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Cocoa Prices Triple in One Year due to Climate Change -
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Cocoa Prices Triple in One Year due to Climate Change

In Ghana and Ivory Coast, which produce 60 percent of the world's cocoa, heavy rains and flooding in December caused heavy damage to the cocoa plant.

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Cocoa Prices Triple in One Year due to Climate Change

NAIROBI, KENYA, March 23: Climate change and El Niño have caused cocoa prices to triple this Year compared to last Year, a non-profit environmental organization says.

The current price has reached $8000 per ton as compared to $2500 per ton last Year.

Amber Sawyer, an energy and climate analyst at the UK-based NGO Energy and Climate Intelligence Unit (ECIU), said that in Ghana and Ivory Coast, which are the largest producers of cocoa, weather fluctuations have affected its prices internationally.

Chocolate companies are scrambling to buy cocoa as supplies dwindle.

So it is obvious that due to less supply, its demand has increased, and therefore, its prices have increased for chocolate-producing companies.

In Ghana and Ivory Coast, which produce 60 percent of the world’s cocoa, heavy rains and flooding in December caused heavy damage to the cocoa plant.

African countries are the most affected by climate change despite the low emission of greenhouse gases. ECIU urged rich countries to provide technical and financial support to Africa to counter the deadly effects of climate change.

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