Why is it in the news?

• Global Environment Facility (GEF)-funded Financing Agrochemical Reduction and Management (FARM) Programme

About FARM Programme

• FARM is a $379 million initiative aimed at reducing agrochemical usage and promoting sustainable alternatives in food production.
• It focuses on realigning financial incentives to prevent the use of harmful inputs and encourage the adoption of low and non-chemical alternatives.
• FARM supports government regulations to phase out persistent organic pollutants (POPs) in agrochemicals and agri-plastics and adopt better management standards.
• It strengthens banking, insurance, and investment criteria to improve the availability of effective pest control, production alternatives, and trade in sustainable produce.
• Member countries include India, Ecuador, Kenya, Lao PDR, the Philippines, Uruguay, and Vietnam.
• Implementing agencies include UNEP (United Nations Environment Programme), ADB (Asian Development Bank), UNDP (United Nations Development Programme), and UNIDO (United Nations Industrial Development Organization), with execution carried out in-country by FAO (Food and Agriculture Organization).
• The programme is set to run for five years.

Significance of FARM Initiative

• Aims to address the harmful impact of nearly 4 billion tons of pesticides and 12 billion kg of agricultural plastics used annually on health and the environment.
• Focuses on reducing the use of highly hazardous pesticides and managing agricultural plastics to prevent the release of toxic POPs, which contaminate air, water, and food.
• Addresses the current lack of incentives for farmers to adopt better practices due to the cheaper cost of harmful chemicals compared to sustainable alternatives.