In an indication of constructive momentum for local weather change financing, eight donor governments introduced new commitments to the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF) and signaled their political help for the distinctive roles these funds play in addressing local weather resilience wants.
Belgium, Canada, France, Germany, Norway, Spain, Sweden, and the UK introduced new pledges totaling $174.2 million for the LDCF and SCCF, that are hosted by the International Setting Facility. The commitments made at COP28 in Dubai have been considerably increased than the quantity pledged to the LDCF and SCCF during COP27 in Sharm El-Sheikh final 12 months.
Please see the donor governments’ joint statement for quantities pledged by nation.
“Canada has a robust relationship with the GEF, having established the International Biodiversity Framework at COP15 in Montreal, and launched the International Biodiversity Framework Fund on the Seventh GEF Meeting in Vancouver this summer time. In these instances of accelerated local weather dangers and impacts worldwide, Canada is happy to help the GEF’s Particular Local weather Change Fund to speed up non-public finance in adaptation, and tackle the difference wants of Small Island Creating States,” stated Ahmed Hussen, Minister of Worldwide Growth of Canada.
A number of nations together with Denmark, Eire, the Netherlands, Switzerland, and america additional burdened the significance of the focused help the LDCF gives to the 46 Least Developed International locations and the SCCF gives to Small Island Creating States, along with its concentrate on expertise switch and personal sector engagement for local weather adaptation.
Each nation on the planet is experiencing impacts of local weather change, and growing nations with restricted public sources face explicit challenges from crises together with document temperatures, storms, floods, and droughts.
International locations eligible for LDCF and SCCF funding welcomed the brand new commitments which might allow them to shore up their investments to enhance entry to water, help resilient livelihoods, fortify crops, shield ecosystems, and scale back strains on pure landscapes.
“The choice to extend monetary help to the LDCF and SCCF sends a constructive sign for international solidarity,” stated Alioune Ndoye, Minister of Setting and Sustainable Growth of the Republic of Senegal and Chair of the Least Developed International locations (LDC) Group, representing lowest earnings nations in UN local weather negotiations. “There may be an abundance of ambition and willpower inside our nations to counter the results of a cascading catastrophe for which we’re least accountable. What has been missing is the mandatory finance to show pressing priorities and concepts into apply.”
“Folks residing in susceptible small island nations want elevated entry to finance to take care of the rising storm,” stated Fiamē Naomi Mata’afa, Prime Minister of Samoa and Chair of the Alliance of Small Island States (AOSIS). “Local weather change is an ethical subject for us. One which represents an existential problem for island nation residents who face eviction from its results with no prospect of return. No one ought to be compelled from their dwelling due to humanity’s collective incapability to work throughout the boundaries of nature.”
The SCCF has two funding home windows – one to finance expertise switch and personal sector engagement for scaling up modern approaches to local weather adaptation, and one to deal with the difference wants of Small Island Creating States, as elaborated within the GEF’s current climate adaptation strategy.
The top of the International Setting Facility welcomed the local weather adaptation funding enhance supplied in Dubai as a wanted step as nations look to work collectively to alter business-as-usual and put money into a greener, bluer, livable planet. “We are able to solely deal with local weather change by working collectively, and adaptation finance is a vital piece of this,” GEF CEO and Chairperson Carlos Manuel Rodriguez stated. “The LDCF and SCCF are essential items of this structure and we’re grateful for the contributions and endorsements of our method.”
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