Hello everyone! This is our weekly update on the top 5 agricultural news stories. We cover everything from new farming technology to changes in global trade and policy.
Agriculture is really important to the global economy and our daily lives, and it’s always changing. We want to make sure you’re up-to-date with the latest news. Whether you’re a farmer, policymaker, or just interested in agriculture, keep reading for the top 5 stories of the week. Welcome to Farmwella Insider!”
1. Green Climate Fund approves $145.3 million for climate action projects in Bolivia, Cambodia, and the Philippines.
“Innovation in climate finance can trigger transformative change towards more inclusive and sustainable agrifood systems”, said FAO Deputy Director-General Maria Helena Semedo. “The approval of these three projects shows how, by leveraging global partnerships, FAO can help strengthen adaptation and resilience capacities of rural communities, especially women and Indigenous People. This contributes to the implementation of the FAO Strategy on Climate Change 2022-2031.”
“These projects in Cambodia, Bolivia and the Philippines demonstrate how partnerships can deliver innovative climate solutions for some of the world’s most vulnerable countries”, said Yannick Glemarec, GCF Executive Director. Read More
2. Farmers express concern that emissions reduction plan could have unintended consequences on agriculture
The federal government’s proposal to decrease the emissions of significant polluters has raised concerns among farmers. They fear that the plan’s heavy reliance on carbon credits from initiatives like tree planting may not be effective enough to curb climate change.
Olivia Lawson, a cattle breeder from Victoria, expressed apprehension that the policy could have inadvertent effects on agriculture. Read More
3. President Biden's 2024 USDA budget proposal allocates almost $210 billion towards climate-smart agriculture.
The budget has plans to spend $1.9 billion more to fight climate change and will keep providing money for the agency’s famous conservation programs. Additionally, it would also prolong the Cover Crop Incentive Program, which offers farmers $5 per acre as a refund if they plant cover crops. Read More
4. Agri-food tech investments down 44% in 2022, but a rebound is expected soon.
The report explains that last year’s food tech funding reached a record-breaking $51.7 billion because of low interest rates and overpriced tech companies. However, due to factors such as war, inflation, and supply chain issues, the amount dropped in 2022.
The report highlights that there were no billion-dollar-plus deals last year, which is different from the past years where there were multiple such deals.
The report adds that there has been at least one deal worth over a billion dollars every year since 2016, except for the year of COVID-19. Read More
5. Bayer and Microsoft team up to create innovative solutions for the agri-food industry using cloud-based technology.
After announcing a strategic partnership with Microsoft in 2021, Bayer has introduced new cloud-based solutions for the agri-food industry.
These solutions, called AgPowered Services from Bayer and Microsoft Azure Data Manager for Agriculture, offer readily available features that businesses and organizations. Small start-ups to large corporations, can use for their own digital solutions – either internally or for their customers. Read More