Kishapu, Shinyanga, Tanzania |
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.
The following countries and its contributions in
blackest which includes Germany (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 while The UK will
provide a further contribution of 30 million GBP (approximately $45.1 million
USD) to the LDCF in 2016.
Other countries are France who 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 while 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 and
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.
Other contribution comes from Italy who 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 and 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).