The Adaptation Fund Surpasses $100 Million Fundraising Target at COP19
New commitments from Austria, Belgium & Regions, Finland, France, Germany, Norway, Switzerland
(Warsaw, Poland, 22 November 2013): The Adaptation Fund has received strong support from the international community at the COP19 in Warsaw, Poland, with commitments for US$72.5 million in funding from seven European governments, bringing its total raised in a major fundraising push to US$ 104.3 million. The governments of Sweden and the Brussels Capital Region earlier contributed US$ 31.8 million toward the goal.
The Adaptation Fund Board welcomes the backing, which comes at a crucial time for the Fund, and ensures its continued effectiveness in helping people around the world adapt and build resilience to climate change. “I am very pleased to see that our plea for support has resulted in significant commitments,” said Hans Olav Ibrekk (Norway), chair of the Board. “This will partly address the pipeline issue and bring short-term relief. The challenge in the mid-to longer term will be to ensure sustainable and predictable support to the Fund.”
The injection of funding enables the Fund to finance five of the eight adaptation projects and programmes in its pipeline of proposals from multilateral implementing entities. These fully-vetted proposals range from coastal zone climate-proofing in Cuba to water resource and food security adaptation activities in Myanmar (https://adaptation-fund.org/page/pipeline-projects-and-programmes). The Fund now has US$ 157 million available for adaptation projects and programmes from national and regional implementing entities, who may directly apply for financing and implement projects and programmes through the Fund’s innovative direct access modality.
The Board thanks the hard work of all who helped make the Fund’s COP19 fundraising campaign a huge success, from the Government of Poland to the UNFCCC to civil society. “These pledges show strong support from the international community for the critical work of the Adaptation Fund.” remarked Mamadou Honadia (Burkina Faso), vice-char of the Board, “They affirm the need in developing countries for the Fund’s financing to help their most vulnerable communities build resilience to climate change.”
Funding pledges confirmed during COP19 were led by Germany’s € 30M, and include: Austria, € 0.5M; Belgium & the Brussels Capital, Flanders and Wallonia Regions, € 3.25M; Finland, € 5M; France € 5M; Norway, KR 15M; and Switzerland, CHF 10M.
The Adaptation Fund is a pioneer in building a focused, effective, and transparent climate adaptation financing instrument that directly aids the most vulnerable communities in developing countries. As Board member Laura Dzelzyte (Lithuania) notes, “With these commitments, the international community has signaled its confidence in the Adaptation Fund’s climate financing model. We take this trust very seriously, and will continue to work hard to ensure that the Fund’s work directly addresses climate adaptation for those most in need.”
The Fund’s primary intended revenue source, a two-percent levy of Carbon Emission Credits (CERs) from Clean Development Mechanism (CDM) projects, has diminished due to market forces. The Board is focusing on creating sustainable funding streams so it can continue to finance important climate resilience projects well into the future.
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The Adaptation Fund finances projects and programmes that help vulnerable communities in developing countries adapt to the negative effects of climate change. Projects are based on the countries’ needs, views and priorities. The Adaptation Fund was established under the Kyoto Protocol of the UN Framework Convention on Climate Change, and has committed US$ 200 million since 2010 to help vulnerable communities in developing countries adapt to climate change. The Fund is financed in part by government and private donors, and also from a two percent share of proceeds of Certified Emission Reductions issued under the Protocol’s Clean Development Mechanism projects.
Media contact: Cathryn Poff, Communications, Adaptation Fund Board Secretariat, cpoff@adaptation-fund.org or +1.202.747.4786