ADAPTATION FINANCE BULLETIN |
UNFCCC Adaptation Committee | |
News from the Adaptation Fund | |
New Projects and Funding Aggregator Program by the Adaptation Fund Board | |
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The Adaptation Fund Board convened its 43rd meeting from 10-11 October 2024. Several new projects were approved, bringing the total number of funded projects to over 180. Key approvals include a USD 10 million project in Azerbaijan aimed at building climate-resilient cities, which is the Fund's first project in the country. Additional funding was allocated for mountain ecosystem restoration in Pakistan, solar-powered water treatment to improve access to safe drinking water in Bangladesh, adaptation in Andean communities and ecosystems in Peru, and strengthening resilience and food security in Benin. Grants were also awarded to Senegal for sustainable agriculture initiatives, and to support project development in Somalia and South America. Moreover, USD 2.7 million was allocated to UNEP for coordination services to enhance the second phase of the Adaptation Fund Climate Innovation Accelerator program.
The Board continued its support for Locally Led Adaptation by advancing a funding aggregator program that enables direct grant distribution to non-accredited local entities including CSOs, Indigenous Peoples organizations, and local governments, among others.
Additionally, the Board reaccredited multilateral implementing entities UNDP and the Inter-American Development Bank, revised the system of country focal points to an entity-based approach, and approved the consolidation of small innovation and learning grants into single proposals from national implementing entities. Discussions were also held on transitioning the Fund’s work to serve the Paris Agreement exclusively.
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News from the Global Environment Facility | |
Photo credit: Emeric Laperriere on Prexels | |
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In August, the GEF released the Inclusive Conservation Initiative Phase 2 Report, showcasing progress in Indigenous Peoples- and local communities-led conservation. The report highlights USD 14.5 million delivered over the year in direct access agreements to support sustainable practices and uphold Indigenous rights.
Emphasizing inclusive finance and a “learning by doing” philosophy, the report underscores the leadership of Indigenous Peoples and local communities in biodiversity conservation and climate action.
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How Conservation Trust Funds are Driving Progress for Nature | |
On 28 October 2024, the GEF released a new report on the progress of Conservation Trust Funds over the last 30 years. The report details how Conservation Trust Funds have effectively managed and directed funds toward global biodiversity conservation.
The report covers, among other things, the role of these funds in funding protected areas and enhancing local capacities for sustainable environmental management. The report also covers the strategic use of funds to support marine and coastal areas and the integration of conservation finance into broader environmental and economic policies.
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News from the Green Climate Fund | |
Graphic credit: Green Climate Fund | |
New Adaptation Projects Approved by the GCF Board | |
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The Green Climate Fund (GCF) Board convened its 40th meeting from 21-24 October 2024. The Board has approved funding of over USD 1.0 billion in support of 16 new climate projects, thereby expanding GCF's total investment to USD 16 billion, with an expected co-financing of USD 61.5 billion across 286 projects. Among these, 8 projects (totalling USD 512 million in GCF funding) are focused on adaptation and 7 (totaling USD 391.9 million in GCF funding) are cross-cutting.
First time country projects were approved in four countries, including in Angola to empower women groups to build climate resilience; in Azerbaijan on multi-hazard early warning systems; and in Iraq and Somalia, both of which focus on building climate resilience in agricultural livelihoods.
In response to calls for more innovative financing, the Board also approved USD 110 million for a debt for climate conversion project in Barbados, which aims to create fiscal space and enable investments in climate-resilient infrastructure.
Other developments at the Board meeting include a revised risk appetite statement—which reaffirms the GCF’s commitment to proactive risk management and to accept considerable risks in its programmes and projects in return for high climate impact potential—as well as a Board agreement to revise the accreditation framework to simplify access to GCF funding for partners. The Board also took decisions aimed at enhancing the efficiency of GCF operations, including approving the first multi-year work programme and budget for the GCF secretariat.
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News from the Fund for responding to loss and damage | Photo credit: Johannes Plenio on Prexels | |
The Board of the Fund for responding to Loss and Damage Selects Inaugural Executive Director
The Board of the Fund for responding to Loss and Damage convened its third meeting from 18-20 September 2024, during which Ibrahima Cheikh Diong was selected as the inaugural Executive Director for a term starting on November 1, 2024, and lasting four years.
The Board finalized hosting and trustee agreements with the World Bank, thereby taking an important step towards the operationalization of the Fund as a World Bank-hosted financial intermediary fund. Furthermore, the Board endorsed its first report to the COP and the CMA; endorsed the concept note for the first annual high-level dialogue which will be launched at COP 29, and also agreed on the date and location of the first dialogue. It also took note of the progress on the additional rules of procedure of the Board and adopted the dates and venues of the Board meetings in 2025.
The Board's next meeting will take place in December in the Philippines, which is the host country of the Board.
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News from the Standing Committee on Finance |  | |
35th Meeting of the Standing Committee on Finance
The 35th meeting of the SCF, held from 4-6 September 2024, focused on finalizing several critical reports for climate finance negotiations at COP 29. These reports include:
- The sixth biennial assessment and overview of climate finance flows (available here)
- The second report on the determination of the needs of developing country Parties related to implementing the Convention and the Paris Agreement (available here)
- The second report on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation (available here)
- A report on common practices regarding climate finance definitions, reporting, and accounting methods. (available here)
These reports will be presented at a dedicated side event at COP 29.
The SCF discussed potential sub-themes for its 2025 Forum on accelerating climate action and resilience through financing sustainable food systems and agriculture, to be hosted by the Food and Agriculture Organization in Rome from 8 to 9 September 2025. A call for inputs has been launched. to shape the agenda.
In addition, the SCF agreed to submit to COP 29 and CMA 6 a compilation of submissions on the draft guidance to the operating entities of the Financial Mechanism, along with information and clarifications received from the secretariats of the operating entities.
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2024 Forum of the Standing Committee on Finance
The 2024 Forum of the Standing Committee on Finance (SCF), held on 2 to 3 September, focused on accelerating climate action and resilience through gender-responsive financing. The event, which was organized in partnership with UN Women, convened experts from a wide range of institutions and stakeholders, including governments, climate funds, financial institutions, civil society, think tanks and the private sector.
Discussions touched on topics such as different approaches, strategies and opportunities for implementing a gender-responsive approach to financing climate action and potential sources, channels and instruments for mobilizing and incentivizing scaled-up gender-responsive finance.
| News from the Summit of the Future | Photo credit: UN Flickr UN71062935 | |
Pact for the Future
The Summit of the Future was held in September 2024 in New York, where world leaders adopted the Pact for the Future, along with its annexes, which include the Global Digital Compact and the Declaration on Future Generations. The pact addresses themes such as peace, security, sustainable development, climate change, digital cooperation, human rights, gender equality, youth, and transforming global governance. By endorsing the Pact, leaders pledged, among other things, to accelerate climate action under action 9. The action also recognizes the need to significantly increase adaptation finance (9.i) to implement the decision to double adaptation finance to support developing countries.
As part of this action, leaders also decided to further operationalize and capitalize the new funding arrangements, including the Fund, for responding to loss and damage and reaffirm their resolve to set a new collective quantified goal on climate finance at COP 29.
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News from the Paris Committee on Capacity-building and the Adaptation Committee | Photo credit: ArWeltAtty Attila on Prexels | |
AC Participation in the Durban Forum Deep Dive
The Paris Committee on Capacity-building (PCCB), in collaboration with the Adaptation Committee (AC), held its annual ‘Durban Forum Deep Dive Webinar’ on 8 October 2024 with a focus on “De-risking strategies to enhance adaptation finance”. The Deep Dive built on this year’s 13th Durban Forum on Capacity-building, held on 5 June 2024, under the overarching theme of capacity-building support for adaptation, with a focus on addressing gaps and needs related to accessing finance for national adaptation plans. The Deep Dive was organized to address some of the topics and outcomes of the 13th Durban Forum in greater detail and to facilitate the sharing of relevant knowledge, lessons learned and case studies.
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Upcoming Events at COP 29 | Photo credit: Rohit Potdar on Prexels | |
The 2024 UN Climate Change Conference (COP 29) will convene from 11 to 22 November 2024 in Baku, Azerbaijan. The event includes the 61st sessions of the Subsidiary Body for Scientific and Technological Advice (SBSTA 61) and the Subsidiary Body for Implementation (SBI 61), the 29th session of the Conference of the Parties (COP 29), the 19th session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP 19), and the 6th session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA 6).
A series of events on climate finance, including adaptation finance, are scheduled to take place during COP 29. Participants are advised to stay updated on any last-minute changes regarding the location, format, or timing of these events. For the most current information, refer to the COP 29 Overview Schedule, the list of side events, and the Global Climate Action Programme.
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