A panel discussion on “Financing the Transformation of the Agri-Food System” was held within the framework of COP29.

Speaking at the event, Deputy Minister of Agriculture Elchin Zeynalov said that farmers need comprehensive support to adapt to climate change and make their farms productive and sustainable. Supporting farmers in the implementation of new technologies and climate-smart practices is of great importance for global food security. In Azerbaijan, various support mechanisms exist to help farmers transition to more sustainable and efficient farming practices. In addition to these financial mechanisms, the Agricultural Insurance Fund operates to protect farms from risks associated with natural disasters. Elchin Zeynalov noted that Azerbaijan is interested in making full use of global platforms to strengthen efforts to support sustainable agriculture. According to him, investing in climate-resilient agriculture is of great importance in terms of protecting natural resources and building a sustainable future.

Speaking at the panel discussions, Martial Bernoux, Senior Natural Resources Specialist of the FAO Climate Change, Environment and Biodiversity Department, Shobha Shetty, Global Director for Agriculture at the World Bank, and Bill Sutton, Global Head for Climate-Smart Agriculture at the World Bank, shared their views on climate change planning, implementation, monitoring and reporting to increase climate resilience, climate change adaptation and mitigation, the status of climate finance in agri-food systems, targets and opportunities, and the transformation of the agri-food system to significantly reduce emissions.

Delivering a closing speech at the event, Leyla Jabbarli-Mitova, Deputy Chairwoman of the Agricultural Credit and Development Agency, noted that the climate finance process for agri-food systems should be expanded to ensure food security and environmental protection against the backdrop of climate change. According to him, directing financial flows to technological innovations and solutions in the agricultural sector, as well as public-private partnerships to attract private investment, is extremely important.

The event included an exchange of views on the topic, and the participants' questions were answered.