The Caribbean Climate-smart Accelerator project attracted US$1 billion in pledged support.
The EU supported resilience building for Africa’s Lake Chad region with 138 million Euros.
The World Bank approved an additional US$11.5 million loan for Central Asia’s Hydrometeorology Modernization Project.
3 September 2018: During the month of August 2018, the Adaptation Fund Board received more country and regional project proposals, amounting to a record high of US$264 million in funding requests. A number of other projects and initiatives received substantial support from public and private sector organizations, indicating continued recognition of climate adaptation needs throughout vulnerable regions in the world.
US$1 Billion to Support Caribbean Climate-smart Accelerator Project
A coalition of 26 Caribbean countries and 40 private sector organizations teamed up for the Caribbean Climate-smart Accelerator project. So far, US$1 billion has been pledged for the project, which aims at creating a climate-smart zone in the Caribbean that reduces greenhouse gas (GHG) emissions and vulnerability to climate change while enhancing ecosystems, energy security and food security. Specific focus is given to: disaster preparedness, recovery and resilience; investing in low carbon development; and breaking down barriers to climate-smart growth. The public and private venture also receives funding support from the World Bank, Global Facility for Disaster Reduction and Recovery (GFDRR) and the Inter-American Development Bank (IDB). [Caribbean Climate Smart Accelerator] [Climate Action Press Release]
US$264 Million in Funding Requests to the Adaptation Fund
The Adaptation Fund Board (AFB) received funding requests in the order of US$264 million to be considered at its 32nd meeting in October 2018. This increased demand for funding follows from a record number of 35 project proposals to address climate adaptation in the areas of agriculture, disaster risk reduction (DRR), coastal zone management and urban adaptation, among others.
The largest number of proposals address climate adaptation of the most vulnerable groups. Eleven of the proposals make use of the Fund’s direct access modality, which provides developing countries with the opportunity to access funds directly from the Fund, without intermediation of international organizations. A total of 24 single-country proposals with a combined request of US$149.4 million were received by the Fund, targeting 18 different countries.
Eleven regional project proposals totaling US$114.6 million cover the most vulnerable communities, including displaced persons and persons with disabilities. A US$14 million UN Human Settlements Programme (UN-Habitat) project focuses on increasing the resilience of displaced persons to climate change-related water challenges in Lebanon and Jordan. A US$13.6 million UN Development Programme (UNDP) proposal targets persons with disabilities to build resilience to deal with climate change in the Asia-Pacific region. [Adaptation Fund Press Release]
World Bank Supports Central Asia on Weather-related Risk Management
Central Asia’s vulnerability to weather-related disasters is visible in the number of floods, landslides, mudflows, frosts, droughts, high winds and avalanches affecting populations in the region. Tajikistan (ranking first most vulnerable in the region) and Kyrgyzstan (ranking third) will improve hydrometeorological services through the Central Asia Hydrometeorology Modernization Project (CAHMP), in order to better predict, anticipate and respond to frequent weather shocks.
The largest number of Adaptation Fund proposals address climate adaptation of the most vulnerable groups.
The project received US$11.5 million in additional loan financing from the World Bank to improve delivery of public as well as fee-based weather and climate products. The new funding, which extends support by three years, is provided by the International Development Association (IDA), with US$2.5 million in IDA credit, and US$9 million in IDA grants. Through enhanced access to critical weather data, the project aims to benefit agricultural production, increase preparedness for natural disasters and improve climate-resilient planning in critical sectors, including agriculture, food security, transport, water resources, energy and public health. [World Bank Press Release]
Africa’s Lake Chad Region Receives EU Support to Increase Resilience
The EU announced its support of 138 million Euros to help vulnerable communities in Nigeria, Niger, Chad and Cameroon. The funding is part of an overall EU aid package of €232 million for the region that combines humanitarian and development assistance. The aim is to move the area, plagued by violence, poverty and extreme impacts of climate change, from fragility to resilience. Investments will target social services and tackle poverty, environmental degradation and the effects of climate change. [EU Press Release]
Climate Risk and Early Warning Systems Initiative Continues to Receive Support
Luxembourg recommitted €500,000 to the Climate Risk and Early Warning Systems Initiative (CREWS), which supports risk management in small island developing States (SIDS) and Least Developed Countries (LDCs). The initiative operates in 19 countries in Africa and the Pacific, and is supported by CREWS members, including Australia, France, Luxembourg, Germany, the Netherlands and Canada, among others. Support of US$106 million in investments come from the Green Climate Fund (GCF), the African Development Bank (AfDB) and the World Bank.
Through CREWS, the World Bank and World Meteorological Organization (WMO) work directly with countries to build capacity and provide expert advisory services to improve early warning systems to protect the most vulnerable populations against hazards like coastal flooding, flash floods, drought and other extreme weather events. [WMO Press Release]
* * *
The SDG Knowledge Hub publishes monthly climate finance updates, which largely focus on multilateral financing and cover, inter alia, mitigation and adaptation project financing news and lessons, institutional events and news, and latest developments in carbon markets and pricing. Past climate finance updates can be found under the tags: Finance Update: Climate Change; and Finance Update: Sustainable Energy.