The Green Climate Fund (GCF) participated in the Global Adaptation Dialogue on 30 August 2023, part of the Korea Global Adaptation Week 2023 (KGAW 2023) in Songdo, South Korea. The high-level dialogue aimed to showcase actions to address climate change impacts. About 300 participants attended from around the world.
The Dialogue began with opening remarks from Mr. Sang Jun Lim, Vice Minister of Environment of the Republic of Korea, Mr. Ban Ki Moon, Chairman of the Global Green Growth Institute and former United Nations Secretary-General, and His Excellency Majid Al Suwaidi, Director General of CoP28.
Mafalda Duarte, GCF Executive Director, participated in the panel discussion: “The New Era for Adaptation: Scaling Up and Transformation in Adaptation.” She emphasised that GCF, the world's largest climate fund, played a vital role in helping developing nations mitigate and adapt to climate change impacts.
A crucial aspect of this support is financing. There is an urgent need to scale up financing for adaptation, particularly for vulnerable and fragile countries that lack the resources to absorb and recover from climate shocks. GCF is committed to allocating 50% of its adaptation funding to Small Island Developing States (SIDS), Least Developed Countries (LDCs), and African States. Currently, 66% of its total adaptation portfolio targets these groups.
GCF has already dedicated over USD 5 billion to adaptation projects, with an increased focus on equity funding for private sector investors in LDCs, SIDS, and Africa. GCF uses blended finance to reduce investment risks and raise awareness about adaptation investment.
The Fund invests in underserved areas and supports innovative adaptation projects to attract private sector investors. It uses blended finance, combining patient capital and guarantees, to reduce investment risks and raise awareness about adaptation investment.
Mafalda Duarte also said that GCF will help improve climate information and early warning systems through the UN Early Warnings for All initiative, and support integrated risk management. “It is important to ensure that information is available to communities, private sector, and decision-makers.”
Lastly, GCF will increase its support to developing countries in turning their climate priorities and National Adaptation Plans (NAPs) into impactful climate projects and investments through its Readiness Programme, which is the biggest capacity-building programme for climate finance readiness. GCF will also assist LDCs in developing their NAPs using practical tools like Developing the Climate Science Information for Climate Resilient Development Planning.
In the next programming period 2024-2027, GCF aims to enhance support for the most vulnerable and boost adaptation funding. “We will go to our board to “put the last first” when it comes to adaptation finance”, concluded Mafalda Duarte. By balancing investments equally between mitigation and adaptation, with a specific focus on SIDS, LDCs, and Africa, GCF aims to enhance climate resilience and ensure a sustainable future for all.