Stimulus for climate adaptation action and funding

05-12-2017
ClimaSouth
ClimaSouth

On the final day of the COP23, member countries of the Kyoto Protocol, decided the Adaptation Fund shall serve the Paris Agreement, in recognition of its concrete work in vulnerable countries, and in compliance with its longstanding goal to formally serve the landmark agreement. Adaptation to a Changing Climate is a priority for the Middel East and North Africa (MENA) region. The Egyptian Minister of Environment, attending the COP, stressed that climate adaptation strategies and funds are among Egypt’s priorities. A Jordanian delegation headed by Minister of Environment Yaseen Khayyat, underlined the need for “clearer” financing methods for adaptation projects, in addition to stronger pledges from donor countries.

As adaptation needs have grown with rising seas, increasing floods, droughts and intense storms, demand has risen rapidly. Just this year the Adaptation Fund received a record of 54 project proposals valued at US$ 350 million. The fund has set US$ 80 million as its resource mobilization target for 2017, and so far has decided to fund more than US$ 104 million in new proposals. Michael Kracht, Chair of the Adaptation Fund Board, said: “Through a country-led, inclusive stakeholder engagement process, many projects are breaking ground in adaptation and producing models that can be scaled up by others.” Since its operations were launched 10 years ago, the Adaptation Fund has allocated more than US$ 460 million to 70 projects in vulnerable communities of 58 developing countries, benefiting nearly 5.5 million direct beneficiaries. Through its Direct Access modality the fund empowers countries to build national capacities to adapt to climate change.

 

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