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Published by BBNTEAM at November 10, 2021
Posted: Wednesday, November 10, 2021. 11:41 am CST.
By Aaron Humes: 12 countries in Europe and North America, including the United States, have pledged up to US$413 million in new funding for the Least Developed Countries Fund (LDCF) during the COP26 climate summit.
The LDCF, hosted by the Global Environment Facility (GEF), is the only dedicated source of climate resilience funds for the 46 Least Developed Countries, which have contributed the least to carbon emissions and face some of the highest risks from the effects of climate change.
The pledges are from Belgium, the Belgian region of Walloon, Canada, Denmark, Estonia, France, Germany, Ireland, the Netherlands, Sweden, Switzerland, and the United States and generally cover the period 2020 to 2024.
GEF CEO and Chairperson Carlos Manuel Rodriguez said the pledges "will make an immediate difference in the places where climate change risks are most acute," but added that much more is needed to close the climate finance gap and ensure all countries are resilient to climate change.
Sonam Phuntsho Wangdi, Chair of the LDC Group at the UN climate negotiations, added: "The LDCF has a special place in the hearts of Least Developed Countries, as it is the only climate change adaptation fund that is designed to meet our unique needs and priorities. We are 46 of the world's most vulnerable countries, and the science indicates that our climate risk exposure will only increase. Support from the LDCF enables us to take action and prepare for trouble ahead. We are pleased about the generous new contributions to the LDCF announced today and sincerely hope that additional donors will follow suit given how meaningful this source of support is to us."
The LDCF since 2001 has provided US$1.7 billion for projects that have reduced the climate vulnerability of more than 50 million people and strengthened the climate resilient management of 6 million hectares of land. The LDCF also supports countries' planning processes to reduce their 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. Projects supported by the LDCF have mobilized more than $6.8 billion USD in co-financing in all LDC countries.
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