In Short : The Asian Development Bank (ADB) and the University of Chicago have partnered to promote innovations aimed at reducing climate change impacts. This collaboration focuses on developing and implementing innovative solutions to mitigate environmental challenges and support sustainable development.
In Detail : NEW DELHI, INDIA : The Asian Development Bank (ADB) and the University of Chicago’s Development Innovation Lab (DIL) have signed knowledge exchange arrangement that facilitates the scale-up of innovations to reduce the impacts of climate change on agriculture and promote climate adaptation in low- and middle-income countries in Asia and the Pacific.
The signatories to the cooperation arrangement were ADB Agriculture, Food, Nature, and Rural Development Sector Group Senior Director Qingfeng Zhang, Nobel Memorial Prize in Economic Science Laureate Michael Kremer, who signed the arrangement on behalf of DIL, and 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 the field of 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.
Disseminating high-quality weather forecasts, for example, would have large benefits for farmers. The benefit of improving all state-level monsoon forecasts in India to at least the average level of accuracy is estimated to exceed $3 billion for farmers over 5 years, exceeding the costs of procurement by over 100 times. Forecasts also have large impacts on increasing resilience to disasters and improving health.
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 across Asia, the agreement was signed at the ADB Resident Mission in New Delhi to highlight the focus on activities in India. ADB stands committed to support 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 uses the tools of economics to develop innovations with the potential to benefit millions of people in low- and middle-income countries.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
