The Innovation Commission at the IFI Global Forum for Food Systems Transformation

The Innovation Commission participated in the International Financial Institutions (IFIs) Global Forum for Food Systems Transformation held on February 6-7, 2024, at Stanford University. The event results from a joint work of the U.S. Department of the Treasury and the Asian Development Bank (ADB) in collaboration with Stanford University.

The event aimed to foster collaboration among IFIs, share innovative practices and lessons learned from implementing the IFI Action Plan, support science-based solutions and evidence-based decision-making, and create a central repository for accurate information and data on food security. Participants included staff from IFIs (such as ADB, IDB, World Bank, and AfDB), experts, universities, and funding partners.

Michael Kremer, chair of the Innovation Commission, participated in three sessions presenting the work the commission has been doing on innovation development and scaling. He first discussed the innovations that already have strong evidence of impact and cost-effectiveness, like procurement and dissemination of high-quality weather forecasts to farmers, timely, customized digital agricultural extension services, climate-resilient graduation programs, microbial fertilizer, and advanced market commitments to incentivize the development of climate-resilient crops. The discussion in this first session revolved around the connection of climate, food, and nature, emphasizing the need for innovative approaches and natural capital investment to achieve sustainable long-term food security.

Other sessions focused on technology and science-based solutions to support evidence-based decision-making, specifically in food supply chains, and the role of innovative financing solutions and alternative financial instruments for food security. Michael Kremer emphasized how innovative credit products can help farmers invest in resilience and improve productivity and incomes. Among the innovations cited, he mentioned loans to finance investments in resilience and food security, short-term credits to mitigate the impact of price fluctuations, and insurance schemes designed to adapt to climate-related shocks.

The forum provided a platform for sharing knowledge, technical assistance, and innovative actions to accelerate the transformation towards sustainable and resilient food systems.