Warning: Trying to access array offset on value of type bool in /usr/www/users/urnnet/a/story.php on line 43
Donors Pledge $174 Million To Least Developed Countries Fund :: Uganda Radionetwork
Breaking

Donors Pledge $174 Million To Least Developed Countries Fund

The amount pledged is higher than those pledged last year during COP27 in Sharm El-Sheikh.
04 Dec 2023 18:53
The pledges were made by Belgium, Canada, France, Germany, Norway, Spain, Sweden, and the United Kingdom at the ongoing Un Climate Change Conference in Dubai.
Eight donor governments have pledged $174.2 million to the Least Developed Countries Fund (LDCF).  

The Least Developed Countries Fund helps countries like Uganda to address their short-, medium--, and long-term resilience needs and reduce climate change vulnerability in priority sectors and ecosystems. 

The pledges were made by Belgium, Canada, France, Germany, Norway, Spain, Sweden, and the United Kingdom at the ongoing Un Climate Change Conference in Dubai. 

The amount pledged is higher than those pledged last year during COP27 in Sharm El-Sheikh. The Least Developed Countries Fund and Special Climate Change Fund (SCCF) are jointly managed by the Global Environment Facility (GEF). 

The LDCF is the only dedicated climate adaptation fund for the urgent and immediate adaptation needs of Least Developed Countries (LDCs). To date, the LDCF has approved approximately $1.8 billion in grants for projects, programs, and enabling activities for high-impact adaptation projects.   

Ahmed Hussen, Minister of International Development of Canada said  “In these times of accelerated climate risks and impacts worldwide, Canada is pleased to support the GEF's Special Climate Change Fund to accelerate private finance in adaptation, and address the adaptation needs of Small Island Developing States," Several countries including Denmark, Ireland, the Netherlands, Switzerland, and the United States further stressed the importance of the targeted support the Least Developed Countries Fund.

Least Developed Countries Fund provides to the 46 Least Developed Countries while the Special Climate Change Fund supports projects in Small Island Developing States, in addition to its focus on technology transfer and private sector engagement for climate adaptation. 

Every country in the world is experiencing the impacts of climate change, and developing countries with limited public resources face particular challenges from crises including record temperatures, storms, floods, and droughts. 

Countries eligible for LDCF and SCCF funding welcomed the new commitments which can enable them to shore up their investments to improve access to water, support resilient livelihoods, fortify crops, protect ecosystems, and reduce strains on natural landscapes. 

Alioune Ndoye, Minister of Environment and Sustainable Development of the Republic of Senegal and Chair of the Least Developed Countries (LDC) Group said the decision to increase financial support to the LDCF and SCCF sends a positive signal for global solidarity.

“There is an abundance of ambition and determination within our countries to counter the effects of a cascading disaster for which we are least responsible. What has been lacking is the necessary finance to turn urgent priorities and ideas into practice.” Said Ndoye who is representing lowest income countries in UN climate negotiations.

Fiamē Naomi Mata’afa, Prime Minister of Samoa and Chair of the Alliance of Small Island States (AOSIS) said people living in vulnerable small island countries need increased access to finance to deal with the growing storm. 

“Climate change is a moral issue for us. One that represents an existential challenge for island nation residents who face eviction from its effects with no prospect of return. Nobody should be forced from their home because of humanity’s collective inability to work within the boundaries of nature,” Mata’afa. 

The SCCF has two funding windows – one to finance technology transfer and private sector engagement for scaling up innovative approaches to climate adaptation, and one to address the adaptation needs of Small Island Developing States, as elaborated in the GEF’s recent climate adaptation strategy

The head of the Global Environment Facility(GEF), Carlos Manuel Rodriguez welcomed the climate adaptation funding describing it as a needed step as countries look to work together to change business-as-usual and invest in a greener, bluer, livable planet.  

“We can only tackle climate change by working together, and adaptation finance is an important piece of this.. The LDCF and SCCF are critical pieces of this architecture and we are grateful for the contributions and endorsements of our approach.” Said Carlos Manuel Rodriguez 

The GEF partnership connects 186 member governments with civil society, Indigenous Peoples, and the private sector, and works closely with other environmental financiers for efficiency and impact.   To date, the GEF has provided more than $23 billion in grants and blended finance and mobilized another $129 billion in co-financing for more than 5,000 national and regional projects. 

The LDCF has financed 365 projects and programs with approximately $1.8 billion in grants.