Despite an increased pledge as part of the Glasgow Climate Pact, current levels of adaptation finance fall well below required amounts. Developing countries in particular have highlighted the continued gulf between the costs of adaptation, and the financing allocated towards it. Inadequate progress on this front on the part of MDBs and stakeholders not only poses a reputational risk, but endangers the consensus and cooperation upon which the Paris Agreement rests.
In seeking to attend to this issue, E3G is working in partnership with the FCDO to convene a series of workshops with MDBs and technical experts, to discuss how to deliver more adaptation finance. In order to facilitate the expansion of adaptation finance within MDB systems, the project will attend to the following fundamental threefold agenda: (1) Whether there is scope for better mainstreaming of adaptation in the sectoral work of MDBs; (2) New or scalable innovative financial instruments that can help increase adaptation finance; and (3) any further significant potential sources of further adaptation finance from the MDBs.
There will be five workshops in total:
- A first meeting with senior-level MDB climate heads to set the agenda and direction of the series.
- Three specialist sessions each focused on one of the following relevant areas:
- cooling and buildings, Thursday 6 October, 12:00 GMT;
- innovative financial mechanisms, Tuesday 18 October, 12:00 GMT;
- agriculture and food security, Wednesday 2 November 12:00 GMT.
- An in-person senior-level workshop at COP27, Wednesday 9 November 14:00 EGY (12:00 GMT) (TBC).
Each of the specialist sessions will output a summary identifying ideas and actions that could be directly piloted by MDBs, contributing to two dedicated short papers, covering proposals for a series of pilots of innovative financial mechanisms for adaptation finance to be implemented by MDBs.
We look forward to working with interested parties on these topics and more. Please get in touch with email@example.com if you require any further information or to enquire about attending.