Financial pledges come in for Adaptation Fund

MEANWHILE, SEVERAL countries have announced financial pledges at the Adaptation Fund contributor dialogue. They include Sweden, which has pledged US$5 million and Belgium, which has pledged €4 million.

I European Union – €10 million

I Germany – €70 million

I France – €15 million

I New Zealand – US$3 million; and

I Italy – €7 million

“It is important to remember that this fund is not only about money, but also about the people. The fund has surpassed the 80 million new commitments for 2017 – it is now at 95.5 million,” said United Nations Framework Convention on Climate Change Executive Secretary, Patricia Espinosa, in her opening remarks at the Adaptation side event.

“The funds got requests for $235 million for 35 projects – 5.8 million people in developing countries have benefited so far,”she added.

At the same time, she called on other countries to “step up and do more” in the area of adaptation financing. She explained that if the UN climate talks and subsequent actions did not achieve the goals of 1.5 or even two degrees, then countries would be seeing “more of the devastating impact of climate change”.

Similar sentiments were expressed by the president of Fiji and former chair of last year’s UN Climate Change Talks, Jioji Konrote, who said that there was a great need for funding for projects like the ones executed under the Adaptation Fund.

“I would like to add Fiji’s voice to the call, re access to greater financing – the fund has been successful in innovative climate financing. I hope you can see a clear move in the direction here at COP24 – we need more ambition to make more climate finance available to meet the Paris Goal, as we also need more to make the 1.5 degree target. The world must free up the finance needed to make it possible,” he said.