The board of the Adaptation Fund approved more than $137 million in new projects at its recent meeting, the first time that the Fund has surpassed the $100 million threshold in a single meeting.
At its 44th board meeting, the Adaptation Fund doubled the country spending cap from $20 million to $40 million, while also increasing the funding limit for single-country projects from $10 million to $25 million, and raising the cap on regional projects from $14 million to $30 million.
The $137 million for new projects includes approval of 16 adaptation projects already on the ground, which brings the total committed by the Fund to nearly $1.4 billion, spread across 200 projects across the globe.
The board also approved 15 project concepts and pre-concepts that will be developed further with over $1.2 million in project formulation grants.
First-time funding
A number of countries received Adaptation Fund funding for the first time, including Saint Kitts and Nevis, Somalia, Bosnia and Herzegovina, Eswatini, and the Philippines, while the Fund also expanded its commitment to the Locally Led Adaptation (LLA) programme, supporting Senegal, Armenia, Bhutan, and Cote d’Ivoire.
The board’s latest decision aligns with the goals set at the COP29 climate conference in Azerbaijan last year, which calls for a tripling of adaptation finance by 2030. The Fund’s new resource mobilisation goal for 2025 is set at a minimum of $300 million.
Adaptation solutions
“The board’s approval of such a large work programme reflects the tremendous adaptation needs vulnerable countries are facing and helps put the Adaptation Fund on the path to meet the goals of the NCQG to triple its flows of approved projects,” commented Mikko Ollikainen, head of the Adaptation Fund. “As well, doubling the cap on funding that countries can access to $40 million is a huge milestone for the Fund, and will help us reach more vulnerable communities that are in urgent need of adaptation solutions.
“I am very pleased with these outcomes, which endorse the great work the Fund is already doing in delivering tangible impacts to developing countries, and will help us fund more and larger projects to meet their growing adaptation needs.” Read more here.
