• Wednesday, June 19, 2024
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$260bn agrifood investment can halve global greenhouse emissions – W/Bank

$260bn agrifood investment can halve global greenhouse emissions – W/Bank

$260 billion agrifood investment can halve global greenhouse emissions by 2030, according to a World Bank report.

Through changes in farm and food production, the report noted that the world’s global gas emissions can be reduced to level zero in the next six years with sufficient investments.

“Annual investments will need to increase by an estimated 18 times, to $260 billion a year, to halve current agrifood emissions by 2030 and put the world on track for net zero emissions by 2050″, the report noted.

Axel van Trotsenburg, senior managing director, World Bank, said the global food system can heal the planet, making soils, ecosystems, and people healthier.

“This is within reach in our lifetimes, but countries must act now: simply changing how middle-income countries use land, such as forests and ecosystems, for food production can cut agrifood emissions by a third by 2030,” Trotsenburg said in the report.

He said payoffs for investing in cutting agrifood emissions are much bigger than the costs of investments.

“Twice as much money is spent yearly on agricultural subsidies, many of which harm the environment”, he added.

The World Bank encouraged high-income countries to reduce subsidies on food sources with high gas emissions. It added that by investing in low-emitting foods, high-income countries can create cheap options for people.

It noted that middle-income countries can reduce greenhouse emissions by curbing three-quarters of their greenhouse emissions by investing in greener rice and livestock farming through the use of healthy soils, reducing food waste.

For low-income countries, the World Bank noted that preserving and restoring forests would promote sustainable economic development in low-income countries, given more than half of their agrifood emissions come from clearing forests to produce food.

“Action should happen across all countries to get to net zero, through a comprehensive approach to reducing emissions in food systems, including in fertilizers and energy, crop and livestock production, and packaging and distribution across the value chain from farm to table,” the report said.

To help countries achieve net zero, a comprehensive approach should be carried out to reduce emissions in food systems, including fertilizers, crop and livestock production, and packaging and distribution across the value chain from farm to table.

Agrifood is a big contributor to climate change. It generates more than half of greenhouse emissions, more than the world’s heat and electricity emissions.