IISD-August 2016 Climate Finance Update: Readiness, Simplified Access to Finance in the Spotlight; Caribbean Disaster Resilience and Relief Gets Support
30 August 2016: During the month of August, the focus of multilateral climate financing activities turned to the South, with a number of high-level meetings and technical workshops focusing on access, readiness and the special circumstances of vulnerable developing countries. The Green Climate Fund (GCF) signed its first disbursement agreement and the Adaptation Fund reported a record level of requested support.
In the Paris Agreement, agreed upon by 195 UN Member States in December 2015, countries agreed to make “finance flows consistent with a pathway towards low greenhouse gas (GHG) emissions and climate-resilient development.” Developing countries will receive financial resources for both mitigation and adaptation actions, while developed countries are expected to continue to lead in mobilizing climate finance from a variety of sources, with public funds playing a significant role in reaching the previously agreed US$100 billion annual target by 2020. Monthly IIDS RS Climate Finance Updates aim to help track multilateral financing to support the finance goal agreed under the UNFCCC, which will in turn contribute to the implementation of Sustainable Development Goal (SDG) 13 (Take urgent action to combat climate change and its impacts).
Meetings in the South Call for Simplified Access to Finance, Support to Vulnerable
While the Northern Hemisphere saw a quiet month, multilateral meetings in the South drew attention to the challenges and needs of vulnerable developing countries.
In Suva, Fiji, the foreign ministers of the Pacific Islands Forum convened for their first standing meeting, aimed at helping shape the regional political agenda in line with the objectives of the Framework for Pacific Regionalism. At the core of the discussions were the issues of regional cooperation around disaster risk management, responding to the adverse effects of climate change and simplified access to climate finance. [Pacific Islands Forum Secretariat Website] [Pacific Islands Forum Secretariat Press Release]
The Climate Vulnerable Forum (CVF) organized a week of leadership events in the Philippines, which marked the start of the CVF presidency by Ethiopia and the inauguration of the Philippines-based CVF South-South Centre of excellence for climate information and services. Incoming CVF Chair Shiferaw Teklemariam Menbacho, Ethiopia's Minister of Environment, Forestry and Climate Change, outlined as one of the presidency's priorities “mobiliz[ing] all kinds of support to the most vulnerable countries, including enhanced capacity building assistance to better access climate finance.” [IISD RS Story on CVF Meetings] [CVF Press Release]
Workshops, Information Resources on Access and Readiness
Developing country readiness and access to climate finance was also the focus of workshops organized by climate funds, while two non-governmental organizations (NGOs) published on experiences and lessons on 'what makes a good project proposal' and 'how developing countries can access climate finance.'
The GCF organized its second regional meeting for the Pacific region, hosted at the Pacific Islands Forum Secretariat headquarters in Suva, Fiji. The event attracted 170 participants representing Pacific Island States, GCF Accredited Entities, development partners, civil society and the private sector. Participants, including ministers, shared experiences in access to GCF funding and discussed areas for improvement in this regard. The meeting included a two-day technical workshop, which focused on developing ideas and concepts into ready proposals, and resulted in a 'Pacific GCF roadmap' containing potential proposals for preparation for consideration by the GCF Board. [GCF Press Release]
A climate finance readiness workshop organized by the Adaptation Fund in Mumbai, India, attracted participants from more than 30 countries. The workshop was specifically aimed at increasing the number of the Fund's National Implementing Entities (NIEs) on the ground, in order to expand the Fund's reach to the region's climate-vulnerable communities. [Adaptation Fund Press Release]
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