In order to track the development of the Resilience Credit Evaluation Initiative, the Ministry of International Cooperation and the International Fund for Agricultural Development (IFAD) arranged a follow-up meeting during COP28 in the United Arab Emirates. The initiative unveiled at the COP27 in Sharm El-Sheikh intends to use resilience credit as a cutting-edge financial instrument to increase investment in sectors related to climate adaptation.
Distinguished guests in attendance at the session included Guy Collins, Deputy Chairperson of Citibank Group; Jo Puri, Assistant Vice President for Strategy and Knowledge at IFAD; and Mark Gulland, Professor at Duke University’s Sanford School of Public Policy.
With an emphasis on small-scale farmers in particular, the initiative aims to mobilize action from both the public and private sectors to strengthen the resilience of communities most affected by climate change.
The main goal of the initiative is to establish resilience credit in the agriculture industry, providing incentives to relevant parties, including private investors and international organizations. Increasing private investment in adaptation projects, equipping small-scale farmers with sustainable practices to withstand climate-related disturbances, and enhancing food security for vulnerable populations are the three main goals of this approach, which aims to increase resilience in developing countries.
