ECO-NGO Newsletter: Broken Promises on Adaptation Finance, December 4, 2023
A strong advocacy/plea for the Adaptation Fund from the NGO “ECO” (produced cooperatively by the Climate Action Network)- December 4th
However, ECO would like to remind them that words must be followed by action. And there is a very easy way to do so: contributing to the Adaptation Fund!
The Adaptation Fund fulfils all the conditions for high quality adaptation finance. But somehow developed countries seem to have forgotten about the Adaptation Fund at COP28.
ECO wonders if some developed countries felt that making (often rather symbolic) pledges to the Loss and Damage Fund may distract attention away from the looming adaptation finance gap.
ECO is seriously concerned that the Adaptation Fund will not even get close to its minimum resource mobilization target of 300 million USD. This target is only a political compromise and does not even come close to the actual needs and demands for Adaptation Fund projects.
Because of the very limited finance and lack of predictability, the Adaptation Fund cannot take the necessary steps needed to significantly scale up its action and is unable to play the very important role that it actually should assume.
It is not at all clear when and how much resources will be generated through the 5% share of the proceeds from the market mechanism for emission reductions under Article 6. The timeframe and generated funding of this mechanism are complex and still uncertain. In the short to medium term, the Adaptation Fund thus heavily depends on contributions from donor countries.
Developed countries, you need to step up for adaptation finance and the Adaptation Fund with significant and impactful multi-year contributions! You need to prove that your promises are not just empty words. If you fail to provide urgently needed adaptation finance, the losses and damages we are facing in the rapidly intensifying climate crisis will dramatically increase.