ECO would like to congratulate Sweden for pledging to the Adaptation Fund (AF) for the 4th time, in a (as yet) lonely attempt to save it (and small island states) from going under. Pledging to the Adaptation Fund has never been this urgent as CER revenues have never been this low, dropping from 100 million USD in 2010 to an estimated 7 million in 2013. ECO has done the maths: it’s barely enough to fund ONE project under the Adaptation Fund. Without new pledges, the Adaptation Fund will have to stop financing projects next year at the latest. ECO wonders, do Parties realize what this means for vulnerable countries facing rising seas and extreme events?
In case the message is not yet clear, ECO would like to reiterate: the one and only Adaptation Fund is drying up at the same time as fast start finance winds down, and needs an urgent round of pledges. In case anyone doubts the value of the AF, it is ranked as the most transparent climate fund and is signatory to the International Aid Transparency Initiative. It prioritises benefits for the most vulnerable communities and promotes institutional progress through direct access.
In case we have not made it clear in every single ECO article, developing countries need assurance that their adaptation needs will be met and the negotiations need to see some trust building if we really want that deal in 2015.
The Adaptation Fund board sent a desperate call for contributions of an additional 100 million USD by the end of 2013, but only about 45 million has been received to date. And that was before the CER price fell this low. ECO believes that 150 million is the minimum necessary by Warsaw to maintain essential Adaptation Fund progress. All eyes on you, USA, Japan, Norway, Germany, France and others.
Chart notes: all figures are actual contributed resources. Australia pledged A$10 million in 2010 but has not yet delivered. Sweden´s pledge from two weeks ago has already been counted, since its fulfilment seems to be only a matter of time based on its good track record of fulfilling pledges.