The Adaptation Fund (AF) and the Fund for responding to Loss and Damage (FRLD) have entered into a cooperation framework ‘in an effort to respond to the urgent and complex challenges posed by climate change and its rising impacts on vulnerable populations and ecosystems’.
In a letter of intent signed by the heads of the two funds, the groups emphasised the need to foster innovation and leverage their collective expertise to develop scalable solutions to ensure climate strategies are inclusive, and facilitate a just transition.
The agreement aligns with the Paris Agreement’s goals of enhancing coherence and complementarity among climate finance mechanisms, the groups said.
‘Coherence and coordination’
“Our collaboration with the Adaptation Fund is perfectly in line with our board’s commitment to fostering complementary coherence and coordination within the global climate landscape,” commented Ibrahima Cheikh Diong, executive director of the Fund for responding to Loss and Damage.
“We look forward to joining forces with the Adaptation Fund to further strengthen the responses to loss and damage in the most vulnerable nations so that no one is left behind. Through sharing experiences and knowledge, we will maximise our collective impact for a more coordinated and effective response to loss and damage.”
The letter of intent outlines five areas where the funds plan to work together, including strengthening developing countries’ ability to access climate finance through technical support, training, and resources; conducting joint research, publications, and workshops to exchange best practices and lessons learned; coordinating efforts to secure funding from public and private sectors for climate action; exploring ways to provide financial and technical assistance while respecting each fund’s mandate and governance structure; and raising global awareness of the urgent need for climate adaptation and loss and damage funding.
Read more: Check out SustainabilityOnline’s recent interview with the Adaptation Fund’s Saliha Dobardzic here.
‘Common areas’
Elsewhere, Mikko Ollikainen, head of the Adaptation Fund, highlighted the link between adaptation and loss and damage, noting that both are interconnected challenges.
“Through this cooperation with the Fund for responding to Loss and Damage, we look forward to furthering our collective efforts by exploring common areas where we can work together and respond to the goals of the Paris Agreement,” he said. “It sets a broad framework and is intended to evolve as we build further value in this collaboration, which ultimately benefits the vulnerable countries we serve.”
The agreement will last for a period of two years, with an option for renewal. Read more here.
