Adaptation Fund at COP22
The 22nd session of the Conference of the Parties (COP22) to the United Nations Framework Convention on Climate Change (UNFCCC) and the 12th session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP 12) will take place in Marrakech, Morocco from November 7-18, 2016.
The Adaptation Fund will be active again this year at COP22, with plans to host a side event on family and sustainable agriculture, a new multimedia exhibit featuring projects in action, and a contributor dialogue, among other activities. The Fund’s pioneering Direct Access modality, which gives developing countries the opportunity to receive climate finance and develop projects directly while building their own adaptive capacities, will also be featured.
The Paris Agreement and Adaptation
COP22 will bring together leaders from nearly 200 countries, as well as civil society and interested stakeholders to support developing countries and prepare actionable steps to accelerate implementation and enhance the ambition among all nations of the historic COP21 Paris Agreement, adopted last December to reduce global emissions and enhance adaptation measures.
The Paris Agreement placed adaptation on more equal footing with mitigation in importance and need, and strives to mobilize increased regional and national support for adaptation along with mitigation. Significant additional resources are needed to help meet the growing and urgent demand for climate change adaptation projects.
Specific text referencing the Fund was included in the decisions accompanying the Paris Agreement, which recognized that the Adaptation Fund may serve the Agreement, subject to a process that has already begun and will continue in Marrakech. Next steps will begin with consideration by COP22 to request the Ad Hoc Working Group on the Paris Agreement to continue this process.
The Paris Agreement also established a Sustainable Development Mechanism (Article 6) to mitigate emissions while supplying a share of proceeds to meet developing countries’ adaptation needs. The Adaptation Fund has significant experience in monetizing carbon assets for funding adaptation through the 2% share it receives from the UN Clean Development Mechanism, and has raised nearly US$ $200 million to date through this process.
Fundraising Minimum Goal at US$ 80 Million
COP22 will further serve as a means to raise additional funds to fight climate change. Given a decline in the carbon market in recent years, the Adaptation Fund has increasingly relied on donations from developed countries, the private sector and individuals. During COP21, the Fund received new pledges totaling about US $75 million from Sweden, Germany, the Wallonia region of Belgium and first-time donor Italy. This year, the Fund’s goal is to raise US $80 million (minimum target) in new pledges at COP22 through the end of the calendar year.
For additional information on our COP22 fundraising goal and events please review our latest press release.
The Adaptation Fund helps vulnerable communities in developing countries build resilience and adapt to climate change. Since 2010, the Fund has committed US$355 million for 54 concrete projects in 48 countries across a range of adaptation sectors, including sustainable agriculture, food security, coastal zone management, ecosystem-based adaptation, water management and disaster risk reduction.