Earth Today | Adaptation Fund reaccredits World Bank, Asian Development Bank

THE WORLD Bank and Asian Development Bank (ADB), two multilateral implementing entities (MIEs) of the Adaptation Fund (AF), achieved reaccreditations with the fund in June, improving and expanding access to climate finance for developing countries globally.

The World Bank, the largest development bank in the world aimed at poverty reduction and sustainable growth for 189 countries, was first accredited in 2010 and reaccredited in 2015 before being reaccredited a second time on June 6.

The new reaccreditation will help open access to climate finance to the more than 100 developing countries that are eligible for AF funding but do not yet have a national implementing entity (NIE) under the fund’s pioneering Direct Access modality which fosters country ownership in adaptation.

Likewise, the reaccreditation of the Asian Development Bank, the largest development bank in the Asia Pacific region with 68 member countries dedicated to a prosperous, inclusive, resilient and sustainable society while aiming to eradicate extreme poverty, will open up access to AF funding to more Asia Pacific countries that do not yet have NIEs. It is crucial for a region that is home to a large share of the world’s poor: 263 million people living on less than $1.90 a day and 1.1 billion on less than $3.20.

ADB’s reaccreditation on June 21 also marked its third overall accreditation with the fund. It was originally accredited in 2010, and first reaccredited in 2015.

Each accreditation is valid for five years before entities go through a reaccreditation process to ensure policies are aligned with updated AF standards and procedures.

“Both the World Bank and Asian Development Bank bring many years of relevant development expertise in the climate field, and will open up more opportunities for developing countries that do not yet have an NIE to access Adaptation Fund resources,” said Mikko Ollikainen, head of the Adaptation Fund.

“These reaccreditations renew our agreements and partnerships with them, and we are looking forward to working with them to programme resources for more developing countries,” he added.

Currently, the fund has 55 total implementing entities: 32 NIEs, 14 MIEs and nine regional implementing entities (RIEs) accredited with the capability to identify, implement and manage adaptation projects. Of those, 36 have been reaccredited overall, comprising 19 NIEs, 11 MIEs and 6 RIEs, further reinforcing long-term commitments to the fund.

To date, the Adaptation Fund has committed more than US$1 billion for adaptation and resilience programmes, including 150 concrete, localised projects in vulnerable communities of developing countries around the world with over 38 million total beneficiaries.