By Nneka Nwogwugwu
The African Development Bank (AfDB) and the United Nations Capital Development Fund (UNCDF) have featured two innovative mechanisms for scaling up adaptation action and finance.
This is contained in a statement posted on AfDB’s website, a copy of which was obtained by the News Agency of Nigeria .
The bank said that the adaptation was reached during a joint event held on Sept. 1, on the sidelines of the Africa Climate Week in Libreville, Gabon.
It said Ludovica Amatucci, a programme analyst at UNCDF, made a presentation on the Local Climate Adaptive Living Facility (LoCAL mechanism).
According to Amatucci, the tool helps local governments and communities to tap into climate finance for locally-led adaptation, contributing to the implementation of the Nationally Defined Contributions under the Paris Agreement.
“Also, the tool helps local governments and communities on National Adaptation Plans and Sustainable Development Goal 13, which states to take urgent action to combat climate change and its impacts.
Amatucci said that “the LoCAL mechanism supports inter-governmental fiscal transfer systems target adaptation actions at the local level, while reinforcing transparency and reporting through those systems.”
AfDB’s Senior Climate Finance Officer, Kidanua Gizaw, said that the bank was piloting an Adaptation Benefits Mechanism (ABM) as a non-market, results-based finance tool to boost investments that enhanced the resilience of vulnerable communities and ecosystems.
The moderator, Gareth Phillips, AfDB Manager for Climate and Environment Finance, noted that the current adaptation finance levels were insufficient to meet the needs of developing countries.
Philllips, however, said the private sector and local governments could play a crucial role in filling the gap.
He said the AfDB and the UNCDF could also help to address the lack of credible adaptation metrics and indicators.
African finance ministers urge for coordination, commitment ahead of COP27
The African ministers of finance, economy and environment have urged more coordination and commitment ahead of the United Nations Framework Convention on Climate Change (UNFCCC), Conferences of the Parties (COP27).
The ministers made the call in a communiqué issued at the Egypt – International Cooperation Forum (EGYPT-ICF) and Meeting of African Ministers of Finance, Economy and Environment held in Cairo, Egypt.
The communiqué was obtained from the website of the United Nations Economic Commission for Africa (UNECA) and ministers highlighted the roles of the different stakeholders.
The communique said the ministers also capitalised on the needed interplay among them.
The ministers emphasised the need to focus on and deliver implementation in relation to commitments already made under the UNFCCC process.
He further stressed on the need to empower national governments, regional bodies, local government authorities, the private sector, development partners and civil society, in a people-centred inclusive approach to deliver meaningful development outcomes.
According to them, a people-centred approach will secure a climate resilient future, aligned with the goals of the Paris Agreement.
The ministers also expressed their concerns with the current crises and their impacts on Africa, in particular those related to energy prices, food security, increasing cost of finance, and debt burden among others.
“The ministers are concerned about the various intertwined social, economic and environmental effects of climate change and the depletion of the continent’s natural capital.
“Which has failed to add value to its full potential that can undermine efforts to achieve the Agenda 2030 and Africa 2063 Agenda, particularly in African countries.
“Underlining the high vulnerability of Least Developed Countries, Land Locked countries and Small Island Developing States and their limited capacities to address the impacts of climate change.