COP29 conclusions: US$300 billion finance deal not enough to tackle climate crisis, says Slow Food

Slow Food, a global movement advocating for fairer food systems, has expressed disappointment over recent outcomes from COP29, calling the US$300 billion annual commitment by 2035 “insufficient” to address the climate crisis. It is now calling on governments to take concrete action to drive food systems transformation to tackle the climate change hurdles facing the agri-food industry.

This comes after the USDA and FAO highlighted their climate-smart agriculture initiatives at the COP29 conference, which was recently held in Baku, Azerbaijan.

Slow Food believes the amount decided for the climate finance deal represents “only a small portion” of the US$1.3 trillion needed, which economists have identified as essential to mitigate the devastating effects of climate change and protect vulnerable communities.

“The conclusions do not reflect what the world and communities really need,” says Edward Mukiibi, president of Slow Food.

“Experts and high-level representatives have made it clear: climate change and food are intrinsically linked, and this fact can no longer be ignored. While food and agriculture played a prominent role in side events and peripheral initiatives, without a place in the formal negotiations, there is a risk of this vital aspect of climate action being overlooked.”

Slow Food is calling on governments to take concrete action for tackling climate change hurdles.Transforming food systems is the “only viable path” to achieving mitigation, adaptation, resilience and ensuring good food accessibility, but “governments keep forgetting about it,” he asserts. 

The grievances

Slow Food says it approached COP29 with “cautious optimism,” but the outcomes fell far short of expectations. 

For instance, the organization highlights a lack of ambitious climate finance, noting that initiatives such as the Baku Harmoniya Climate Initiative for Farmers launched at COP29, risk being “without substance” if governments do not ensure real financial commitments. 

It also believes that calls for urgent action on food and agriculture were “pretty muted,” with debates on the Sharm-el-Sheikh Joint Work on the Implementation of Climate Action on Agriculture and Food Security largely centering around its online portal. The tool allows countries and observers to submit information on how climate action can support agriculture and food security.

“Clearly this is little considering the urgency of a real food systems transformation,” asserts Slow Food. 

The organization also flags there is inadequate support for national commitments in scaling funding for agri-food systems.

“A new analysis from the FAO finds that almost all countries identify agri-food systems as a priority for climate change adaptation and mitigation in their Nationally Determined Contributions (NDCs).”

Local communities and small-scale farmers are the true stewards of biodiversity, but are often sidelined, says Slow Food president Edward Mukiibi.However, current estimates in NDCs still cover only one-sixth of the required finance, which means a critical opportunity to mobilize resources for developing countries and implement actionable investment plans could be missed, asserts Slow Food.

Moreover, with a deadline of early 2025 to submit updated NDCs, countries still have a small window to increase their ambitions in this regard.

“Stewards of biodiversity”

Mukiibi believes local communities, small-scale farmers, indigenous people and traditional food producers are the “true stewards of biodiversity and ecosystem management.”

“Their voices deserve to be at the forefront of these international gatherings, yet they are systematically sidelined.”

Meanwhile, some large agribusiness corporations “continue to deny the realities of climate change” and the critical role of these communities.

“We need the UNFCCC to take bold action to reduce their influence if it aims to restore its credibility before COP30 in Belem,” he adds.

Transforming food systems

Without bold action to transform global food systems, the fight against climate change is destined to fail, warns Mukiibi.

“It’s time to elevate the voices of those who hold the solutions. At Slow Food we will keep working to raise awareness on the need for an agroecological transition and look forward to the Brazilian COP next year,” he concludes.