Friday, 30 April 2010

Spain contributes €45m to the Adaptation Fund

Spain has become the first country to make a significant contribution of €45m (ca US$60m) to the United Nations Adaptation Fund. This contribution will help the ground-breaking facility set up under the Kyoto Protocol to finance climate change adaptation projects and programs in developing countries. “I am truly delighted by the Spanish contribution. The adaptation needs of developing countries are immense and require substantial financial resources. Every contribution will help strengthen the efforts and work of the Adaptation Fund, which is now fully operational and ready to finance concrete adaptation projects in developing countries. Spain has sent a strong message to the developing countries that it is serious about its commitment to help them adapt to climate change”, says Farrukh Iqbal Khan, Chairman of the Adaptation Fund Board. “I hope other developed countries would now follow suit by making contributions and thereby helping Adaptation Fund to fulfil its mandate.

Apart from its size, the contribution is noteworthy in that, in accordance with the rules of the Adaptation Fund, the money will be disbursed at the sole discretion of the Adaptation Fund Board to meet the most pressing funding needs of developing countries, without any conditions superimposed by the donor.

The Adaptation Fund is a self-standing fund established under the Kyoto Protocol of the UN Climate Change Convention, which gets its funding from a two percent share of proceeds of all Certified Emission Reductions issued under the Protocol’s Clean Development Mechanism projects and other sources of funding. The Fund is designed to finance concrete climate change adaptation projects and programs based on the needs and priorities of developing countries.

“Rich countries must follow the example of the Spanish government and channel cash for immediate adaptation needs through the UN Adaptation Fund. That’s the best way to ensure developing country ownership over adaptation planning, and will help regain much needed trust in the UN climate talks,” said Oxfam International. "We expect all governments to guarantee that longer-term climate financing will be additional to their overseas aid commitments. With such an announcement, as current holder of the rotating EU Presidency, Spain could demonstrate that the EU is serious about increasing financial support which rises to the challenge of growing climate impacts in poor countries.”

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