The International Setting Facility’s member international locations have permitted $203 million in high-impact local weather adaptation funding for Least Developed Nations, Small Island Creating States, and different international locations needing to strengthen their meals programs, water assets, and warning programs because of rising local weather change dangers.
Assembly in Washington DC, the Council of the GEF-managed Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF) agreed to fund 21 tasks that construct on years of assist for important initiatives which can be serving to international locations handle their most pressing adaptation priorities in a manner that helps native communities, strengthens coverage frameworks, and advances environmental objectives for the long run.
It is among the largest work packages within the greater than two-decade historical past of the LDCF and SCCF, and comes two months after nine donor governments announced new contributions to the distinctive local weather adaptation funds on the UN Framework Conference on Local weather Change (UNFCCC) COP28 in Dubai.
The GEF is among the monetary mechanisms of the UNFCCC and has for the reason that Paris Settlement been mobilizing and distributing assets to satisfy the pressing and particular local weather adaptation wants of Least Developed Nations, Small Island Creating States, and different growing international locations, following steerage and selections from events to the UN local weather conference.
For the reason that dedication of the worldwide neighborhood at COP26 in 2021 to double local weather adaptation finance by 2025, the GEF has doubled the per-country cap to $20 million for every Least Developed Nation accessing the LDCF and $3 million for non-LDC Small Island Creating States accessing the SCCF by way of its devoted funding window.
“We’re leveling up and shortly deploying donor funding to satisfy pressing local weather adaptation wants, and drawing on our intensive expertise to assist investments that make direct and significant contributions to the resilience of affected folks and locations,” mentioned Carlos Manuel Rodríguez, GEF CEO and Chairperson.
“The most recent work program of the LDCF and SCCF consists of vital assist for the agriculture, fisheries, meals safety, and water sectors, and consists of very important investments in early warning programs and local weather data companies which can be important to planning and prosperity. We are going to proceed to supply this focused assist the place it’s most wanted because of the contributions of our member international locations.”
The most recent LDCF- and SCCF-funded tasks permitted by the Council span sectors together with agriculture, fisheries, meals safety, tourism, and water, and likewise assist entry to local weather data companies, early warning programs, and sustainable finance.
They have been designed to mobilize further adaptation finance by way of multilateral growth banks, worldwide monetary establishments, and the Inexperienced Local weather Fund. Practically half of the tasks have been co-financed by these companions, and 4 tasks have been additionally financed by the GEF Belief Fund, as a part of its $918 million work program permitted earlier this week.
The LDCF is the one multilateral fund that focuses completely on the distinctive local weather adaptation wants of Least Developed Nations. To this point, the LDCF has financed greater than 400 tasks and packages with almost $2 billion in grants which have benefited greater than 65 million folks and strengthened the administration of greater than 11.4 million hectares of land for local weather resilience.
The SCCF helps growing international locations handle the unfavourable impacts of local weather change by way of innovation, expertise switch, and personal sector engagement. It additionally provides focused assist to Small Island Creating States, given their particular local weather adaptation wants. To this point, the SCCF has supplied $393 million in grants for 100 tasks which have benefited roughly 9 million folks and helped carry greater than 5 million hectares of land underneath extra sustainable administration.
The work program permitted by the LDCF/SCCF Council consists of $180 million for LDCF tasks and $23 million for SCCF tasks. Their mixed work program consists of assist for 16 Least Developed Nations and eight Small Island Creating States, and can collectively enhance the resilience of greater than 4.2 million folks, enhance the climate-resilient administration of almost 1.6 million hectares of land and 1.9 million hectares of coastal and marine areas, assist the event of 273 local weather adaptation plans and insurance policies, and construct the variation capability of greater than 1,400 personal sector and social enterprises.
Throughout the LDCF/SCCF assembly, Council members additionally acquired a report on the efficiency, outcomes, and classes realized from the portfolio of tasks and packages financed underneath the LDCF and SCCF since their inception in 2001, and reviewed workshops and different assist to international locations about programming and making certain affect from using LDCF and SCCF assets.
Evans Davie Njewa, Chair of the LDC Group and Chief Setting Officer on the Environmental Affairs Division of Malawi, welcomed the great strategy and outcomes and harassed the vital function of the LDCF specifically because the “first alternative” amongst Least Developed Nations due to its distinctive options.
“The LDCF and the SCCF are like important life ropes for LDCs and our 1.1 billion folks, in serving to us to organize for and keep away from the worst impacts of local weather change. My very own nation, Malawi, has benefitted from worthwhile LDCF assist of greater than $40 million in our adaptation efforts and we’re able to do far more,” Njewa mentioned.
“Collectively, because the worldwide neighborhood, we have to be sure that each the LDCF and SCCF are extra strongly and predictably resourced than ever and goal the best local weather adaptation affect potential. In doing so, we will likely be supporting shared resilience, alternative, and prosperity for our world the planet Earth.”
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