Sharm El Sheikh, 16 November 2022 (TDI): Seven nations have donated $105.6 million to the Global Environment Facility (GEF) Fund yesterday at COP27. This was directed at quick actions to adapt to climate change.
The GEF is the largest donor in the world to projects that safeguard biodiversity, restore the environment, and address climate change in developing nations.
It provides funding for national environmental programmes and agreements that have global implications. During COP27, seven donor nations committed fresh financing to the Special Climate Change Fund (SCCF) and Least Developed Countries Fund (LDCF).
Others supported the funds’ ambitious plans to address the most pressing adaptation requirements. Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland, and the Belgian Walloon Region served as the donors.
In addition, several nations, including Belgium, Canada, France, the United States, and the European Commission, indicated their political support for the two funds. Also, several others announced plans to make more contributions in the future.
In this regard, the LDCF and SCCF recipient nations welcomed the extra assistance and urged other nations to quickly increase their financial contributions as well.
Small Island Developing States
Furthermore, when it comes to preparing for extreme weather and creating climate resilience, Small Island Developing States (SIDS) cannot afford to wait.
Conrod Hunte, the Alliance of Small Island States’ main negotiator, said, “We are extremely grateful that the GEF’s SCCF includes a new financing window aimed at assisting the special adaptation needs of SIDS.”
He continued by saying that “We also appreciate the significant political support that donors have shown for the SCCF. However, this support must quickly be turned into practical financing commitments.”
Also, the additional contributions add to the $413 million that 12 donor nations pledged to the COP26 in Glasgow last year.
Read more: All you need to know about COP27
Moreover, according to Simon Stiell, Executive Secretary of UN Climate Change, “Adaptation financing for the poorest and most vulnerable nations is not an expense. Rather it is an investment in the safety and well-being of millions of people.”
The 46 Least Developed Countries (LDCs), have produced the fewest carbon emissions yet face the greatest hazards from a warming planet. They have no other specific source of money for climate adaptation beyond the LDCF.
According to the GEF’s programming approach for the following four years, the LDCF will give LDCs between $1 billion and $1.3 billion. While the SCCF will give SIDS and other climate-vulnerable developing states between $200 million and $400 million.
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