ActionAid Proposes a New Climate Finance Mechanism
In the absence of equitable funding channels for adaptation, world leaders must create a new fund to help developing countries adapt to the impacts of climate change, ActionAid says.
ActionAid’s new report is titled “Equitable Adaptation Finance: The Case for an Enhanced Funding Mechanism under the UN Framework Convention on Climate Change.” According to the report, adaptation funding mechanisms must give specific representation to countries most affected by climate change, including Small Island Developing States and Least Developed Countries. Funding mechanisms must also ensure the participation of affected communities, provide financing without attaching economic requirements, and create a streamlined access to funding.
Yet the Global Environment Facility (GEF) and the World Bank -- two institutions heavily involved in climate finance -- have failed to adhere to these basic principles.
ActionAid is calling for developed countries to dedicate at least $86 billion a year by 2015 to support the efforts of poor countries to adapt to changing climates. However, how that money is used and managed will determine whether it meets the needs of poor and excluded communities.
ActionAid’s proposed climate structure, detailed in our report, would guarantee the participation of affected community members with respect to how adaptation funds are used, monitored and evaluated. A Women’s Rights Desk, an essential element of our proposal, would be responsible for ensuring that women’s rights are central in all aspects of adaptation funding. This is important because women are disproportionately impacted by climate change and are leaders of innovative adaptation strategies.
Additionally, ActionAid’s proposed structure ensures that funding would flow directly to developing countries instead of through outside implementing agencies. The funding mechanism would be fully accountable to the U.N. Framework Convention on Climate Change’s (UNFCCC) Conference of Parties -- the highest decision making body for climate change within the United Nations.
ActionAid and our key partners and allies are advocating for the creation of this funding mechanism during the international climate negotiations. Our advocacy will culminate at the climate change conference in Copenhagen this December.
