Since then, the institute and its partners have demonstrated how agricultural innovations can be shared and scaled up to improve food security and livelihoods across Africa, the Caribbean and the Pacific.
Yet, as CTA enters the final year of its mandate, food systems and agriculture are once again under the spotlight as the climate emergency becomes increasingly urgent. At the same time, we begin the 10-year countdown to the delivery of the UN’s Sustainable Development Goals, which also include zero hunger and zero poverty.
Investing in agriculture and agricultural innovation is therefore more important now than ever before if we are to have any hope of addressing the climate crisis, while also guaranteeing food security for the 820 million people still going hungry.
In particular, there is enormous potential to harness digitalisation and new technologies to make agriculture more efficient while increasing productivity and profitability. CTA research has shown for the first time an untapped market of more than $2 billion (€1.8 billion) to develop and provide more and better digital tools for farmers.
And many of CTA’s projects and partners over the past 35 years provide a solid basis from which to expand and scale up, with additional support between now and 2030. CTA has also directly contributed to the EU’s Digital for Development policy, in particular relating to sustainable agriculture and entrepreneurship, and we hope that CTA’s work will serve as a basis for the EU’s continued focus in this sector.
Elsewhere, the pioneering Eyes in the Sky, Smart Techs on the Ground project has helped capitalise on the new opportunities for African farmers from drone-based systems. After training drone operators in responsible data gathering at start-ups across 11 African countries, pilots have provided farmers with more accurate information about their land, crops and livestock, allowing them to make informed decisions about fertilizer use, disease threat and weather events.
Moreover, as an exciting, novel technology, drones have also helped to attract young entrepreneurs into agriculture. By the end of 2019, 38 youth-led businesses were offering drone services to farmers, and the first continental network of digital entrepreneurs, Africa Goes Digital, was established.
Another ground-breaking digital solution is cutting-edge insurance for livestock, which uses satellite imagery to detect whenever a lack of rainfall causes forage levels to fall too low to sustain herds. The pay-outs then allow farmers to buy in feed or move their herds before animals are lost to malnutrition during prolonged droughts, which are becoming more intense in parts of sub-Saharan Africa.
More than 10,000 pastoralists in Kenya are now covered by this insurance, which has also been rolled out in Ethiopia. But there is enormous potential to refine this service and expand this further across sub-Saharan Africa.
Finally, pilot projects throughout the Caribbean have explored the possible applications of blockchain in agriculture. In Trinidad and Tobago, for example, Bioversity International and AgUnity have developed and tested blockchain to trace the quality of cocoa, helping farmers to secure a premium on their products.
Other projects are investigating the use of blockchain to help farmers secure access to financial services. Verifiable financial information on a digital ledger, for example, could support farmers’ applications for credit and help “de-risk” them in the eyes of banks and other lenders.
I have been thrilled to see some of these initiatives rolled out under my watch but I am yet more excited to see how others take them further, customising and developing the tools to properly serve specific needs of communities and regions.
Improving agriculture in developing countries, through the best use of the latest available technology, has the potential to achieve so many of our global goals. The seeds have been sown for viable and effective solutions. With continued nurture, we will reap the rewards.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
