For the first time, the International Coffee Organization (ICO) has participated in the G7 Development Ministers’ Meeting held in Pescara, Italy, from 22 to 24 October 2024.
Following the acknowledgement of coffee as a strategic value chain by the G7 at the Climate, Energy and Environment Ministers’ Meeting in Torino in April 2024 and in the Apulia G7 Leaders’ Communiqué, the ICO celebrates the G7’s endorsement of a new private-public funding initiative to drive sustainable and resilient growth across the coffee global value chain (C-GVC).
The Global Coffee Sustainability and Resilience Fund aims to leverage finance solutions to catalyse private investments with a focus on the most vulnerable countries and communities – especially on the African continent, smallholder farmers, women, and youth – while also securing the resilience of the global coffee industry.
Recognising that each coffee-producing country has different starting points and investment needs, the initiative will design tailor-made solutions.
During a session dedicated to the coffee value chain, the Executive Director of the ICO, Dr Vanúsia Nogueira, delivered a keynote speech highlighting the vital role of coffee in social and economic development.
“Governments and industry are already funding several projects on coffee sustainability, however, with the G7 Initiative, we aim to identify better solutions, coordinate actions more effectively, and scale up best practices,” says Dr Nogueira.
“A global public-private coffee fund will help us respond to the need for investments in research, knowledge, technology, and infrastructure to improve productivity, quality, and sustainability, generating higher value addition at the origin.”
The ICO has been working closely with the Italian government – providing critical insights into the coffee value chain and co-organising consultations with key private sector representatives – and is now ready to continue engaging with governments and strategic stakeholders in this collaborative effort as the initiative moves forward towards its implementing stage.
For further insights, please refer to the official G7 Development Ministers’ Meeting communiqué,
available here.
