The European Commission announced a new pledge of 100 million euros in finance for the Adaptation Fund.
“We have to scale up international climate finance and provide a predictable framework for its delivery,” Executive-Vice-President Frans Timmermans said, speaking at Glasgow. “The Adaptation Fund can play a key role and that is why I am pleased to announce for the first time that the European Commission is committing 100 million euros to the Fund, to support developing countries.”
This additional 100 million euros contribution from the EU budget is by far the biggest pledge for the Adaptation Fund made by donors at COP26. It comes on top of significant contributions already announced by Member States and also confirms the EU’s supporting role to the informal Champions Group on Adaptation Finance. Indeed, the EU is already the largest provider of international climate finance. In 2020, it committed 23.39 billion euros in climate finance to support developing countries in reducing their greenhouse gas (GHG) emissions and adapting to the impacts of climate change.
The contribution will be made in a way that is compatible with EU financial rules. It underscores the Union’s determination to scale up finance to support climate adaptation objectives and to strike a better balance between mitigation and adaptation, particularly in the most vulnerable countries and for the benefit of their most vulnerable populations.