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UN Climate Change News, 13 July 2023 – A key report presented last month at the UN Climate Change Conference in Bonn highlighted the commitment of developed countries to the goal of jointly mobilizing USD 100 billion in climate finance per year through to 2025. It also highlighted a commitment to ensure a better balance between finance for adaptation (building resilience to the inevitable impacts of climate change) and mitigation (cutting greenhouse gas emissions).
The report was prepared in the form of compilation and synthesis of the second biennial communications on projected levels of climate finance. It notes that despite ongoing challenges, including the COVID-19 pandemic, problems over energy security and inflationary pressures, many governments are committed to maintaining or increasing their current levels of climate finance. Twenty-two Parties reported an increase in projected levels of provision of public financial resources, with six Parties stating their intention to double their contributions through 2025.
Welcoming the insights from the report, Daniele Violleti, Senior Director at the UN Climate Change secretariat, said: “We need to recognize that the magnitude of the transformational shift to demands acceleration of our efforts to ensure predictability and clarity in both public and private finance, as well as in the access and delivery of climate finance. This is crucial for incentivizing ambitious climate action that is imperative for a successful implementation of the Paris Agreement.”
Financial support for adaptation on the rise
In the report, seven Parties outlined their committed to doubling their contributions to finance needed for the developing countries to adapt to climate change and 16 Parties highlighted their efforts to achieve a balance between adaptation and mitigation, with a further three Parties reporting they were nearing parity. Two Parties reported that they had allocated over 50% of their bilateral support to adaptation.
The report also contains detailed information on increased financial contributions through multilateral channels, several of which have a focus on adaptation. Such contributions were made through entities including the Global Environment Facility (GEF), the Adaptation Fund (AF), the Green Climate Fund (GCF), and Least Developed Countries Fund (LDCF).
Inspiring examples of climate action showcased in report
The following are examples of actions showcased by countries in their submissions:
About the report and next steps
The compilation and synthesis of the second biennial communication was presented at the second biennial in-session workshop to discuss the information provided by parties in accordance with Article 9.5 of the Paris Agreement.
The deliberations of the workshop will be summarized in a further comprehensive report. This report, alongside the compilation and synthesis of information, will serve as a basis for Article 9.5 deliberations during the upcoming COP28 in Dubai.
You can watch the recording of the in-session workshop here.
 
 

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