Time & Date of Event 

11:00 AM to 12:00 PM on Saturday, 12th of November 2022

Event Overview

Over the coming decades, a changing climate, growing global population, rising food prices, geopolitical tensions, and environmental stressors will continue to expose weaknesses in the food systems and have significant yet uncertain impacts on food security, affecting vulnerable populations in low-and middle-income countries (LMICs) and those living in fragile contexts the most.

UN’s Food and Agriculture Organization (FAO) states that the dual challenges of climate change adaptation and mitigation, together with the need for agricultural production to increase by 60 percent by 2050 to meet food needs, drives the requirement for a comprehensive approach. To date, adaptative measures such as adopting climate-smart agriculture practices, incorporating new techniques in water harvesting, crop and income diversification, developing markets for climate-resilient crops, improved land management, and weather insurance have been integrated to ensure a food-secure future.

In addition, digital technologies offer great potential to improve efficiency and performance, provide new economic opportunities and promote equity and sustainability in both food and non-food agricultural supply chains. There is growing evidence that digital solutions such as blockchain, Internet of Things (IOT), Artificial Intelligence and robotics can create conditions for inclusiveness, enable connectivity between producers and buyers of farm production, and empower women and youth, smallholder businesses and actors, and link less-developed markets with more developed ones.

Harnessing the potential of the digital solutions to address the above-mentioned issues requires establishing a strong partnership between the public and private sector, Multilateral Development Banks (MDBs), commercial banks, AgriTech start-ups, non-governmental organizations, the civil society, academia, resources centres among others.

Moving forward, increased international collaboration and investment in sustainable agricultural adaptation measures and agri-technology as well as supportive policies are essential to build long-term resilience, strengthen coping mechanisms along food supply chains and change the future of food on a global scale. 

This side event is co-organized jointly by ICD and ITFC, which will be a panel discussion involving industry practitioners, leading experts and other multi-faceted stakeholders on the sidelines of COP27 to share insights and further connect resources around finance, governance, science and knowledge, innovation, and technology and data, with the aim of accelerating action to achieve food security. 

Event Outcomes 

• To gain insights of the ground-breaking research and tools being developed or currently being used to prepare for and limit the effects of climate change in agriculture and its role in achieving food security 
• Showcase the importance of synergy between various stakeholders (Governments, farming companies, MDBs, commercial banks, universities and tech companies) to advance the agricultural and face food security issues by harnessing technology 
• To better understand the limiting factors that are currently preventing the broader spread and adoption of technologies in agriculture 
• To discuss the regulatory environment needed to support adaptation plans and the transformation of food and agriculture systems and encourage relevant governmental bodies introducing new strategies and policies that facilitate the adoption of AgriTech.  
• To discuss financing and investment opportunities in the sector and promote farmers financial inclusion using solutions tailored to integrate them into the financial system by introducing traceability and transparency to the supply chain.  
• Showcase MDBs support to the agriculture sector in the MCs and their role in promoting the Agritech solutions and its potential to unlock upstream financing. 
• Identify Technical Assistance opportunities to support member countries. 
• To provide a networking platform for IsDB member countries and other stakeholders  
• Possibility of turning this session into an annual or biennial global event, showcasing the potentials of Agri-tech in the sector productivity and competitiveness.