Agriculture is one of the industries most susceptible to climate change. Severe weather and changing climate patterns can seriously jeopardize the global food supply chains and food security. With this sustainable and climate-resilient investments in agriculture should be looked into.
The dangerous effects of climate change on agriculture are especially present in Asia and the Pacific. The region relies on this industry for food supply and economic stability. Agriculture provides a living for 75% of farmers in Asia. If no efforts are made, climate change is predicted to reduce crop productivity by 15% to 20% or even half in some crops by 2050.
In early August 2024, the Asian Development Bank (ADB) and the Development Innovation Lab (DIL) of the University of Chicago joined forces to address this pressing challenge. Their collaboration aims to promote innovations mitigating the effects of climate change on agriculture. It also focuses on climate adaptation in Asia and the Pacific’s low- and middle-income nations.
Present in the signing of this knowledge exchange arrangement are Qingfeng Zhang, ADB Agriculture, Food, Nature, and Rural Development Sector group senior director, and from the DIL and the University of Chicago’s Office of Provost, Michael Kremer, who is also a Nobel Memorial Prize in Economic Science Laureate.
The main objectives of this collaboration include providing farmers with better and more accurate climate and weather information. It also aims to improve climate-resilient agricultural investments and promote international awareness of improving digital tools for climate services that support food security.
Zhang emphasized the importance of adopting long-term and science-driven strategies to ensure the global development agenda is inclusive and sustainable. “Through this cooperation arrangement, ADB and DIL will explore effective collaboration concerning the intersection of climate change impacts, food security, digital innovation, and sustainable development in agriculture and natural resources,” he added.
For instance, sending out more accurate weather forecasts is a big help for farmers. It is projected that farmers would benefit more than $3 billion over five years. This will happen if India improves all state-level monsoon forecasts to at least the average level of accuracy. This advantage would more than triple the cost of procurement. Forecasts also have a significant impact on enhancing health and catastrophe resistance.
This knowledge exchange will also look into ways to guide the scaling up of evidence-based initiatives of ADB and other international financial institutions. It will also explore on the use of innovations that lessen the impact of agriculture on climate change and encourage climate adaptation in low- and middle-income countries.
Improving digital tools for climate services can greatly enhance decision-making helping farmers to mitigate risks and optimize crop yields. Digital innovations, like mobile apps or data analytics, can help predict weather patterns, manage water resources, or optimize crop production, ultimately contributing to better food security.
The partnership will also look into other areas of innovation, such as the use of digital services for agriculture, better fertilizer use, and livestock methane emission reductions. “The enormous costs and risks of climate change justify investing in multiple innovations to promote adaptation and build resilience,” said Kremer who is a key figure in this collaboration.
Kremer has a track record of applying economic principles to solve real-world problems including agriculture. He co-led an experimental evaluation of an SMS-based information service from 2011 to 2014. This service texted agricultural advice to smallholder farmers in Kenya. The program increased their yields by 8%.
This alliance will extend across Asia, and ADB signed the agreement at its Resident Mission in New Delhi to emphasize efforts in India, even as the partnership extends beyond Asia.