COP27 Announcement: Co-Investment Platform for Food Systems Transformation under development

The Good Food Finance Network is working to create a Co-Investment Platform for Food Systems Transformation (CIP) across multilateral, public, private and philanthropic finance, to urgently crowd in and scale climate-smart investments into food systems. 

Multiple interconnected crises are creating an unprecedented global food security emergency. Ongoing degradation of ecosystems, watersheds, and productive capacity, much of it caused by our patterns of food production and consumption, mean we cannot afford to address short-term emergencies with strategies that exacerbate ecological degradation. We need smart, cooperative response measures aligned with long-term sustainability and system transformation.

Interconnected crisis demand a science-based, sustainable, resilience-building crisis response: transformation of global food, energy, and financial systems must move ahead quickly, everywhere.

On Friday, November 11, 2022, during the COP27 United Nations Climate Change negotiations in Sharm El-Sheikh, GFFN is launching the Work Plan for the development of the Co-Investment Platform. The work plan is comprised of six work packages:

1. Country Readiness – working through the Green Climate Fund (GCF) Readiness and Preparatory Support Programme to identify facilitate and deliver critical capacities needed for the mobilization of funding to CIP-linked or relevant activities;
2. Partner Coordination – mapping relevant funds, initiatives, and institutions, and connect with key partners and allies to situate relevant actors along CIP start-up timelines and work plan milestones;
3. Ambition – defining critical and time-sensitive goals, drawing on the work of the GFFN Catalyst Groups on metrics, data systems, and value chains to lay out practical cooperative scaling strategies;
4. Governance – shaping the operational structure and decision-making process to allow for active collaboration and integration of diverse funds, initiatives, and institutions to maximize the catalyzing impact of the platform.
5. Resource Mobilization – activating funding arrangements to sustain the core operations of the Co-Investment Platform, as well as tracking and coordinating funding for impact through existing participating funds and institutions.
6. Landscapes – integrating actions to transform production practices and to align policy and investment at the city, regional, and national scales, treating healthy ecosystems, biodiversity, and watersheds as investable priorities.

With guidance from the Green Climate Fund and in collaboration with other institutional and multilateral partners, we have started work to develop a multi-country readiness support programme to assist interested countries in preparing for such scaled-up investment flows. The GFFN is in dialogue with the COP26, 27, and 28 presidencies, to link the CIP to key commitments and implementation imperatives supported by each.

During COP27, the GFFN and FAO SCALA team will co-convene a working dialogue for representatives of interested countries to explore the details of the Readiness process.

• The Country Readiness work package is critical to ensure participating public sector institutions are aligned with the processes for the development and funding of new projects through or in collaboration with existing multilateral funding sources.
• The CIP Coordinating Core Partners will also be developing guidance under the Country Readiness work package to facilitate wider capital flows from the private sector, aligned with ‘good food finance’ metrics, performance assessment processes, and related data systems.
• This COP27 working dialogue will facilitate a sharing of views among country representatives and multilateral institutions, taking input from country perspectives on specific challenges and needs, and begin to align country needs with the other CIP work packages.

For more information, please contact the GFFN Secretariat here.