectors to minimize the factors causing climate change is inevitable. Strategies to increase soil carbon pool comprises of carbon sequestration through conservation agriculture, integrated nutrient management, agroforestry etc. The study suggests that the available climate financing in agriculture must be diversified across the food processing sector, wasteland and water management, forest and social forest cover, land use and natural resource management. Being Developed countries have geopolitical and demographic advantage they should share more finance compare to developing countries. However, Conventions and COP’s have to frame global formulae to tackle climate change.