A $1.5 billion programme to aid millions of children at increased risk of severe hunger and malnutrition because of rising food prices was launched today by Plan, the leading international children's NGO.

The investment will pay for food aid and income security over the next decade for poor families hit hardest by the current food crisis, which has seen the price of wheat and other staple foods more than double since 2006. Plan expects the funding to help more than five million people during the first half of the programme. A global taskforce will examine the implications of the food crisis for Plan's work.

Plan's initiative was launched in the week that world leaders at the G8 summit in Japan agreed to provide additional help to poor people hardest hit by rising prices.

The G8's announcement followed Plan's call for the creation of a global food fund to ensure the international community can respond quickly to emergencies throughout the globe. Leaders also reaffirmed their commitment, made in 2005, to increase aid to developing countries by $50bn by 2010, $25bn of which will go to Africa. This followed speculation that the commitment would be quietly dropped from this year's summit communiqué.

Tom Miller, Plan chief executive officer, said: "Plan is ready to play its part in ensuring that the world's poorest children are protected from the worst effects of the current global food crisis. Our response to the crisis builds on our proven track-record in working with local communities to improve the income security for families at risk of hunger and malnutrition and improve communities' resilience to external shocks."

He added: "We are pleased the G8 has pledged to offer assistance to help poor people survive the food crisis and repeated its promise to increase development aid by 2010. The next step is to make sure they deliver on those promises."

Experts warn that the current increase in food prices is likely to be the start of a long-term trend driven by rising demand, higher oil prices, climate change and increased use of biofuels.