One of the hottest topics ECO is covering this week is the Adaptation Fund, and how it will serve the Paris Agreement. Two things are happening right now.
First, SBI is having discussions about the third Review of the Fund. This review should be completed by November 2017, and aims to give an idea about the current state of the Fund by presenting its current progress, opportunities, and challenges.
The Fund’s work has been applauded by developing countries, mostly because of its direct access structure and its focus on the most vulnerable. It promotes country ownership, and allows countries to manage their own adaptation projects. In Marrakech, the Fund over-performed, exceeding its resource mobilisation target goal of US$80 million. This accomplishment is a tribute to the momentum the Fund has, and shows what developed countries should do to contribute to the operationality, efficiency and sustainability of the Fund under the Paris Agreement. This momentum is also seen in the strong need and demand for concrete localized climate change adaptation projects. In March this year, the Fund’s Board received 23 project submissions to review.
Second, ECO is paying close attention to the APA negotiations about the future of the Fund and how it will function under the Paris Agreement after 2018.
Several developed countries have voiced their concerns about the complexity of the transition period from the Adaptation Fund serving under the CMP to serving under the CMA. While ECO understands that the devil is in the details: we think this is a problem that could be overcome with sufficient motivation. We also believe that it would be one hell of a problem if we start doubting the spirit of the decision taken at COP22 when Parties agreed that the Adaptation Fund should serve the Paris Agreement. For ECO, the decision was clear: the Adaptation Fund will serve the Agreement by 2018 in a sustainable and adequate manner, and fill a niche in the international finance architecture by continuing to perform as remarkably as it has until now. Dear negotiators, we can’t go back now.
Just remember, “don’t think twice, it’s alright!”