The Adaptation Fund and Global Environment Facility (GEF) funds have received a number of funding pledges at COP27 this week. The Adaptation Fund has received nearly US$172 million in new pledges that will contribute to its project pipeline of unfunded projects, which currently sits at US$380 million. Since 2010, the Adaptation Fund has committed over US$998 million to climate change adaptation and resilience projects and programmes, benefitting an estimated 38 million people. New pledges include US$50 million from the US, US$20 million from the United Nations Framework Convention on Climate Change (from its CDM trust fund as authorised by parties in Glasgow), US$19.9 million from Spain and US$16.4 million from Sweden. Germany is the largest contributor to the fund, having pledged over US$500 million since 2010.Austria, Japan, Iceland and Republic of Korea were first time contributors to the fund. Albara Tawfiq, Chair of the Adaptation Fund Board, said: “Accelerated adaptation action is needed as we face unprecedented climate change challenges, and the Adaptation Fund is a source for optimism. These dollars will be well spent to build resilience and make a tangible difference on the ground through tangible projects and programmes that are tailored to local adaptation needs in the most vulnerable countries.” The GEF funds – the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF) – received US$105.6 million in new funding from countries including Denmark, Finland, Germany, and Ireland. Conrod Hunte, the Alliance of Small Island States’ Lead Negotiator, said: “Small Island Developing States cannot afford to wait when it comes to building climate resilience and dealing with extremes. We are highly appreciative that the GEF’s Special Climate Change Fund has a new funding window focused on supporting the unique adaptation needs of Small Island Developing States.”
The Adaptation Fund has received nearly USD 172 Million in pledges so far at #COP27.
The pledges will help the most vulnerable communities adapt to climate change through concrete adaptation solutions.
— UN Climate Change (@UNFCCC) November 16, 2022