Adaptation Fund Year in Review: 2017 Key Highlights and Accomplishments
Adaptation Fund Year in Review: 2017 Key Highlights and Accomplishments with a Peak Ahead to 2018
The Adaptation Fund achieved great results in 2017, making excellent progress to help vulnerable countries adapt and build resilience to increasingly urgent climate change impacts occurring across the globe.
The year culminated in a milestone decision at the COP 23 UN Climate Conference in November, when Kyoto Protocol member countries decided the Fund ‘shall serve’ the Paris Agreement. The Fund also broke its single-year resource mobilization record when it raised some US$ 95.5 million in new pledges from six different contributors.
The Fund continued to receive record demand in 2017 for new adaptation projects, reflecting the rising seas, floods, droughts and storm intensity impacting countries throughout the world. In response, the Fund’s Board approved a record US$ 60 million in new project funding in March and nearly US$ 105 million for the year.
The Board also adopted a Medium-Term Strategy based on the strategic pillars of Action, Innovation and Learning – enhancing the Fund’s mission to support country-driven, pioneering adaptation projects while sharing its valuable experiences to scale up and replicate its work.
2017 further marked significant growth in the Fund’s climate finance readiness activities, with its south-south cooperation program leading to the accreditation of Banque Agricole du Niger as the 27th National Implementing Entity (NIE) under its pioneering Direct Access modality. In July, the Fund also held its annual global NIE seminar for the first time in a developing country, Costa Rica, and in October, it convened 15 countries from across the Caribbean in a climate finance readiness seminar in Barbados. Two readiness webinars were held in April and December, sharing best practices in monitoring and evaluation of adaptation projects.
The Fund concluded 2017 on a high note as implementing partners, contributors, civil society and stakeholders gathered at the historic Old Town Hall in Bonn, Germany to commemorate the 10th anniversary of the launching of its operations.
With growing momentum for the Fund, expectations are high for an equally successful 2018. A key follow-up decision is due at COP24 this December, based on preparatory work to serve the Paris Agreement that is well underway. The Fund will have an active presence at the premier international Adaptation Futures conference to connect countries and accelerate climate action in June in South Africa, which is also home to two innovative Fund projects. Furthermore, the Medium-Term Strategy and its implementation plan are likely to bring new opportunities in 2018 to support learning and innovation, which will be discussed at the 31st Adaptation Fund Board meeting in March.