World Bank2025-07-072025-07-072025-07-07https://hdl.handle.net/10986/43428Climate risks are worsening and threaten food and nutrition security and global food markets. This report explores how shocks, food price policies, and food trade affect Food and Nutrition Security (FNS) in an era of changing climate. It aims to guide policy responses to climate change’s projected impacts on FNS by examining the relationship between shocks, food trade, and price volatility from other contexts. The report analyzes the food shock related to Russia’s invasion of Ukraine to better understand future food security and price shocks driven by climate change. It also assesses the effects of price insulation policies on global and domestic food markets. The report argues that open trade and integrated markets, free from price distorting policies, offer the greatest benefits for FNS and household welfare in a warming world.en-USCC BY-NC 3.0 IGOCLIMATE ACTIONCLIMATE RISKSFOOD AND NUTRITION SECURITYGLOBAL FOOD MARKETSFOOD TRADEReportWorld Bankhttps://doi.org/10.1596/43428