LDC concern by serious funding shortfall

Least Developed Countries concerned by serious funding shortfall and adequacy of global goal

June 13, 2015, 5:45 p.m. Published in Magazine Issue: Vol: 09 No. -1 June. 12- 2015 (Jestha 29, 2072)

The UN climate change negotiations in Bonn are ending today, and the Least Developed Countries (LDCs) group remain concerned over the serious funding gap for vital and urgent climate-adaptation projects for the world’s most vulnerable communities. They also express disappointment for a lack of commitment to a more ambitious temperature goal in the context of a new, legally-binding agreement to be adopted in Paris this December.

 Last week, the 18th Meeting of the Least Developed Countries Fund (LDCF) Council closed without any new pledges – the first time this has happened since the fund’s inception in 2001.

 The Fund remains empty while there is an increasing number of a bankable project ready to be implemented. To date, there are 29 projects approved projects for which the Fund does not have necessary resources.

 The LDCF, established to assist the LDCs in implementing their National Adaptation Programs of Action (NAPAs), plays a vital climate finance role as the sole instrument for LDCs. As it stands, the 48 countries hardest hit by climate change and least capable to cope with its effects, face the most challenges in accessing climate finance.

 The Chair of the LDC Group at UN climate change negotiations, Mr. Giza Gaspar-Martins of Angola said: “An estimated USD 5 billion is needed to implement the NAPAs of the 48 LDCs, and yet less than USD 1 billion has been paid out to date. As more time passes without any money in the LDCF, LDCs’ urgent adaptation needs will continue to grow and the funding gap will continue to widen.”

 “There are only around ten negotiating days left until the Paris conference after the Bonn talks close and we recognise the enormity of the task ahead. However, we still believe it is possible to secure a good deal if debate and commitment is stepped up by all parties.”

 In addition to the fears over the LDCF, which provides a uniquely equitable system of ensuring all countries are able to access the same amount of money, there are some concerns over the inadequacy of the global long-term goal to limit average temperature increase below 2 degrees.

 According to a LDC Group Media Release issued by IIDE, Ambassador Collin Beck of the Solomon Islands said: “The LDCs have a negotiating aim of securing a 1.5oC world. Currently we are still looking at a 4-6oC future under business-as-usual, despite having a globally agreed goal of 2oC. However, even the 2 degree goal is inadequate for us, as so many of our countries will still be the most adversely affected – the science tells us aiming for below 1.5oC increase is not only the safest option – the defence line – but also still achievable. We need to see clear commitments to a 1.5 degree pathway.”

 The LDCs Group Chair Giza Gaspar-Martins, and other representatives of the forty-eight poorest and most vulnerable countries of the world are now calling for clarity, and accelerated action in the few months remaining until Paris.

 

 

More on News

The Latest

Latest Magazine

VOL 12 No.04, September 07, 2018 (Bhadra 22, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.03, August 17, 2018 (Bhadra 01, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.02, August 03, 2018 (Shrawan 18, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.01, July 20, 2018 (Shrawan 04, 2075) Online Register Number: DOI 584/074-75