US$248 million pledged to GEF climate fund for most vulnerable countries
Eleven donors have pledged close to US$250 million in new funding for adaptation support to the world’s most vulnerable countries. On 30 November, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Sweden, Switzerland, United Kingdom, and the U?S?? announced their contributions to the Least Developed Countries Fund, a climate fund hosted by the Global Environment Facility.? “Given that we’re already locked into climate change trajectories for many years to come, increased investment in adaptation has to be at the core of the new climate agreement,” said Naoko Ishii, CEO of the Global Environment Facility (pictured? above). Demand from developing countries for financing from the Least Developed Countries Fund remains strong. Droughts, violent storms, sea-level rise and other climate changes are already impacting the poorest and most vulnerable countries and communities. “We know that many billions are required over the next few years to fill the gap in climate finance, but the money pledged today is vital to help some of the most vulnerable people on the planet cope with the immediate impacts of our rapidly warming world,” added Ishii. “This funding for adaptation is urgently needed to help sustain the hard-earned momentum for action on the ground that some of the most vulnerable countries have achieved in recent years.” The new financing will enable the Global Environment Facility to respond to existing requests for support ranging from investments in new approaches to agriculture to national adaptation planning and building resilience against climate change variability and disasters. Since 2001, the Global Environment Facility, through the Least Developed Countries Fund and the Special Climate Change Fund and the Strategic Priority on Adaptation programme, has provided US$1.3 billion in grant financing and mobilised US$7 billion from other sources for 320 adaptation projects in 129 countries, including all Least Developed Countries and 33 Small Island Developing States.
By Nick Michell
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Photo: Global Environment Facility