Scaling up adaptation finance — UNFCCC in-session Workshop on Long-term Finance
The annual “In-session Workshop on Long-term Finance” was held on 4-5 June 2015, during the Bonn Climate Change Conference. It aimed to explore opportunities for scaled up and enhanced action on adaptation finance and feed discussions into the broader process of scaling up climate finance.
Negotiators, representatives of UNFCCC bodies, government agencies, NGOs and think tanks worked together to generate concrete ideas about how to spur private sector involvement in adaptation, and the respective and strategic roles of the private sector, public sector, adaptation projects and policy frameworks in creating enabling environments in developing countries.
Thematic bodies of the UNFCCC (Adaptation Committee, LDC Expert Group, Standing Committee on Finance, Technology Executive Committee) and representatives of the private sector, including from insurance schemes initiatives presented on practical ways to mobilize finance to foster adaptation actions in developing countries. Workshop participants discussed two topics: the role of collaborative arrangements for managing climate risks; and strengthening institutions’ capacity to access climate finance.
Climate Analytics’ Laetitia De Marez, who facilitated a group on collaborative arrangements for managing climate risks, discussed the advantages and disadvantages of financing instruments including insurances based on whether they addressed climate risk or broader factors. She noted the need for broad and continuous resilience building strategies in areas of high vulnerability as a basis to build upon for insurance mechanisms. She discussed with participants the necessary region specific and country-tailored nature of those mechanisms, highlighting in particular the case of SIDS and LDCs. Participants also looked into barriers and opportunities for capacity- constrained countries in setting up climate risk management schemes and agreed that two essential first steps include seeds money from donors and establishing robust climatic data collection and management systems.
De Marez also debated the UNFCCC’s role in: catalyzing adaptation finance; implementing new sources for adaptation; connecting actors from various sectors; and engaging in outreach including via interventions by the Standing Committee on Finance members at business meetings.
‘Adaptation measures and mechanisms have to be tailored to vulnerable countries and affected communities’ real needs,’ De Marez said. ‘The private sector has an important role to play but we also need to be realistic about the near term potential where grant based public finance is crucial to meet the immediate and urgent needs of the most vulnerable. Dialogues between actor such as the one I had the opportunity to moderate are very encouraging to highlight where needs and opportunities can meet to build private sector partnerships that can foster climate compatible sustainable development.’
COP28: social and economic metrics could serve as stepping stone for Global Goal on Adaptation
As work on shaping the Global Goal on Adaptation culminates this week at COP28, we explore if social and economic metrics could be used as proxies for a country’s ability to adapt.
Safeguards and exit points for the World Bank as host of the Loss and Damage Fund
An agreement was reached to establish the World Bank as the interim host of the Loss and Damage Fund. Developing countries signed up to this on certain conditions. We unpack the safeguards put in place and look at the three points at which the Fund could exit the World Bank.
Beetaloo gas field is a climate bomb. How did CSIRO modelling make it look otherwise?
The fossil gas industry is gearing up for a truly enormous new fracking project in the Northern Territory’s Beetaloo Basin that could undo all Australia's efforts to cut emissions.
From droughts to floods: how Eastern African countries are responding to the rising El Niño and Indian Ocean Dipole
The Horn of Africa looks set to go from one disaster to another as floods intensified by a rising El Niño and a positive Indian Ocean Dipole are predicted to follow a prolonged drought. We take a look at climate policies in the region and what countries are doing to prepare for compound extreme events.
The just transition looks different for small islands – their voices must be heard
The concept of a just transition is gaining momentum, yet it’s too often viewed through a developed country lens in international climate talks and discussions often ignore the links to climate justice. The unique concerns of small islands must be heard to ensure the just transition works for all.
Overshoot Commission’s veneer of neutrality is solar radiation modification PR by stealth
Calls for a moratorium on solar radiation modification (SRM) today by the Overshoot Commission seem sensible – such sun-blocking technologies are highly risky. Yet in the same breath, the Commission appears to encourage moratorium-busting SRM testing, begging the question – is their new report a trojan horse?
Loss and damage: two options in play for fund’s makeup
There are currently two options on the table for the loss and damage fund’s structure – ‘programmatic’ and ‘responsive’. We reflect on the pros and cons of each.
El Niño is contributing to the hottest temperatures ever recorded – what does this mean for the Paris Agreement’s 1.5°C limit?
Extreme weather is raging across the northern hemisphere. Our experts explain the implications of the emerging El Niño for our changing climate.