$188 million and counting

THE ADAPTATION Fund, from which developing countries such as Jamaica have benefited, earned high praise for its work on the sidelines of the recent international climate talks (COP28), while several contributors announced new finance pledges totalling some US$187.7 million.

The number is short of the fund’s resource mobilisation goal of US$300 million for 2023, which would help address a growing pipeline of projects not yet funded that has reached US$425 million, but signalled a positive step forward.

“We are grateful to all of the contributors for their generosity in coming forward with new pledges for 2023, which will help the Adaptation Fund reach more vulnerable countries and communities with urgently needed adaptation solutions,” said Lucas di Pietro, vice chair of the Adaptation Fund Board in a December 4 news release from the fund.

“We invite others to come forward to help us reach our goal, and help achieve the aims of the fund’s five-year strategy to scale up adaptation actions and locally led projects,” he added.

New pledges for 2023 announced at the dialogue or previously include Germany (US$65.7 million); Sweden (US$22.1 million); Austria (US$21.93 million); Spain (US$21.9 million); France (US$0.9 million); and Walloon Region, Belgium (US$7.3 million). Quebec Provincial Government, Canada (US$7.3 million); Denmark (US$7.3 million); Ireland (US$6.5 million); Norway (US$6.5 million); Switzerland (US$4.2 million); the Brussels Capital Region; Belgium (US$2.9 million); Luxembourg (US$1 million); South Korea (US$932,000); and Iceland (US$575,000) have also pledged.

Denmark’s represents a first-time pledge to the fund, while several pledges are part of multi-year commitments.

ACCOLADES

Mohamed Nasr, Ambassador and Lead Negotiator, Egypt, moderated the fund’s Contributor Dialogue and reportedly cited its tangible results in reaching over 43 million beneficiaries on the ground through 164 concrete projects (half in LDCs/SIDS), over 525 early warning systems, nearly 164,000 metres of coastlines protected and over 635,000 ha of natural habitat restored, among other measures.

Citing the significant gap in needed adaptation finance in the recent Adaptation Gap Report, Adnan Amin, COP28 CEO of the UAE, recognised the “great job” the fund.

“I’ve talked to so many recipient countries who have expressed so much appreciation,” he said, in calling for new pledges to the fund.

“I call on your support to reach the US$300 million goal to rise to this challenge. These are not just financial transactions, but critical lifelines to vulnerable communities facing the harshest conditions,” he added.

Simon Stiell, executive secretary, UNFCCC, commended the Fund for demonstrating concrete adaptation funding on the ground, just as the gap report has revealed that adaptation finance needs are 50 per cent higher than previously estimated.

“Adaptation is a development priority and never more urgent than in this record year of warming,” he noted.

The fund has since 2010 committed more than US$1 billion for climate change adaptation and resilience projects and programmes, including 164 concrete, localised projects in vulnerable communities of developing countries and some 43 million beneficiaries worldwide.