Public banks urged to share funding fairly, as climate batters poor farmers

(Reuters, 12 Nov 2020) Communities most vulnerable to floods, droughts and storms are still not getting the support they need to adapt to climate change, say aid experts, as world's development banks meet.

As the world's 450 public development banks held their first summit this week, committing to steer the global economy onto a greener and more resilient path, data showed poor communities hit hard by climate change are receiving little financial help.

Less than 2% of climate finance goes to small-scale farmers in developing nations, despite their vulnerability to worsening extreme weather and their crucial role in feeding billions of people, said a new report on Thursday.

Funding to tackle climate change topped an average of half a trillion dollars in both 2017 and 2018, yet only $10 billion of that went to smallholder farmers each year, according to research from the U.N. International Fund for Agricultural Development (IFAD) and Climate Policy Initiative think-tank.

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Reuters, 12 Nov 2020: Public banks urged to share funding fairly, as climate batters poor farmers