World Bank: assessing the bigger picture for better managing #agrisks

Focus Region:
Global
Focus Topic:
Agricultural Value Chains / Agri-Businesses

The World Bank’s experience in formulating ARM frameworks is valuable knowledge to respond to increasing volatilities in agriculture.

 

At its last congress on Adapting Food Production to a Changing Climate: Identifying Tactics and Establishing Priorities, the Renewable Natural Resources Foundation discussed the consequences of a changing climate on agricultural production. The presentations and discussions aimed at identifying specific strategies and tactics to sustainably adapt food production to a changing climate.

One way to meet this goal is to better understand and manage volatility and risks in the food production sector. Åsa Giertz, an Agriculture Specialist with the WB’s Agriculture Global Practice, presented the WB Agriculture Risk Management Team’s experience in identifying systemic risks and supporting countries in implementing risk management mechanisms.

Drawing the lessons from different risk assessment studies conducted in Malawi, Mongolia and Rwanda, she demonstrates that the best way to effectively implement risk management strategies is through a systems approach in which interventions are streamlined and prioritized according to the impact and frequency of risks. As found by the World Bank, sector-wide risk assessments for agriculture have proven to be more effective than analyses covering just commodity-level risks.

Watch the full presentation here.

COVER PHOTO:
@PARM/Carlos Acosta