International trade in six major agricultural commodities, including rice and wheat, affected by transboundary climate risks
Climate change impacts agricultural production all around the globe. It does not respect national borders. A recent report has provided a systematic, quantitative assessment of transboundary climate risks (TCR) to trade in six major agricultural commodities — maize, rice, wheat, soya, sugarcane and coffee.
The report from Stockholm Environment Institute analysed countries exposed to TCRs through agricultural trade and the ones that are important sources of risk.
Transboundary climate risks are climate risks that cross national borders.
The study showed that every country is exposed to transboundary climate risks. Countries in Europe and North America are both highly exposed to TCRs through foreign imports. This is particularly problematic for importers that depend on trade for food security or other economic activity.
Soy and sugarcane pose an indirect risk to food security in all consumer countries by threatening to drive price hikes. Countries in central and Latin America and the Caribbean depend on imports from the United States; countries in Asia and Africa import food from China.
The Small Island Developing States and small globally integrated countries like Singapore and Sweden are also vulnerable.
The key findings of the report were:
The international community should provide the necessary political, legal, institutional, financial and logistical support to facilitate adaptation in countries that lack capacity and to build robust structures for international cooperation to jointly address these systemic risks, the report suggested.
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