That is Not the Question
10 November 2016
Do delegates remember when the Adaptation Fund was created in Marrakech back in 2001? Do you know much about the Fund at all? ECO thinks perhaps not, at least if judged from what various Parties said at the informal APA meeting. They claimed they did not know enough about the Fund and thus would need much more time before taking a decision on whether the Fund should continue its work under the Paris Agreement.
If it is simply a lack of knowledge, ECO can help: the Adaptation Fund covers an important part of climate finance needs, often neglected by others: small scale adaptation projects focussing on the most vulnerable people and communities, often directly implemented by developing countries who can get direct access to the Fund’s resources without passing through intermediaries. Since its creation, the Adaptation Fund has proven that it can deliver results, increasing resilience in a concrete manner. As a well-functioning, fully operational fund the Adaptation Fund brings a clear benefit by helping developing countries enhance their adaptation efforts also contributing to the fulfilment of the objectives of the Paris Agreement.
If this is what you have been needing to know about the Adaptation Fund well, you’re welcome. ECO is always more than happy to help. Now with this knowledge, you should be able to make a bold decision and not waste time on technical issues. It should be a no-brainer that the Adaptation Fund should serve the Paris Agreement. And this can be agreed here, as one of the deliverables of COP22. Rather than dillydallying on the if, Parties should focus on finding a systematic way to support the Fund in the future.
Different options are possible ranging from the Adaptation Fund becoming an Operating Entity of the Financial Mechanism, specific arrangements with the GCF or tapping new sources of income. The Adaptation Fund has the experience to administer innovative sources of finance with the share of proceeds from the Kyoto Protocol’s Clean Development Mechanism. Similar Paris-era instruments could supply the Adaptation Fund. These options need to be explored and the technical details sorted.
And before you thought you got away easily, developed country delegates: ECO is confident you came prepared to respond to the Adaptation Fund’s fundraising target of US$80 million at COP22. No excuses!