Germany is increasing its contribution to the Global Adaptation Fund. The German government will provide an additional 50 million euros in 2015. According to a press release by the German Federal Ministry for the Environment, this money will directly benefit regions and people that are particularly affected by climate change. Measures financed by the Adaptation Fund include coastal protection and a switch to new farming methods.
At the announcement in Paris on the 7th December, German Federal Environment Minister Barbara Hendricks commented: "Many countries in the South value the multilateral Adaptation Fund because it is administered by donors and recipients as equal partners. It gives accredited implementing entities direct access to funding. This shows that we are taking the needs of poorer countries seriously. They need concrete assistance in adapting to climate change.
"Germany has already paid 90 million euros into the Adaptation Fund. A total of 485 million USD is currently available for the fund. More than three quarters of this is already earmarked for specific adaptation projects. Other projects are currently under preparation, with a volume of around 200 million USD. As climate change continues to advance, the need for adaptation measures is growing.
The fund is financed by a share of proceeds from international carbon market projects (certified emission reductions from the clean development mechanism). The low prices on the carbon market have led to a shortfall in financing. This financing gap will now be bridged by voluntary contributions from several donor countries, thus securing further implementation of projects. The Adaptation Fund finances specific measures for regions that are particularly affected by climate change. Projects include measures to secure water supply and to protect coastal areas. The Adaptation Fund closes a significant gap in multilateral climate financing.
On the 10th December, Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change, called for a final push to meet the funding goals for the Adaptation Fund.
The Adaptation Fund has received new pledges for 2015 amounting to almost 75 million USD, Figueres said in Paris, including from Germany, Sweden, Italy, and the Walloon Region of Belgium, very close to the $80 million a year target for 2014-15 which was set about two years ago.
Figueres thanked all those who, to and at COP21, pledged financial support to the Adaptation Fund and called on others to come forward with the final support needed in order to register yet another success in Paris towards the overall goal of a low emission, resilient world.