Acclimatise

Accessing adaptation finance: How developing nations are taking ownership of adaptation

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Source: Acclimatise

National & Regional Government, Policy Developments

Channeling finance from developed to developing countries in order to finance adaptation projects has emerged as a major global challenge. Accessing finance is vital as many developing nations are amongst the most vulnerable to climate change impacts such as sea level rise, storms and drought. However problems with corruption and a lack of institutional capacity have meant that transferring adaptation finance to those who need it most can be a slow process. While some finance is channeled through multilateral development Agencies such as the World Bank, many countries find that this does not leave them with sufficient control over how the money is directed. To address this the Adaptation Fund (AF), a special mechanism for countries who are signatories to the Kyoto protocol, allows countries to access finance directly. A new policy brief from the Climate and Development Knowledge Network (CDKN) shows how two countries, Jamaica and Senegal, successfully funded adaptation projects through the AF.

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