The pandemic, international supply chain disruptions and the war in Ukraine have severely disrupted the interconnected world food, fuel and fertiliser markets. According to the World Food Programme, the number of severely food-insecure people -- people whose access to food is so restricted in the short term that their lives and livelihoods are at risk -- rose to 345 million in 82 countries by June 2022. To make matters worse, some 25 countries have responded to rising food prices by imposing export restrictions, affecting more than 8 percent of the world's food trade. [1] In addition, efforts to secure food supplies have been complicated by record high input costs such as natural gas and a doubling of fertilizer prices over the past 12 months. Global food stocks, which have grown steadily over the past decade, need to be released to bring prices down. All this comes at a time when governments' fiscal space for action is already severely constrained in the wake of the pandemic. In the short term, climate change is having a structural impact on agricultural productivity in many countries.

Avoiding further setbacks in achieving the SDGS requires short - and long-term action in four key areas: (i) immediate support to vulnerable groups; (ii) Promotion of trade and international food supply; (iii) To promote production; (iv) Invest in climate-resilient agriculture.

Immediate support for vulnerable groups: It is imperative that safety nets to support vulnerable families are quickly strengthened at the country level and that WFP has sufficient resources to reach those in need. Recent commitments by WTO members not to impose export restrictions on food procured by WFP for humanitarian purposes, such as these, have facilitated WFP operations. Energy and food subsidies that do not target those in need are expensive and inefficient, and should be replaced by cash transfers that benefit only the most vulnerable. Effective social protection systems can be expanded over time to cover more people. The best systems usually rely on technology and consist of strong targeting systems and efficient systems for enrollment, distribution and payment.

Boosting trade and international food supply: In the short term, releasing food stocks, as appropriate, in accordance with WTO rules, and finding a diplomatic solution to allow the export of grains and fertiliser currently blocked in Ukraine will help increase food supply and lower food prices. As stated in the WTO Ministerial Declaration on Emergency Response to Food Security, it is critical to promote trade and improve the functioning and resilience of global markets for food and agriculture, including cereals, fertilizers and other inputs to agricultural production. The 2008 crisis showed that imposing global trade restrictions directly leads to higher food prices. The removal of export restrictions and the introduction of more flexible inspection and licensing procedures could help minimize supply disruptions and lower prices. Improving transparency and monitoring of trade measures through compliance with WTO circular commitments will be crucial.

Boost production: Take action to encourage farmers and fishermen in developing and developed countries to promote sustainable food production and improve the supply chains that connect them to 8 billion consumers worldwide. This requires the private sector to be the backbone of these markets, providing affordable fertilisers, seeds and other inputs. Providing working capital for competitive producers is also a priority. Going forward, disseminating best practice knowledge through FAO, the World Bank Group and others will be key to improving the efficiency of fertilizer use through rapid deployment of soil maps, agricultural technology services and precision farming techniques. The necessary expertise gained by producers is essential for maintaining production levels and promoting sustainable use of natural resources.

Investing in climate-resilient agriculture: Supporting investments that enhance agricultural resilience and support for climate adaptation, small farms, food systems and climate-smart technologies is critical to developing resilient climate-smart agriculture and ensuring stable production for years to come. Establishing norms and standards for food security and building value chain infrastructure (storage facilities, cooling facilities, banking infrastructure and insurance infrastructure) are also important to increase opportunity and reduce inequality.

Past experience has shown that it is important to support developing countries affected by price increases and shortages to meet their immediate needs without compromising long-term development goals. It is essential to ensure that the most vulnerable countries facing serious balance of payments problems can cover the cost of increased food import bills to minimise any risk of social unrest. Development finance should provide customers with viable alternatives to inward-looking policies such as export bans or subsidy packages on fertiliser imports. Investing in scalable safety nets, climate-resilient agriculture, and sustainable fisheries and aquaculture are good examples of win-win outcomes for all.

We call on countries to strengthen safety nets, boost trade, boost production and invest in climate-resilient agriculture. Country-specific needs should be identified and defined through a country-based process that mobilizes investment from multilateral development banks and combines short -, medium - and long-term opportunities. We commit to jointly support this process through the Global Food Security Alliance, jointly convened by the G7 Presidencies and the World Bank Group, to monitor the drivers and impacts of price increases and to help ensure that investment, finance, data and best practice knowledge are available to countries in need.