True to the motto “if it ain’t broke, don’t fix it,” ECO calls on negotiators to prevent any disruption or interference with the Adaptation Fund’s (AF) ability to effectively fulfil its mandate. Negotiators just need to play an enabling role to ensure that the AF can continue to effectively serve the Paris Agreement, as it has since January 2019.
ECO was delighted to hear so many negotiators yesterday being very happy about the AF now serving the Paris Agreement. And of course ECO agrees with negotiators that the AF is covering a key niche in the international climate finance architecture. Its focus on people and communities most vulnerable to climate change, the direct access modality which it has pioneered, and its innovative features are only a few of its many unique characteristics. However, something is not fixed yet. The Fund still depends on thin support to continue to fulfil its unique mandate. It’s facing the same need for life-support year by year, and depends on financial contributions from Parties to stay alive.
While some might still feel encouraged by the fact that the Fund surpassed its resource mobilisation targets last year, others are worried about its ad-hoc funding. While ECO was also happy about the many developed country Parties” contributions to the AF, it also notes that the AF needs more than that. More resources! More sustainable and predictable resources!
Ensuring this would allow the Fund to lift its country cap. Developing countries which have gone through the difficult and tedious process of accreditation, learning, and gaining experiences from project implementation, would actually be able to apply those experiences in the future and be able to further benefit from the Fund.