Sustainable forest farming in the Dominican Republic. (Photo Credit: Adaptation Fund)
Bonn, Germany (October 23, 2026) – The Adaptation Fund Board today approved $98.8 million in new projects at the close of its 47th meeting. With record demand for adaptation finance and global warming on track to overshoot 1.5˚C, the Board positioned the Fund for growth. It underscored the urgency of the Adaptation Fund’s transition to exclusively serve the Paris Agreement at COP31, set a multiyear resource mobilization target of $1.2 billion, and initiated work on a new medium-term strategy.
The Adaptation Fund continues to support some of the world’s most vulnerable communities, with least developed countries involved in nearly three-quarters of new projects. Two major regional resilience projects covering Chad, Ethiopia, Kenya, Somalia, and Togo were endorsed. Small island developing states were well represented with Cuba, Dominican Republic, Maldives, Sri Lanka, and Tonga receiving funding. The Board’s approval of a large innovation project in Burundi represents a scale-up of an earlier successful pilot project there.
For the first time, the Board endorsed a project submitted by Nigeria’s Bank of Industry, a public development bank (PDB), marking increased collaboration between the Adaptation Fund and PDBs.
Global warming is set to overshoot the 1.5°C threshold, intensifying climate risks and impacts. Reflecting this reality, the Adaptation Fund’s active project pipeline has reached a record of nearly $2 billion, with even higher demand expected.
In response, the Board set a resource mobilization target of at least $1.2 billion for 2026–2029, backed by an action plan to engage sovereign and non-sovereign contributors. The Board also called for the Fund’s transition to serve the Paris Agreement to be finalized at COP31. This will open the way to a dedicated source of finance: 5 per cent of Article 6.4 carbon credit proceeds.
The Board also asked the Adaptation Fund secretariat to initiate work on a new medium-term strategy to meet high demand and respond to a rapidly changing global context.
QUOTES
Ali Daud Mohamed – Chair of the Adaptation Fund Board
“The Adaptation Fund Board underscored the urgency of the Fund’s Transition to the Paris Agreement at COP31. Transition to the Paris Agreement will allow the Fund to enhance and diversify our resources, including by receiving a 5 per cent share of proceeds from carbon credits. The Adaptation Fund turns these resources into support for vulnerable communities to adapt, protecting life’s and livelihoods, and enhancing resilience and food security. In this era of overshoot, we see increasing demand for the Adaptation Fund’s support.”
Mikko Ollikainen – Head of the Adaptation Fund
“After nearly 20 years serving the most vulnerable on the front lines of climate change, we have delivered concrete results and learned a great deal. Now we are kicking off work on a new medium-term strategy to guide us for the next five years. Climate impacts are increasing, political priorities have shifted, and adaptation finance needs are growing much faster than the finance available. This is the right moment to reflect on what is working, and on how we need to evolve.”
APPROVED FUNDING
- $30 million regional project in Ethiopia, Kenya and Somalia to be implemented by the UN Development Programme (UNDP);
- $25.2 million regional project in Chad and Togo by the Sahara and Sahel Observatory;
- $14.9 million project in Tonga by the Pacific Community;
- $10 million project in Viet Nam by the International Fund for Agricultural Development (IFAD);
- $5 million large innovation project in Burundi by the UN Environment Programme;
- $4.9 million single-country LLA project in Rwanda by UNDP;
- $4 million single-country project in Tanzania by the National Environment Management Council (NEMC);
- $500,000 learning grant in Tanzania to be carried out by NEMC; and
- $4.1 million in Project Formulation Grants to implementing entities to further develop 33 associated project concepts.
ABOUT THE ADAPTATION FUND
The Adaptation Fund is the only dedicated adaptation fund open to all developing countries, providing exclusively grants. It pioneered direct access and supports locally led adaptation and innovation in resilience projects. Operating under the United Nations Framework Convention on Climate Change, the $2B+ Adaptation Fund contributes to the global goal to at least triple adaptation finance by 2035.
Media Contact:
Matt Pueschel, Communications Officer
mpueschel@adaptation-fund.org