The United Nations stated last week that the world is currently not doing enough to assist less developed countries in coping with the effects of global warming. It added that by 2030, the annual financing requirement will be $340 billion.
The Gates Foundation's commitment, made public during the COP27 conference in Sharm el-Sheikh, will assist smallholder farmers in South Asia and sub-Saharan Africa to enhance their food security and incorporate resilience into their working practices.
According to the foundation, less than 2% of global climate-related funding is currently allocated to aiding smallholder farmers in adapting to climate change, even though more than 2 billion people rely on them for food and income.
Bill Gates, a co-chair of the Bill & Melinda Gates Foundation, stated that "the climate crisis is causing enormous harm every day as it jeopardizes entire regions of people and economies."
More funding is required to ensure that agricultural and technological innovations are widely accessible to vulnerable communities, assisting them in adapting to climate change, saving lives, and boosting economic growth.
According to the foundation, funding would support women farmers and initiatives for climate-smart agriculture, new digital technology applications, and other innovations.
In developing nations, women make up 43% of the agricultural workforce, but due to entrenched gender inequality, they frequently have less access to education, legal rights, and funding than men do.
According to foundation co-chair Melinda French Gates, "women in rural Africa are the backbone of their food systems, but they have never had equal access to the resources they need to reach their full potential or build resilience to looming climate threats."
