Climate finance pledges clear backlog but urgent adaptation funds needed for 2020 and beyondDate: 30 November 2015
The Least Developed Countries (LDC) Group today welcomed funds from donor countries totalling US $248 million, 1 into the only dedicated climate fund channelling money to adaptation projects for the world’s poorest nations.
At a side event at the Paris climate summit2 hosted by the Global Environment Facility (GEF), the body tasked with overseeing the management of the Least Developed Country Fund (LDCF), donor countries pledged desperately needed cash for the long-standing empty fund, which had 35 projects backed up in the pipeline, waiting for about US $255 million worth of resources to be made available.
The amount pledged – while an encouraging step forward in the negotiations – barely covers the outstanding urgent projects.
Leonel Silva, Secretary of State for the Angolan Treasury said: “We acknowledge and express gratitude to the donor community for keeping the LDCF alive, but we hope the new climate agreement will ensure all nations have the same implementation capacity by mobilising all capable donor countries to pledge funds.”
The LDCF has an immediate purpose of helping the LDCs urgently adapt to immediate climate change impacts that are happening now – a process known as National Adaptation Programmes of Action (NAPAs). 3
The Secretary continued: “We recognise the role of bilateral channels for delivering climate finance but our preference is for multilateral channels – that way we stand a better chance of leaving no-one behind,”
There are urgent adaptation needs that need to be met and so far this has not been forthcoming, with the NAPAs only securing one fifth of their funding to date through the LDCF.
Chair of the Least Developed Countries (LDCs) Group, Mr Giza Gaspar-Martins of Angola said: “There are outstanding questions around how the LDCs will finance the emergency climate adaption work between now and 2020, as well as securing the next phase of action currently under discussion at COP21, which covers the period from 2020-30.”
The Paris summit gives countries a much-needed opportunity to address an apparent lack of coherence within the international system to provide finance, particularly when for adaptation projects. Currently the Green Climate Fund (GCF) has resources but no projects, while the LDCF – as demonstrated today – has urgent projects but little financial capacity to support them.
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Filed under: 2015, Adaptation, Climate Finance, COP21, Giza Gaspar Martins, NAPAs, News, Press Release