The global food system faces significant challenges, with inefficiencies and waste prevalent despite increased output. Abundance and hunger coexist, highlighting a core issue: unequal access to information among farmers and within markets. These inflexible systems result in high transaction costs.
Improved access to data and analytics, coupled with digital technology, has the potential to connect the world's 570 million farms to 8 billion consumers. This connection could reduce inequality and global hunger.
"We encourage the use of data, digital technology, and innovation to transform the agri-food system," stated a spokesperson. Enhancing data collection and utilizing digital tools can help smallholders increase efficiency and promote equity. Data-driven digital agriculture aims to improve crop yields, reduce waste, support transparent price discovery, lower costs, strengthen resilience, and decrease harmful emissions.
Support for data collection is emphasized for policy action and both public and private investment results. This approach seeks to foster inclusive agriculture.
Efforts are being made to expand financing and expertise for digital agriculture. A multidisciplinary team leverages the World Bank's convening power to integrate data, analytics, and investment for impactful outcomes. The network includes thought leaders, innovators, public sector leaders, CEOs, startup founders, and researchers who share knowledge and expertise.
To date, 53 projects across 36 countries have been supported with approximately $1.15 billion in lending.