GCF coordinates talks on adaptation finance at Bonn Climate Conference
GCF adaptation practitioners will join a series of international speakers to explore how to stimulate new flows of climate finance going to adaptation, including how to increasingly catalyse private sector investment.
The two-day Technical Expert Meeting on Adaptation (TEM-A) is organized jointly by the UNFCCC Subsidiary Bodies, guided by the High-Level Champions, and conducted by the Adaptation Committee. The UNFCCC set up these information sharing sessions at COP 21 in Paris in 2015 to improve the implementation of adaptation measures across the planet.
This year’s Technical Expert Meeting will include the sharing of experience and opportunities on private sector investment in adaptation, recognising that public sector finances alone are insufficient to cover the growing need for countries and businesses to shift their planning to deal with climate extremes. The 2016 UNEP Adaptation Finance Gap Report estimated that adaptation finance costs in 2030 are likely to be approximately 6 to 13 times greater than international public finance for adaptation today.
During the two days, GCF NDAs, Accredited Entities, and technical staff will exchange with other critical actors to share knowledge about how to strengthen developing countries’ moves to deal with climate change. GCF provides up to USD 3 million in grant funding to individual developing countries to help them strengthen National Adaptation Plans (NAPs) and other adaptation planning processes, which help countries to produce and use climate information, as well as catalyse the scale of adaptation financing that is urgently needed.
GCF was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the Convention’s principles and provisions.
Both sessions will be livestreamed at 14:00 Bonn on GCF's Facebook page.