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Monday, October 29, 2018

Public funding can’t end poverty, hunger - NaijaAgroNet

Public funding alone has been identified as not being enough to achieve the Sustainable Development Goals (SDGs), and development even as international financing institutions must collaborate more strategically to leverage private investments, reports NaijaAgroNet.

This was the seemingly consensus of over 200 investors, business leaders, representatives from multilateral development institutions, and policy-makers and government officials from Africa, Asia, Europe and the Americas in attendance at 2018 Global Forum.

NaijaAgroNet reports that the Forum supported by the European Union and organized by the European Bank for Reconstruction and Development (EBRD) and the Food and Agriculture Organization of the United Nations (FAO), estimates that incremental resources of up to USD 265 billion a year are needed to end poverty and hunger by 2030. This is 0.3 per cent of the average projected world income for the period.

"With the 2030 deadline approaching fast, development and international financial institutions must work together with the private sector to find durable solutions to major development challenges such as poverty, climate change and migration. That means creating environments where innovation can flourish and where private investors have incentives to contribute to inclusive economic growth and environmental sustainability," said EBRD's President Sir Suma Chakrabarti.

Food and agriculture systems face daunting challenges - from having to produce more with less to feed a growing planet, to shrinking the sector's carbon footprint, to creating decent employment opportunities, especially for youth in developing countries.

"FAO is custodian of 21 of the SDG's indicators, and can play a key role in helping the private sector to shape and monitor their contributions to these sustainability goals. We are also committed to promoting more enabling environments for private investment in sustainable agrifood systems, while also making sure those finances reach where they are needed most," FAO's Deputy Director-GeneralDaniel Gustafson said.

"One encouraging trend - already visible in the agriculture sector - is impact investing, in which private investors are investing in initiatives that generate profits as well as social and environmental impacts," Gustafson added.

According to a survey by the Global Impact Investment Network, the world's leading impact investors collectively manage over USD 228 billion in impact assets. That is more than the amount of public funding available in 2017 through official development assistance.

Isaac Oyimah/GEE

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