The World Bank is supporting African nations in solving the food crisis brought on by climate calamities like floods, drought, and changes in weather patterns. The international banking system is pushing for Climate-smart technology (CSA), which is the next-gen solution for the global food shortage issue.
The World Bank has approved an additional $40 million to help in African climate research through IDA (International Development Funding) and CGIAR. The bank’s climate finance aims to accelerate climate-smart agriculture (CSA) technologies and address food security and climate resilience. This is especially true in countries with immense agricultural potential, including Ethiopia, Ghana, Kenya, Mali, Senegal, and Zambia.
Additionally, the climate funding will assist agro-ecological regions vulnerable to climate change effects. The beneficiaries include farmers and livestock owners. Funding new farming and livestock-keeping tech will ensure more food is produced to cover drought seasons and when factors like floods destroy planted food and cash crops.
According to the World Bank regional manager, Chakib Jenane, “We are committed to working closely with our partners to ensure that farmers and other stakeholders benefit from innovative solutions to address the challenges posed by climate change.”
The World Bank’s move is attracting other major investors. For instance, the Bill & Melinda Gates Foundation is committing $18.8 million through the CGIAR initiative. Additionally, Office Chérifien des Phosphates (OCP) is channeling $5 million in the new hub for soil fertility.
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