Adaptation Fund advances work on resource mobilisation
At the conclusion of its 28th meeting in Bonn recently, the Adaptation Fund Board had advanced work on a resource mobilisation strategy to raise between US$80 million and US$100 million resources per year during coming years.
This is even as it approved two new concrete climate change adaptation projects in India and the Lao People's Democratic Republic, and endorsed eight project concepts in several other countries, as well as two project pre-concepts.
"We received an unprecedented number of proposals, and approved two adaptation projects that will benefit vulnerable populations in India and the Lao People's Democratic Republic, in addition to endorsing another 10 project concepts and pre-concepts," said Adaptation Fund Board chair Naresh Sharma.
"It speaks to the growing pipeline of the fund, and its concrete activities to support the most vulnerable communities in developing countries build resilience to climate change," added Adaptation Fund Board secretariat manager, Marcia Levaggi.
Altogether, 28 project submissions were reviewed, which speaks to the high demand for the fund and climate adaptation in developing countries.
Meanwhile, the fund also approved an Ad Hoc Complaint Handling Mechanism for project stakeholders.
"The board additionally decided to proceed with plans and requests for proposals to undertake Phase 2 of the overall independent evaluation of the Adaptation Fund," noted a release from the fund.
"Phase 1 results showed the fund to be effective, relevant and efficient and an innovative learning institution, while Phase 2 will focus on programmes and projects. Given the high demand for the fund's Pilot Programme for Regional Projects, the board also decided to continue financing regional projects and programmes beyond the Pilot Programme."
GREEN CLIMATE FUND
The board decided, too, to increase its linkages with the Green Climate Fund (GCF) by attending an annual dialogue and continuing to discuss ways to enhance complementarity and cohesion between the two funds.
"It also decided to fast-track reaccreditation of its implementing entities that are also accredited with GCF," the release said.
Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change, also addressed the board and praised the Adaptation Fund's work as making "significant contributions to implementing concrete adaptation activities to reduce vulnerability" in developing countries and building knowledge, experience and capacity.
She said direct access is a "very important innovation that the Adaptation Fund has pioneered" and encouraged parties and other organisations to continue to support the fund. With the Paris Agreement coming into force and the enormity of adaptation needs, she said adaptation finance is incredibly important and that it is a unique opportunity for all stakeholders to scale up climate actions.
Since 2010, the Adaptation Fund has committed US$362 million to support 55 concrete, localised climate adaptation and resilience projects in 48 countries, with more than 3.6 million direct beneficiaries.