COP27: Nations pledge added support to GEF funds to tackle climate crisis

People visit the Green Zone of the 27th session of the Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh, Egypt, Nov. 10, 2022. (Xinhua/Ahmed Gomaa/IANS)

 

Sharm El-Sheikh: In an important injection of support to countries facing the worst effects of climate change, seven donor governments pledged new funding for the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF) during the COP27 climate summit.

Several others backed the funds’ ambitious goals for meeting the most urgent adaptation needs.

Announcing a total of $105.6 million in new funding, Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland, and the Walloon Region of Belgium, stressed the need for even more support for the Global Environment Facility (GEF) funds targeting the immediate climate adaptation needs of low-lying and low-income states.

Additionally, countries including Belgium, Canada, France, and the US, as well the European Commission, signaled political support for the two funds, and some expressed an intention to contribute further in the coming months.

Several welcomed the SCCF’s dedicated focus on Small Island Developing States as a key avenue of climate finance that is otherwise lacking.

LDCF and SCCF recipient countries welcomed the new support and called on other countries to also step up their financing as soon as possible.

“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 SIDS,” said Conrod C. Hunte of the Mission of Antigua and Barbuda to the United Nations, who is Lead Negotiator of the Alliance of Small Island States (AOSIS).

“We also welcome the strong political support from donors for the SCCF, but this needs to be translated into real funding commitments without delay.”

The new pledges add to $413 million that 12 donor countries pledged to the LDCF at COP26 in Glasgow last year.

Delivering the promises of the Paris Climate Agreement, including providing adaptation finance for those who most need it, is a major topic of discussion at the COP27 summit in Egypt.

“I am encouraged by these specific pledges announced today and especially by the signals of political support we are hearing for the adaptation priorities of Small Island Developing States and Least Developed Countries,” said Carlos Manuel Rodriguez, CEO and Chairperson of the Global Environment Facility, which manages the LDCF and SCCF.

“The GEF is committed to enabling these highly climate-vulnerable countries plan for a safe and sustainable future even in crisis conditions. The LDCF and SCCF are designed to do just that, and this new funding will help ensure climate finance gets to where it is most needed first.”

“Adaptation funding for the poorest and most vulnerable nations is not an expense, it is an investment in the safety and well-being of millions of people,” said Simon Stiell, Executive Secretary of UN Climate Change.

“I am heartened by these contributions, which send an important signal that leading governments recognize the urgency of dealing with the climate crisis and the importance of supporting countries on the front lines of climate change.a

The LDCF is the only dedicated source of climate adaptation finance for the 46 Least Developed Countries, which have generated the least carbon emissions yet face some of the highest risks from a warming planet.

The SCCF finances innovative approaches to scaling up climate adaptation in developing countries, including through technology transfer. It has a special funding window for Small Island Developing States seeking support.

Earlier this year, the GEF’s member countries endorsed a new strategy for both funds so they can provide more targeted, dedicated support for climate-vulnerable countries as they work to build a more resilient future and implement their National Adaptation Plans.

The GEF programming strategy for the next four years anticipates that the LDCF will provide between $1 billion and $1.3 billion for Least Developed Countries, and that the SCCF will provide between $200 million to $400 million for Small Island Developing States and other climate-vulnerable developing states.

“The US has long been a supporter of the GEF. We welcome the new programming strategy on adaptation to climate change for the LDCF and SCCF. We are especially pleased to see the SCCF’s focus on small island developing states and its plans to grow private sector investment in adaptation. The time is now to invest in adaptation and build resilience for the future we want,” said Monica Medina, Assistant US Secretary of State for Oceans and International Environmental and Scientific Affairs.IANS

India, China hold crucial meet to resolve issues along LAC

New Delhi: The 29th meeting of the Working Mechanism for Consultation and Coordination on India-China Border Affairs was held in Beijing to discuss and resolve the remaining issues along the...

India summons US envoy, day after ‘unwarranted’ remarks on Delhi CM’s arrest

New Delhi: India on Wednesday summoned the US Acting Deputy Chief of Mission and took strong objection to his remarks on the arrest of Delhi Chief Minister Arvind Kejriwal, asking...

India comes out in support of Manila after Beijing’s action in South China Sea

Manila: External Affairs Minister S. Jaishankar said on Tuesday that India firmly supports the Philippines for upholding its national sovereignty after the latter lodged "strongest protest" against Chinese action in...

PM Modi speaks to Ukraine Prez Zelensky, supports early end to conflict

New Delhi: Prime Minister Narendra Modi on Wednesday spoke to Ukraine President Volodymyr Zelensky and conveyed India’s consistent support for all efforts for peace and bringing an early end to...

PM Modi’s Bhutan visit postponed due to weather conditions

New Delhi: Prime Minister Narendra Modi's State visit to Bhutan on March 21-22 has been postponed due to ongoing inclement weather conditions, the Ministry of External Affairs (MEA) said on...

‘Can’t be my way or highway’: India slams UFC model on UNSC reforms

United Nations: India on Tuesday slammed the Uniting for Consensus (UFC) model on UNSC reforms, citing that it won't empower Africa or Global South nations or change permanent seat membership....

India, US paving way for free, prosperous Indo-Pacific: Envoy Garcetti

New Delhi: US Ambassador Eric Garcetti said India and America are paving the way for a free, open, and prosperous Indo-Pacific as he hailed the ongoing joint exercise between the...

India opposes introducing a ‘special envoy’ to combat Islamophobia at UN

United Nations: Calling India "a proud champion of pluralism," India's Permanent Representative Ruchira Kamboj opposed the establishment of the post of "special envoy" on a special religion at the United...

US remarks on CAA ‘misplaced, misinformed, unwarranted’: India

New Delhi: India on Friday rejected the US State Department's "concerns" regarding the implementation of the Citizenship Amendment Act (CAA), and termed it as "misplaced, misinformed, and unwarranted" Asserting that...

Arunachal Pradesh is ‘integral and inalienable part’ of India: MEA responds to China

New Delhi: Stating that Arunachal Pradesh will always remain its "integral and inalienable part", India on Tuesday rejected comments made by China on Prime Minister Narendra Modi's recent visit to...

India assails ‘disguised veto’ at UNSC anti-terrorism panel protecting Pakistan-based terrorists

United Nations: India has assailed the secretive "subterranean" working of the Security Council sanctions committee on terrorism, accusing it of allowing a system of "disguised veto" in blocking the listing...

India, Bangladesh border officials agree to settle issues ‘amicably’

Dhaka: Curbing trans-border crimes, human trafficking, and enhanced joint-patrolling were some of the issues discussed at the 54th India-Bangladesh Director General-level border coordination conference from March 5-9 in Dhaka. While...

Read Previous

Trump announces bid to contest 2024 presidential election

Read Next

Musk fires at least 20 Twitter employees for criticising him

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com