Champions Group on Adaptation Finance join forces to accelerate adaptation finance solutions beyond COP26
At the COP26 Resilience Hub on 8 November 2021, the recently launched informal Champions Group on Adaptation Finance, together with representatives from the UN Secretary-General's office, took stock of progress on adaptation finance over recent months and committed to further action heading into 2022.
Italy, New Zealand, Australia and the African Development Bank stepped up to join Ireland, the Netherlands, Sweden, Denmark, Finland, the UK and Germany in championing adaptation finance solutions.
The champions group will continue to work together to raise the political attention needed to address the challenges of adaptation finance beyond COP26, it said. The informal group highlighted specific actions members have planned to take collectively and individually, including:
- Building political support for scaling up global adaptation finance and commitment to a balanced approach in public climate finance, as well as improving transparency of climate finance reporting
- Ongoing engagement with climate-vulnerable countries to continue building shared priorities and stocktake progress regarding adaptation finance, and collaborate on actions to champion adaptation finance solutions, including through the Lahti Adaptation Finance Dialogue to be facilitated by Finland
- Outreach with other climate-finance providers to encourage new members to join the effort to drive political ambition for adaptation finance solutions, and commitment to improve the quality and accessibility of adaptation finance
- Working through finance mechanisms, for example the Global Environment Facility, Green Climate Fund and Adaptation Fund, to influence strong improvement in the quality of and access to adaptation finance through the multilaterals, and
- Continuing to show political support for locally-owned approaches and the subsidiarity principle in adaptation finance that enable sub-national and non-state actors to take action on adaptation to climate change.
The champions group says it stands ready to work with climate-vulnerable countries to progress these issues, and issued a call for other climate finance-providing countries who share the objectives of the champions group to join as new members.
Colm Brophy, minister of state for overseas development aid and diaspora, Ireland, said: “I am delighted to see the commitment shown by the Champions Group on Adaptation Finance at COP26. Adaptation is a key priority for Ireland’s international climate action and the champions group is an important channel through which we, as climate-finance providers, can increase adaptation finance and address barriers to access.
"We must continue to be ambitious and lead by example in our own contributions. I look forward to working with the champions group to deliver meaningful progress on effective adaptation finance.”
Alok Sharma, COP26 President, UK, said: “I urge all providers of climate finance, including donors and multilateral development banks, and those who have not already made a commitment to balance, to do so. Yet we know that as well as dealing with balance, we must also deal with fundamental issues, including increasing the sums available, and improving access.”
The champions group was launched at the UN General Assembly in September 2021.
Eva Schreuder (firstname.lastname@example.org) and Jen Hobbs (email@example.com)