Acumen, a global nonprofit impact investor, will commit $300 million over the next five years to support startups and small businesses that work with smallholder farmers to improve their climate adaptation across East and West Africa, India, Latin America, and Pakistan.
The pledge comes amid the 29th United Nations Climate Change Conference, or COP29, in Baku, Azerbaijan, where food systems have once again emerged as a major topic of discussion, as the need to equip farmers with tools and support to grapple with the effects of climate change becomes increasingly clear.
The International Fund for Agricultural Development estimates a $75 billion annual shortfall in funding for small-scale farmers in developing countries in adapting to climate change.
About the author
Ayenat Mersie
Ayenat Mersie is a Global Development Reporter for Devex. Previously, she worked as a freelance journalist for publications such as National Geographic and Foreign Policy and as an East Africa correspondent for Reuters.
