$248 USD million pledged to GEF climate fund for most vulnerable countries

New financing for Least Developed Countries Fund sends strong signal of commitment as Paris talks get underway

Eleven donors have pledged close to $250 USD million in new money for adaptation support to the most vulnerable countries on the planet giving a welcome boost to the start of the climate talks here in Paris.

Canada, Denmark, Finland, France, Germany, Ireland, Italy, Sweden, Switzerland, United Kingdom, and the United States of America announced their contributions today to the Least Developed Countries Fund (LDCF), a climate fund hosted by the Global Environment Facility (GEF).

Welcoming the injection of new financing, GEF CEO and Chairperson, Naoko Ishii, said “Given that we’re already locked into climate change trajectories for many years to come, increased investment in adaptation has to be at the core of the new climate agreement.”

We know that many billions are required over the next few years to fill the gap in climate finance, but the money pledged today is vital to help some of the most vulnerable people on the planet cope with the immediate impacts of our rapidly warming world,” Ishii continued.  “I commend all the donors for their support. This funding for adaptation is urgently needed to help sustain the hard-earned momentum for action on the ground that some of the most vulnerable countries have achieved in recent years.”

Demand from developing countries for financing from the LDCF remains strong.  Droughts, violent storms, sea-level rise and other climate changes are already impacting the poorest and most vulnerable countries and communities.

The new financing will enable the GEF to respond to existing requests for support ranging from investments in new approaches to agriculture to national adaptation planning and building resilience against climate change variability and disasters.

Since 2001, the GEF – through the LDCF and the Special Climate Change Fund and the Strategic Priority on Adaptation program – has provided $1.3 USD billion in grant financing and mobilized $7 USD billion from other sources for 320 adaptation projects in 129 countries, including all Least Developed Countries and 33 Small Island Developing States. These projects are expected to directly reduce the vulnerability of 17 million people.

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Today in Paris, it has been announced contributions totaling $248 million USD[1] to the Least Developed Countries Fund (LDCF), hosted by the Global Environment Facility (GEF).

The LDCF plays a key role in addressing urgent and immediate adaptation needs of least developed countries, focusing on reducing the vulnerability of sectors and resources that are central to human and national development, such as water, agriculture and food security; and infrastructure, as identified and prioritized in their National Adaptation Programmes of Action (NAPAs).  The LDCF also supports the national adaptation planning process in coordination with others as a means to reduce medium- and long-term vulnerability to the impacts of climate change and facilitate the integration of climate change adaptation into relevant policies, programs and activities. From the LDCF’s inception in 2001 through June 2015, $931.5 million has been approved for projects, programs, and enabling activities to meet this mandate. Projects supported by the LDCF have mobilized $3.8 billion in co-financing in 51 countries.

The following contributions to the LDCF will continue supporting priorities identified by recipient countries that are essential for climate-resilient sustainable development and livelihoods:

  • Germany will contribute a total of 50 million Euros (approximately $53.0 million USD) to the LDCF (2015/2016).
  • The United States announces a contribution totaling $51.175 million USD to the LDCF in 2015 and 2016.
  • The UK will provide a further contribution of 30 million GBP (approximately $45.1 million USD) to the LDCF in 2016.
  • France will provide a contribution of 25 million Euros (approximately $26.5 million USD) to the LDCF in 2016.
  • Canada will contribute 30 million CAD (approximately $22.4 million USD) over the next two years.
  • In 2016 Denmark will commit 156 million DKK (approximately $22.1 million USD) to the LDCF (subject to parliamentary approval). With this pledge, the cumulative Danish contribution to the LDCF amounts to 376 million DKK (approximately $53.4 million USD).
  • In 2016 the Swedish government intends to provide a grant to the LDCF of SEK 100 million (approximately $11.5 million USD).
  • Ireland will continue to support the LDCF and will provide, subject to budget approval, at least 6 million Euro (approximately $6.4 million USD) by 2020.
  • Switzerland will increase its annual contribution to the LDCF by 75% and will provide in total CHF 6.25 million (approximately $6.0 million USD) to the LDCF from 2015 until 2018.
  • Italy will provide to the LDCF, through its Ministry for the Environment, $2 million USD by the end of 2015. Italy is strongly committed to scale up its support to the fund in the following years, including in 2016, subject to budget availability and approval.
  • Finland has supported the LDCF since 2003, the cumulative contribution amounts to about 32 million Euros (approximately $41 million USD at time of contribution). This includes the contribution given this year 1.6 million Euros (approximately $1.8 million USD at time of contribution).

[1] All conversions to USD are based on exchange rates as of 11/27/2015.

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