Finance in Common 2021 Summit

19 - 20 October 2021

Responding to an urgent call to increase financing for the world’s poorest farmers who are hardest hit by climate change, a group of Public Development Banks (PDBs) stepped up their commitment to accelerate green investments in agriculture during today’s Finance in Common Summit.

Creating sustainable and equitable food systems that benefit the world’s most vulnerable people will require substantial investments – by some estimates as much as US$350 billion per year over the next decade. 

In the first-ever joint declaration by foreign affairs and development ministers, G20 countries today recognised the vital role Public Development Banks (PDBs) can play in filling the financing gap to sustainably tackle rural hunger and poverty, and the leadership of the International Fund for Agricultural Development (IFAD) in bringing them together to strengthen their long-term investments in food and agriculture.

For the first time in history, today 13 Public Development Banks (PDBs) made a joint commitment to strengthen investments in food and agriculture in the context of a global pandemic and a changing climate.

One major obstacle to realizing sustainable and inclusive food systems is a lack of sufficient and appropriate financing. Recent estimates suggest that transforming food systems to deliver healthy people, a healthy planet, and a healthy economy will require an extra US$300 – US$350 billion per year for the next decade.