Adaptation Fund Raises Nearly US$ 116 Million in New Pledges for Adaptation Action in Most Vulnerable Countries - Adaptation-Fund

Washington, D.C. (December 16, 2020) – Recognizing the Adaptation Fund’s tangible and effective adaptation actions on the ground for the most vulnerable and its growing portfolio of work, several contributor governments came forward with new pledges to the Fund totaling nearly US$ 116 million.

 

Coinciding with the 5th Anniversary of the Paris Agreement and Climate Ambition Summit 2020, pledges and contributions to the Fund included those from Germany (EUR 50 million), Italy (EUR 30 million) and Sweden (US$ 15.2 million, a quarter of its four-year pledge made last year), as well as Belgium’s Walloon Regional Government (EUR 3.8 million) and Brussels-Capital Regional Government (EUR 185,000) — totaling an equivalent of nearly US$ 116 million.

 

The total represents a remarkable effort during a challenging economic year ravaged by the COVID-19 pandemic. Although it fell just shy of the Fund’s US$ 120 million resource mobilization target for 2020, it is possible more new pledges may follow.

 

The Fund’s Board recently raised its resource mobilization target by 30 percent to account for the continuing urgency of adaptation action, record demand for projects it continues to receive, its expanding actions under its strategic pillars of Action, Innovation and Learning and Sharing, and an approximate US$ 280 million active project pipeline.

 

The Fund held a virtual Contributor Dialogue for Ambition in Adaptation Finance on Dec. 14 (see video recording here), where Ministers, other high-level contributor and recipient government officials, national implementing entities and civil society gathered to recognize the Fund’s crucial actions in continuing to deliver high quality concrete adaptation projects on the ground, building country ownership through its pioneering Direct Access modality, and expanding and adapting its work across all areas for the most vulnerable communities despite the challenges faced from the COVID-19 pandemic this year. They also stressed the need to accelerate adaptation finance to meet the tremendous urgency of climate change.

 

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