KEY POINTS
- Gates Foundation commits $1.4 billion to climate adaptation.
- Initiative aims to strengthen food security in Africa and Asia.
- $200 billion long-term plan to continue through 2045.
Bill and Melinda French Gates started the Gates Foundation, which pledges to spend at least $1.4 billion by 2029 to help farmers in sub-Saharan Africa and portions of Asia deal with the effects of climate change.
The money will go to tried-and-true farming advances like microorganism-based biofertilizers and digital crop-planning systems that help keep crops safe from floods, droughts, and higher temperatures.
The foundation said the initiative reflects its goal of helping farmers withstand shifting weather patterns already cutting yields across the developing world.
Strengthening food security across Africa and Asia
In much of Africa, where 95 percent of farmland depends on rainfall, unpredictable weather is placing millions of rural households at risk. Without urgent adaptation, staple crop yields could drop by 10 percent to 20 percent in coming decades, according to the International Livestock Research Institute.
The Gates Foundation said its latest investment which is Gates Foundation climate adaptation will prioritize soil health, crop variety innovation, and local agricultural research. The initiative seeks to boost food security and reduce poverty among vulnerable farming communities.
Gates Foundation plans $200 billion long-term spend
Since its creation in 2000, the Gates Foundation has become one of the largest philanthropic organizations in the world. It has funded more than 2,500 projects through 1,500 partner organizations, spanning health, education, and agriculture.
According to Billionaires Africa, the foundation draws its financial strength from major endowments by the Gates family, including a $20 billion transfer of Microsoft stock. To date, it has spent nearly $54 billion on global programs aimed at reducing inequality.
Earlier this year, as the foundation marked its 25th anniversary, Bill Gates announced a new $200 billion plan to be spent over the next 20 years. The foundation plans to wind down operations by 2045, directing a significant portion of the funds to support African nations.
