COP27: Adaptation pledge sum 35% less than Glasgow, despite UN call for more support

Mikko Ollikainen, head of the Adaptation Fund, said 60% of the adaptation fund pledged in Glasgow has been received. Photo: Jayanta Basu Mikko Ollikainen, head of the Adaptation Fund, stated 60% of the difference fund pledged in Glasgow has been acquired. Picture: Jayanta Basu

The quantity pledged for local weather adaptation on the twenty seventh Convention of Events (COP27) to the United Nations Framework Conference on Local weather Change (UNFCCC) is 35 per cent lower than what was pledged in Glasgow final 12 months, in keeping with the United Nations Adaptation Fund.

An quantity of $230 million was pledged throughout COP27, which is considerably decrease than the $356 million pledged at Glasgow final 12 months, the Fund has stated.

The Adaptation Fund is a world fund that funds tasks geared toward serving to growing international locations to adapt to the dangerous results of local weather change. It has been arrange beneath the Kyoto Protocol of UNFCCC.

The reduce has occurred regardless of a UN name within the Glasgow Local weather Pact to developed international locations for rising adaptation finance considerably.  

The fund crunch is more likely to hit growing and susceptible international locations as climate-change inflicted damages are more likely to enlarge within the absence of satisfactory adaptation safeguards.

To date, the Fund has authorised 140 tasks globally, of which seven are in India and unfold throughout the nation.

A senior official from the Fund additionally admitted to this reporter that “up to now solely 60 per cent of the pledged quantity in Glasgow” has been really realised. That places within the shade the function of developed international locations in countering international local weather impression.

Glasgow vs Sharm El-Sheikh

The comparatively lowered pledge in Sharm El-Sheikh is regardless of the Glasgow Local weather Pact urging “developed nation events to urgently and considerably scale up their provision of local weather finance, … for adaptation in order to answer the wants of growing nation events …”. 

The most recent draft negotiation textual content accessed by this reporter at COP27 additionally famous “with severe concern the prevailing adaption hole between present ranges of adaptation and ranges wanted to answer impacts and scale back local weather dangers in keeping with findings from the contribution of Working Group II to the Intergovernmental Panel on Local weather Change Sixth Evaluation Report”.

The textual content in Sharm El-Sheikh — launched at 12.30 pm Indian time — recognises “the centrality of the function of the difference fund within the local weather finance structure” and urged “all contributors to fulfil their pledges in a well timed method”. However clearly no one is listening.

Aside from the US, Germany, Spain, Sweden and Japan paid greater than $10 million whereas varied different international locations made smaller contributions.

Whereas Germany stays the principle supplier, funds have additionally began to circulation from new international locations like Austria, Japan, Iceland and the Republic of Korea.

John Kerry, US particular presidential envoy for local weather, noticed that the Adaptation Fund “is already proving itself to be remarkably efficient,” and promised $100 million in line to President Joe Biden’s earlier remark about doubling the Adaptation Fund assist.

“We’ve got up to now acquired about 60 per cent of the cash pledged through the Glasgow COP; few main nation pledges are acknowledged to be caught in respective inside clearances,” Mikko Ollikainen, head of the Adaptation Fund, advised this reporter in an unique interview. 

“We’ve got up to now allotted about $1 billion of round $1.3 billion for round 140 concrete adaptation tasks in about 100 growing international locations together with India protecting 38 million beneficiaries. However positively, we’d like far more assist from all sources to increase the Fund’s attain, as adaptation is a key instrument in countering local weather change in growing international locations,” Ollikainen added.

The official nevertheless claimed that the board nonetheless has sufficient cash to approve tasks however indicated that extra money is required from all sources.

“Whereas we are saying all sources, we imply actually all sources together with private and non-private sources; non-public sources are vital as solely public sources will clearly not be satisfactory,” the official clarified.

Nonetheless non-public sources, up to now, have remained symbolic with solely $11,000 being promised in COP 27.

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