To halve greenhouse emissions in the food and agricultural sector by 2030, annual investments need to be increased 18-fold to $260 billion, William Sutton, Global Lead for Climate-Smart Agriculture at the World Bank's Agriculture and Food Department, said during the panel discussion "Financing Agri-Food System Transformation" at COP29.
Report quotes him as saying this could reduce emissions in the sector by more than 16 gigatons per year by 2050 and achieve carbon neutrality.
He added that the funds allocated to combat climate change in the food sector are very small and need to be significantly increased.