At the 2010 G20 Summit held recently in Toronto, world leaders committed to more funding to address climate change and food security across the globe.
Predictably, the global financial crisis has impacted those living in poverty the most, raising food prices above the reach of millions, resulting in an estimated addition of 109 million people to the chronically hungry since the financial crisis began in 2008, making their numbers climb above 1 billion. Thankfully, these millions of people plunging into the depths of extreme poverty were not forgotten by the world’s economic leaders, as demonstrated by their promise to provide $350 billion in capital funding to Multilateral Development Banks (MDBs) so that they may increase their financial support of economic and social activities in developing countries.
This increase in capital funding will allow Multilateral Development Banks to nearly double their lending. This new pledge follows last year’s G8 Summit’s response to the food crisis known as the L’Aquila Food Security Initiative which pledged $22 Billion of three years to:
• Provide a clear and transparent implementation plan for the L’Aquila pledge, including an accountability report detailing progress so far, as well as areas and mechanisms of delivery.
• Include a clear plan to improve food and nutrition security by prioritizing investment in sustainable small-scale agricultural production and rural development.
• Create an enabling environment for the L’Aquila Initiative to succeed by addressing issues of trade, aid, agriculture and industry that can inhibit the achievement of the L’Aquila goals.
• Direct trade negotiators to promote international trade rules and loan conditions that allow developing country governments to support sustainable local food production and protect small-holder producers and consumers from price volatility and unfair trade.
• Promote policies to strengthen the rights and participation of rural women, children, and people with disabilities, in all food security interventions. Particular attention is needed to address the double discrimination faced by girls because of their gender and age, and people with disabilities because of their marginalization in society.
With any luck, using the assistance of newly pledged capital funding, these 2009 commitments will be followed through so that further progress can be made towards increased food security.
Posted by Emma Fursland.
