HSBC extends funding to climate resilience projects in agriculture

MANILA, Philippines — Homegrown agriculture technology firm Mayani Philippines will co-implement a project that seeks to improve smallhold farmers and fisherfolk’s resilience to climate change through philanthropic funding of HSBC Philippines.

The project will develop agricultural cooperative-based models for resilient rural livelihoods, with Mayani overseeing the climate smart agriculture aspect while Bayan Family of Foundations focusing on the cooperative component.

HSBC did not disclose the amount of funding provided to the two groups.

“This important partnership will aim to support local farmers and fishermen to adapt climate-resilient practices and strengthen their businesses, while also striving to contribute towards the improvement of food security in the Philippines,” said HSBC Philippines president and CEO Sandeep Uppal.

The clustered farmers-led cooperatives will learn how to apply regenerative agricultural practices, use indigenous knowledge and espouse strong cooperative governance, under the project, according to HSBC.

The project also involves on-farm infrastructure improvements such as smart greenhouses and precision agriculture systems to drive long-term farming impact.

HSBC said the project is critical since smallholder farmers, who produce over 70 percent of the country’s food supply, face a dual crisis: climate change and lack of capacity to adapt to it.

Carlo Sagun, president and CEO of Bayani Family of Foundations, said the effective mobilization of agricultural cooperatives will accelerate climate adaptation that will improve the socioeconomic welfare of farmers.

“There are a thousand ways to tackle any systemic issue. History has, however, proven that the power of a community working together towards a common goal can do wonders beyond their expectations,” Sagun said.

The project will be implemented in key “vulnerable” food corridors in Luzon and Visayas this year, according to HSBC. The project will then be expanded next year to include the Bangsamoro Autonomous Region in Muslim Mindanao.

“The sheer gravity and frequency of these climate hazards would eventually require their own nomenclature. As they evolve, we see them as known constants in agriculture, and it’s high-time we tackle them head on,” said Ochie San Juan, co-founder and chief farmer of Mayani.