Earth Today | US$133 million and counting

THE HUNT for financing to support adaptation to climate change is on, with the Adaptation Fund announcing it had secured some US$133 million in pledges at the global climate talks (COP30), which close tomorrow (November 21) after two weeks of deliberations.

That figure is some US$167 million shy of their targeted US$300 million for 2025.

COP30 is taking place in Belém, Brazil, where global leaders are working through the terms of engagement around not only adaptation – which is vital to the resilience of small island developing states (SIDS) such as those of the Caribbean that are especially vulnerable to climate risks – but also mitigation against catastrophic climate change, among a range of other related areas.

Mitigation is important, given that climate impacts are fuelled by the human consumption of fossil fuels which increases greenhouse gas emissions, which have triggered the accelerated warming of the planet and the related threats.

On November 18, the Adaptation Fund announced US$133 million in new pledges, which it said are to enable its ongoing work in service to the world’s most vulnerable.

Prevailing climate risks, including extreme hurricane events, the likes of the Category 5 Hurricane Melissa that pummelled Jamaica leaving injury, death and destruction in its wake, require adaptation interventions.

The received pledges include Germany (US$69.36 million), Spain (US$23.12 million), Sweden (US$13.81 million), Ireland (US$11.56 million), and Luxembourg (US$5.78 million). Other contributors include Switzerland (US$5.26 million), Belgium’s Walloon Region (US$3.47 million), Portugal (S$1.16 million), South Korea (US$0.82 million), and Iceland (US$0.67).

MINIMUM TARGET

“Resource mobilisation is critical for the Fund at the Belém conference as it seeks a minimum target goal of raising at least US$300 million in 2025 to help put it on the path towards tripling its outflows by 2030, in accordance with decisions taken at COP29, and help meet a growing pipeline of projects under development that has surpassed US$1 billion,” the Fund said in its November 18 release from the COP.

It is hopeful the contributions will continue to come in, even before the end of the talks.

“We are very thankful for the new pledges and hope more will follow,” said Washington Zhakata, vice-chair of the Adaptation Fund Board.

“The Adaptation Fund is a good investment in our collective future. For 18 years, the fund has been helping developing countries adapt and build resilience through funding locally rooted, tangible and scalable projects on the ground. This will help us reach more vulnerable communities who need it most,” he added.

Mikko Ollikainen, head of the fund, was of a similar view.

“We are grateful to all of the contributors for stepping up to deliver effective adaptation action. They will help the Adaptation Fund reach more vulnerable communities in developing countries with urgently needed adaptation projects on the ground,” he said.

“The Adaptation Fund faces unprecedented demand for its work, and can receive funds from a variety of sources. So we are also hopeful others will come forward in the coming days,” Ollikainen added.

The Adaptation Fund has committed US$1.5 billion to more than 200 concrete adaptation projects in 108 countries, including Jamaica and elsewhere in the Caribbean, with some 50 per cent of its portfolio in least developed countries (LDCs) or small island developing states.

“It is producing measurable resilience for more than 65 million people, protecting nearly one million hectares of natural habitat and creating over 600 early warning systems,” the fund noted.

Among other things, the Adaptation Fund has pioneered Direct Access empowering country ownership in adaptation and has expanded its funding windows in recent years to include those in project scale-up, Locally Led Adaptation and Innovation, among others.

Several stakeholders, including the LDC Group, Climate Action Network International, the Talanoa Institute and recipient countries such as Yemen and Grenada, have praised its support for the most vulnerable.

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