Coastal communities of Pekalongan, Indonesia are adapting to sea level rise via mangrove restoration, construction of wave deflection barriers and creation of environmentally-friendly livelihoods and tools. (Photo: Adaptation Fund)
Adaptation Fund at COP28
The 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) will be held in Dubai, of the United Arab Emirates (UAE) from November 30 to December 12, 2023.
COP28 will be a transformational moment for the world to unite around tangible climate action and deliver realistic solutions. Leaders from across the globe will assess collective progress in the first Global Stocktake under the Paris Agreement, and strive to increase ambition to help meet growing global adaptation needs, underpinning the goal of doubling global levels of adaptation finance by 2025.
In view of the latest Adaptation Gap Report, global adaptation needs are over 50% higher than previously anticipated with a financing gap of US$ 194-366 billion a year. COP28 will be as crucial as ever in scaling up the delivery of climate finance.
With a growing active pipeline of US$ 425 million in projects under development that have not yet been funded, the Adaptation Fund (AF) has also continued to face record demand for its work in supporting developing countries with concrete, scalable projects on the ground.
The AF Board has set a resource mobilization target for 2023 of US$ 300 million from a higher number of contributors than the previous year to help maintain pace with demand and ensure resource availability for the Fund’s ambitious second Medium-Term Strategy (2023 – 2027).
AF has grown rapidly, committing US$ 1 billion in grants to 160 tangible adaptation projects serving over 43 million beneficiaries in the most vulnerable countries. Its pioneering Direct Access modality offers countries space to innovate through locally led and tailored adaptation solutions. It has increased support as needs have risen, offering countries added flexible and innovative grant funding windows centered on scaling up support and accelerating action, innovation, learning and sharing in adaptation.
Focus areas of COP28 include helping the most vulnerable communities adapt to and recover from the effects of climate change. Inclusion will also be one of the key foundations of this COP, highlighting the need to work in collaboration with the most vulnerable groups such as women, indigenous peoples and youth to empower their contributions throughout climate outcomes.
As a leading climate fund helping the most vulnerable communities adapt to climate change, the AF will contribute to the discussions by presenting concrete adaptation actions on the ground and sharing achievements and ambitions at different events and activities. The AF will share insights on how to enhance innovation in adaptation and knowledge sharing, and help increase project replication and scale-up.
The Fund will also be releasing a new publication containing several case studies, successes and lessons learned that will aim to help further the adaptation field and dialogue around disaster risk reduction at COP28, and highlight AF’s sizable portfolio of projects that are aimed at averting and reducing further loss and damage.
For the first time, the AF will co-host a joint pavilion ‘The Climate Funds’ with three other climate funds – the Climate Investment Funds (CIFs), the Global Environment Facility (GEF) and the Green Climate Fund (GCF)– to showcase harmonized actions and stimulate climate action. The pavilion will convene global communities and key stakeholders across various sectors for collaborative activities.
This year the AF delegation will also include members of the Technical Evaluation Group of the Adaptation Fund (AF-TERG) and its Secretariat. The AF-TERG is an independent advisory group in charge of the implementation of the Evaluation Policy of the Fund. The AF-TERG also aims to add value to the Adaptation Fund’s work and the global adaptation community through independent monitoring, evaluation and learning.
All Fund stakeholders are invited to attend AF events, including:
- Adaptation Fund: Making lasting impacts in vulnerable countries while reducing disaster risks, Saturday, 02 Dec 2023, 18:30-20:00, SE Room 1: Lessons/successes from AF-funded Disaster Risk Reduction/Early Warning System projects and empowering country/local ownership to create sustainable, replicable results across sectors will be shared along with AF’s new DRR study. Live Webcast here.
- Climate Finance: The role of the Climate Funds in supporting developing countries, Sunday, 03 Dec 2023, 18:30-20:30, SE Room 5, COP28 Blue Zone: The AF, Climate Investment Funds, Global Environment Facility and Green Climate Fund will discuss the role of the funds in supporting climate action and ambition to strengthen collaboration to increase access to climate finance.
- AF and AF-TERG joint event: The work of the Adaptation Fund in the Pacific SIDs, Monday, 04 Dec 2023, 13:00 – 13:50, Blue Moana Pacific Pavilion.
- AF High-Level Contributor Dialogue, Monday, 04 Dec 2023, 16:00-17:30, GCA Lab 1 (Al Shaheen): This high-level event will provide an opportunity for contributor governments to express their support and announce new pledges towards the Fund’s 2023 resource mobilization target of US$ 300 million target.
- AFCIA Expansion Launch Event, Tuesday, 05 Dec 2023, 15:00-16:00, UGIH – Global Innovation Hub: The event will bring together high-level policy makers, industry leaders, investors, entrepreneurs, and key stakeholders to discuss how AFCIA accelerates innovation in climate adaptation. Full Agenda.
Meet AF staff at (MAP):
- The Climate Funds pavilion: Blue Zone, Thematic Arena 3 (Energy, Finance), B7-Building 88, 2nd floor #Finance4Climate
- Adaptation Fund/AF-TERG Joint Office: Mobility Petal, B3-Building 26, 1st floor #AFCOP28