GLASGOW, UK – Egypt’s Minister of Environment Yassmin Fouad stressed that the need to secure climate adaptation finance has become more urgent than ever, given that needed adaptation cost in developing nations is five to ten times higher than the overall climate finance available to these nations.
Fouad made the remarks during the Adaptation Fund Contributor Dialogue, held Monday as part of the UN Climate Change Conference (COP 26), hosted by the UK in partnership with Italy between October 31 and November 12.
The minister also highlighted the yawning gap in the amount of adaptation funds available to developing nations, compared with any assessment of adaptation needs, according to a recent UN report.
She stressed the need to increase the Adaptation Fund’s (AF) resources to meet growing demand, welcoming the recent resolutions adopted by the fund’s board to raise the funding cap per country from US$10 million to US$20 million.
US Special Presidential Envoy for Climate John Kerry, UK International Trade Secretary Anne-Marie Trevelyan, and a number environment ministers from around the world took part in the dialogue.
The AF was established in 2001 to finance concrete adaptation projects and programs in developing countries parties to the Kyoto Protocol that are particularly vulnerable to the adverse effects of climate change. It is supervised and managed by the Adaptation Fund Board (AFB).
The AFB is composed of 16 members and 16 alternates and meets at least twice a year.
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