At COP28, 13 countries have launched a vision for reforming the adaptation finance architecture.
The vision of the Coalition of Ambition on Adaptation Finance was developed through the 2023 Climate and Development Ministerial hosted by the COP28 President with the Governments of Malawi, the UK and Vanuatu. The Coalition will work together on enhancing country-owned programmatic financing, easing access to adaptation finance, and scaling all sources of adaptation finance.
Co-hosted by the COP28 Presidency, Malawi, United Kingdom and Vanuatu, the 2023 Climate and Development Ministerial grew political momentum to improve the access and delivery of adaptation finance – something that climate vulnerable countries have long been calling for.
The ministerial event held in Abu Dhabi in October 2023 led to the launch at COP28 of a Coalition of Ambition on Adaptation Finance grounded in a shared vision and three goals –
- enhancing country-owned programmatic financing,
- easing access to adaptation finance, and
- scaling all sources of adaptation finance. 13 countries and institutes have endorsed the vision and will work together as a coalition to drive forward progress and report back at the 2024 Climate and Development Ministerial: Denmark, Italy, Ireland, Malawi, Nepal, the Netherlands, the Republic of the Marshall Islands, Samoa, Somalia, Tuvalu, United Kingdom, Vanuatu and the Adaptation Fund.
- The Climate and Development Ministerial was initiated in 2021 to unite and lend support to climate and development ministers to address the priorities of climate vulnerable countries.
- The forum has achieved significant progress towards enhancing financing for climate and development goals including raising support for debt suspension clauses in times of disaster and launching a task force to improve access to finance.
- The Climate and Development Ministerial is facilitated by a group of climate finance experts convened by E3G and the International Institute for Environment and Development.