World Economic Forum Listed These 3 Majorly Affected Crops Due To Record High Temp; List Inside

by Vaishalee Kalvankar
World Economic Forum Listed These 3 Majorly Affected Crops Due To Record High Temp; List Inside

In recent years, we have all seen how the Ukraine war and the pandemic had a huge impact on food prices across the globe. This year, again, inflation in food prices was noted. But the reason for the fluctuations is the record-high temperatures during the summer. The World Economic Forum has listed three crops that are majorly affected because of the soaring temperatures. 

World Economic Forum Listed These 3 Majorly Affected Crops

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Food prices naturally change with the seasons, but this year’s abnormally hot and dry summer has resulted in low harvests and crop failures across Europe, the United States, Asia, and beyond.

Extreme weather, from heatwaves and droughts to storms and floods, is becoming more regular as a result of the climate crisis, and some crops are more vulnerable to these changes than others. The three crops mentioned by the World Economic Forum are olive oil, rice, and soybeans. 

1. Olive Oil

A hot, dry summer in the Mediterranean has harmed olive trees and stunted crops, driving up olive oil costs. Temperatures in countries like Spain hit 2.5°C or 4°C above average during April and May 2023, causing severe drought and causing water reservoirs in Andalusia to run dry. 

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Climate Change Is The Cause

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2. Rice

Climate change is harming rice growers all around the world, with Italy producing 50% of the EU’s rice and being the only producer of certain risotto kinds. 

This year, Italy is planting its smallest rice crop in 23 years, and Thailand is considering lowering its production due to insufficient rainfall and a bleak forecast. Rice prices in Asia skyrocketed in July due to crop damage fears. 

Heavy monsoon rains in India devastated the rice crop, preventing exports in several categories. Drought devastated California’s rice belt last year, costing the region $703 million in missed economic activity and 5,300 job losses. 

3. Soybean

The Midwest is experiencing its worst drought since 2012, causing corn and soybean growers to be concerned. Argentina anticipates 44% lower returns in 2023 than in the preceding five years. South America is experiencing its third straight year of extreme drought, with crop losses projected at $10.4 billion. 

According to a World Economic Forum research, the financial sector should concentrate more resources into assisting the food and agriculture sectors in becoming more sustainable. (As per World Economic Forum)

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Cover image Courtesy: Canva