The United States and the United Arab Emirates are seeking an additional $4 billion of global investment in an initiative launched last year to make agriculture resilient to climate change as well as reduce its emissions.
The two countries launched the Agriculture Innovation Mission for Climate (AIM for Climate) at COP26 climate talks in November.
The UAE hosts COP28 climate talks in 2023.
While the U.S. farming industry is already battling the effects of climate change, including increased drought and flooding, the UAE which is a Gulf oil producer that imports most of its food and desalinates seawater for potable water, is investing heavily in agricultural and water technologies, and clean energy.
The initiative is aiming for a $4 billion investment from governments and non-government innovation partners between 2021-2025.
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Ahead of AIM’s first ministerial meeting in Dubai on Monday, U.S. Secretary of Agriculture Thomas Vilsack said that AIM now wants $8 billion in climate-smart investment commitments by the November COP27 climate talks in Egypt.
According to him, “We believe we actually need to set a higher goal. President Biden believes we should get $8 billion by COP27โ.
He explained that the initiative is supported by 140 partners who have agreed to increase public and private investment in climate-smart agriculture research and practices.
โThe initial $4 billion target comprised $1 billion each from the U.S. and UAE governments, $1.8 billion from other governments and $200 million from non-government partnersโ he explained.
Recall that the U.S. Department of Agriculture recently said that it would invest $1 billion in pilot projects for climate-smart commodities, promoting farming, ranching and forestry practices that cut emissions.
Vilsack said that initiative could qualify as part of U.S. AIM for Climate targets, adding that there are several different ways those resources could be identified.
Story was adapted from Reuters.
