COP27: Nations Pledge More GEF Funds To Help Poor Countries Against Climate Change
At the COP27 climate summit, seven countries pledged new funding for the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF) in addition to supporting countries facing the worst effects of climate change.
Several other countries also agreed with the funds’ lofty goals for meeting the most pressing adaptation needs.
Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland and the Walloon Region of Belgium announced a total of USD 105.6 million in new funding for the Global Environment Facility (GEF) funds that target the immediate climate adaptation needs of low-lying and low-income states.
Furthermore, countries such as Belgium, Canada, France and the United States, as well as the European Commission, have expressed political support for the two funds, with some promising to contribute more in the coming months.
Several participants praised the SCCF's dedicated focus on Small Island Developing States as a critical source of climate finance that would otherwise be unavailable.
LDCF and SCCF recipient countries welcomed the new assistance and urged other countries to increase their funding as soon as possible.
“When it comes to building climate resilience and dealing with extremes, small island developing states cannot afford to wait. We are grateful that the GEF's Special Climate Change Fund has opened a new funding window to support the unique adaptation needs of SIDS,” Conrod C Hunte said, Lead Negotiator of the Alliance of Small Island States and Permanent Representative of Antigua and Barbuda to the United Nations.
The new pledges supplement the USD 413 million pledged by 12 donor countries to the LDCF at COP26 in Glasgow last year.
Delivering on the Paris Climate Agreement's promises, including providing adaptation finance to those in greatest need, is a major topic of discussion at the COP27 summit in Egypt.
“I am encouraged by the specific pledges announced today, particularly the signals of political support for the adaptation priorities of Small Island Developing States and Least Developed Countries,” said Carlos Manuel Rodriguez, CEO and Chairperson of the Global Environment Facility, which manages the LDCF and SCCF.
“The GEF is committed to assisting these highly vulnerable countries in planning for a safe and sustainable future, even in crisis conditions. The LDCF and SCCF are intended to do just that and this new funding will help ensure that climate finance reaches the most vulnerable areas first,” Rodriguez added.
“Adaptation funding for the poorest and most vulnerable nations is an investment in the safety and well-being of millions of people,” said Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change.
The Least Developed Countries Fund (LDCF) is the only dedicated source of climate adaptation finance for the 46 countries, which have produced the fewest carbon emissions but face some of the greatest risks from global warming.
The SCCF funds novel approaches to scaling up climate adaptation in developing countries, such as technology transfer. It has a special funding window for Small Island Developing States that are looking for assistance.
The GEF's member countries approved a new strategy for both funds earlier this year, allowing them to provide more targeted, dedicated assistance to climate-vulnerable countries as they work to build a more resilient future and implement their National Adaptation Plans.
The GEF programming strategy for the next four years anticipates that the LDCF will provide between USD 1 billion and USD 1.3 billion to Least Developed Countries, while the SCCF will provide between USD 200 million and USD 400 million to Small Island Developing States and other climate-vulnerable developing countries.
“The United States has long supported the GEF. We welcome the new climate change adaptation programming strategy for the LDCF and SCCF. We are particularly encouraged by the SCCF's emphasis on small island developing states and its plans to increase private sector investment in adaptation. The time has come to invest in adaptation and resilience in order to create the future we want,” Monica Medina said, Assistant US Secretary of State for Oceans and International Environmental and Scientific Affairs.
