The Asian Development Bank (ADB) and the University of Chicago’s Development Innovation Lab (DIL) have entered into a knowledge exchange agreement aimed at scaling up innovations to mitigate the impacts of climate change on agriculture and enhance climate adaptation efforts in low- and middle-income countries across Asia and the Pacific.
The cooperation arrangement was signed by ADB's Senior Director of the Agriculture, Food, Nature, and Rural Development Sector Group, Qingfeng Zhang; Nobel Memorial Prize in Economic Science Laureate, Michael Kremer, on behalf of DIL; and representatives from the Office of the Provost at the University of Chicago.
“The global development agenda needs to pursue long-term science-based approaches for inclusive and sustainable development”, said Mr. Zhang. “Through this cooperation arrangement, ADB and DIL will explore effective collaboration with respect to the intersection of climate change impacts, food security, digital innovation, and sustainable development in agriculture and natural resources”.
The overall objective is to inform the scale-up of climate-resilient, evidence-based investments in agriculture, improve farmers’ access to accurate climate services and weather forecasts, and raise global awareness on digital innovation in climate services to improve food security.
Providing high-quality weather forecasts can greatly benefit farmers. For instance, enhancing all state-level monsoon forecasts in India to at least the average level of accuracy is estimated to generate over $3 billion in benefits for farmers over five years, surpassing the procurement costs by more than 100 times. Additionally, accurate forecasts significantly boost disaster resilience and improve health outcomes.
Furthermore, the collaboration will explore ways to inform the scale-up of evidence-based initiatives of ADB and other international financial institutions to implement innovations that mitigate the climate impact of agriculture and promote climate adaptation in low- and middle-income countries.
The collaboration will also explore other innovation domains, including the use of digital agriculture services, innovations to optimize fertilizer use, and interventions to reduce methane emissions from livestock. “The enormous costs and risks of climate change justify investing in multiple innovations to promote adaptation and build resilience”, said Mr. Kremer.
Though the collaboration will span Asia, the agreement was signed at the ADB Resident Mission in New Delhi to highlight the focus on activities in India. ADB is committed to supporting the Government of India’s priority to transform the agricultural sector, emphasizing modernization, sustainability, and improved productivity.
The Development Innovation Lab at the University of Chicago leverages economic tools to create innovations that can positively impact millions of people in low- and middle-income countries. The Asian Development Bank (ADB), established in 1966 and owned by 68 members (49 from the region), is dedicated to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, with a continuous focus on eradicating extreme poverty.
