Speaking in Vienna, the head of the UNODC, Yury Fedotov, said: “This historic agreement is a unique opportunity to turn the tide against Colombia’s coca cultivation and help farmers embrace alternative development.
“The pursuit of peace requires tangible solutions to the crimes that fuel and feed conflict.”
Currently, farmers earn $300 (£230) a month for every hectare of coca they grow. This initiative will provide compensation to farmers if they revert to producing safer crops, such as coffee and cacao.
But the Colombian government says it is being challenged by armed groups who are trying to take over traditional coca production areas.