More predictable and accessible Climate Finance needed
It is a fact that there is a general growing recognition of the need for vulnerable countries to have access to more predictable and accessible climate finance. Whether it is in the context of the UN Climate Adaptation Summit (2021) or the Climate and Development Ministerial meeting (1) of 31 March 2021, held under the UK COP26 Presidency, or the Leaders’ Dialogue on 6 April 2021, the issue of Adaptation Finance has been at the core of the discussions.
The following are, inter alia, key emerging issues on adaptation that are of relevance to the OACPS:
• The UN Secretary-General António Guterres has repeatedly called for 50% of the total share of climate finance provided by all donors and multilateral development banks to be allocated to adaptation and resilience. He specifically called for the funds to be committed by COP26 in November 2021 and the delivery of funds by 2024.
• The UN Secretary General has also called on International partners to come forward with pledges to support the African Adaptation Acceleration Program (AAAP) and for concrete proposals to make access to climate finance easier and faster including for African nations, before the November COP26.
• Participants to the Climate and Development Ministerial meeting proposed that Climate finance be aligned behind national plans, including Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), as a more effective way to finance climate action. Enhanced support for development of NAPs as integrated investment tools and the importance of strengthened in-country-coordination between climate finance providers were highlighted as key components.
• The UK will work with Fiji to initiate a Task Force on Access to Finance. In this regard, interested vulnerable and developing countries, finance providers and existing initiatives will be convened with a view to presenting a concept note and work plan by the Petersberg Climate Dialogue on 6-7 May 2021. The objective being to agree to pilot a new approach in some pioneer countries by COP26.
• Developed country Ministers have stressed their commitment to increasing both the quality and quantity of finance towards the $100bn a year goal and particularly to improve the balance of adaptation to mitigation finance.
• It is expected that the Earth Day Summit, Petersberg Climate Dialogue and the G7 Leaders’ Summit will be critical opportunities for further climate finance pledges.
(1) Members of the OACPS who participated in the Climate and Development Ministerial include: Ministers from Antigua and Barbuda, Democratic Republic of Congo, Ethiopia, Fiji, Gabon, Ghana, Grenada, Guinea, Jamaica, Malawi, Marshall Islands, Rwanda, South Africa, Sudan, Trinidad and Tobago and Tuvalu.