A coalition of 24 philanthropic foundations is urging philanthropists, corporations, and governments to scale up their spending on climate-related changes to global food systems by more than $200 billion annually to achieve the global goal of significantly reducing fossil fuel use by 2050.
The group of grantmakers — which includes the IKEA Foundation, The Rockefeller Foundation, the Children’s Investment Fund Foundation, and the philanthropically funded Global Alliance for the Future of Food — issued a joint call for increased food systems funding as part of a broader push to center conversations about fossil fuel use in agriculture at the 28th United Nations Climate Conference, or COP 28. The event kicked off in Dubai on Thursday.
To achieve the goal of reducing greenhouse gas emissions and limiting global warming to 1.5 degrees Celsius — which was laid out in the 2015 Paris Climate Agreement — it is critical to phase out fossil fuel-based agrochemicals, such as certain fertilizers and pesticides, and shift toward regenerative approaches, the group said. Regenerative agriculture is the process of restoring degraded soils through practices such as reduced plowing and limited use of pesticides.
About the author
Stephanie Beasley@Steph_Beasley
Stephanie Beasley is a Senior Reporter at Devex, where she covers global philanthropy with a focus on regulations and policy. She is an alumna of the UC Berkeley Graduate School of Journalism and Oberlin College and has a background in Latin American studies. She previously covered transportation security at POLITICO.
