The Board of Directors of the Caribbean Development Bank (CDB) approved a grant of US5,000 for the development of a framework, which will guide the development and implementation of measures to adapt to the impact of climate change on the agriculture sector in Guyana.“The project will help the Government to identify specific crops and crop varieties that are most suited to particular regions, as well as activities that are specific to these regions that can be implemented to adapt to the effects of climate change. This will assist the Government in better planning investment programmes in the agriculture sector,” Deidre Clarendon, Division Chief, Social Sector Division of the CDB said. The project is scheduled to be implemented over a 16-month period and is consistent with the CDB’s strategic objective of supporting inclusive sustainable growth and development, as well as the Bank’s corporate priority of supporting agriculture and rural development. The agriculture sector is a significant contributor to the gross domestic product (GDP), and employs a large portion of the population. Climate change can have a significant effect on the sector, as most agricultural production is concentrated along the coastal plain, which is on average 1.4 metres below sea level at high tide.Rising sea levels, increased in the intensity and frequency of rainfall and higher temperatures associated with climate change are already negatively affecting agricultural production. This technical assistance project will allow the Government to identify areas that are the most vulnerable to climate change and to adopt new climate-smart agricultural practices.Back in 2015, the Inter-American Development Bank (IDB) had announced that approval was granted for a $5 million Climate-Smart Agriculture Fund (CSAF) for the Caribbean and Latin America to encourage Private Sector companies in the region to invest in projects that increase farmers’ incomes while addressing climate change. It was created in partnership with the Global Environment Facility (GEF); the goal of the CSAF is to unlock greater Private Sector investment in sustainable land use and climate resilient agribusiness.The concept of climate-smart agriculture was coined by the Food and Agriculture Organisation in 2009 and is defined as “agriculture that sustainably increases productivity, resilience, reduces or removes greenhouse gases and enhances achievement of national food security and development goals.” Climate-smart agriculture is a business model that increases agricultural output, while maintaining or lowering amounts of inputs, such as land, water or fertiliser.However, climate-smart agriculture investments, however, face a number of hurdles in the access of finance, including lengthy payback periods, as well as significant barriers to information on sustainable practices.Because of these challenges, climate-smart investments may be put off indefinitely, perpetuating poor land-use management, additional greenhouse gas emissions, increased vulnerability to climate change, and lower incomes for small producers.
Powered By Impressive Business WordPress Theme