COP26: public development banks join forces to boost investments in sustainable food systems

ROME, 19 OCTOBER – During the Finance in Common Summit that started today in Rome, a group of Public Development Banks (PDBs) stepped up their commitment to accelerate green investments in agriculture. The initiative comes as a response to an urgent call to improve funding for the poorest farmers in the world, the most affected by climate change, less than two weeks before the COP26 Glasgow International Summit on climate negotiations.

Thanks to an initiative from the International Fund for Agricultural Development (IFAD), in collaboration with the Agence Française de Dévelopment (AFD) and Cassa Depositi e Prestiti (CDP) with the support from all the members of the Finance in Common Coalition, a group of public development banks from across the globe launched a platform to speed up greener and more inclusive investments in agriculture and the processing, packaging and transport activities that occur “from the farm gates to the plates”.

The Finance in Common Summit takes place in the splendid setting of the Villa Aurelia, via web live and in presence. Connected from New York, Deputy Italian Permanent Representative to the UN, Stefano Stefanile, underlined that sustainable finance has been at the centre of the Italian G20 Presidency: “Public and private finance sectors must join forces and work together in order to meet the objectives set by the 2030 Agenda for sustainable development and the Paris Agreements”, said Stefanile.

“With investments accounting for almost two-thirds of formal financing for agriculture, PDBs can have a huge impact on the lives of rural populations, and ensure the uptake of greener agricultural practices that also help small-scale farmers’ adapt to climate change and  earn better incomes,” said Gilbert F. Houngbo, President of IFAD. “The platform is an important concrete step to achieve the desired change.” (@giorgiodelgallo)