Smallholder Farmers Lead Climate Adaptation Efforts: Investing Billions Annually
Globally, smallholder farmers are investing billions of dollars annually from their own income to tackle climate change impacts. A recent study across 13 countries in Asia, Africa, and Latin America reveals that each smallholder household contributes an average of $838 per year towards climate adaptation measures, totaling $368 billion collectively. This substantial investment highlights the significant financial burden borne by these farmers compared to the limited international climate finance allocated to them, which stood at just 0.3% in 2021. The study underscores the critical role of global carbon markets in providing financing avenues for smallholders. Initiatives, such as smallholder farming networks in Assam, India, demonstrate the potential of carbon markets to incentivize agricultural innovation and resilience. Amid escalating climate challenges, there is a growing imperative for increased support from the international community. Direct financial assistance through producer organizations, coupled with investments in training and education, is essential to bolster the resilience of smallholder farmers and mitigate the impacts of a changing climate.
