Statement of Commitment: Champions Group on Adaptation Finance commit to driving political ambition on adaptation finance ahead of COP27
Convening at the Lahti Adaptation Finance Ministerial on 3-4 April, 2022, members of the Champions Group on Adaptation Finance reiterated their commitment to work together to respond to growing climate change adaptation needs. At the Ministerial, the Champions Group discussed the key priorities for its work including increasing the level, quality and accessibility of adaptation finance, ensuring a balance with mitigation finance, and that it reaches those most in need.
We will work to turn political ambition into tangible action . We will lead by example, and collaborate with and influence throughout our networks of stakeholders who can address the barriers to increasing flows, quality, effectiveness and accessibility of adaptation finance.
To achieve this, we will work with the COP Presidencies , climate vulnerable countries, developed countries , multilateral actors and institutions , technical agencies, private sector and civil society to help the global climate finance community, to, including by COP27 and beyond:
1. Champion the development of a collective plan for at least doubling adaptation finance from 2019 levels by 2025 , including growing political ambition, and ensuring a focus on Least Developed Counties and Small Island Developing States.
2. Raise awareness of what ‘good quality’ and effective adaptation finance and action look like, and of the value of financing adaptation at home and internationally and ways to mainstream adaptation and resilience within domestic and international finance flows.
3. Turn understanding of key barriers into steps to address access to adaptation finance and eligibility for and balance of concessional finance.
4. Build a shared understanding of the role of and pathways to mobilise private sector finance.
At the Lahti Adaptation Finance Ministerial the Champions Group discussed these priorities with climate vulnerable countries, multilateral funds and institutions, and the Coalition of Finance Ministers for Climate Action. The Group is committed to taking forward critical next steps, including:
Progressing solutions at the UN meeting Stockholm+50 in June, the G7 and G20 meetings, UN General Assembly, as well as other high-level and ministerial meetings this year.
Continuing discussions with Finance Ministers on the economic policy aspects of Adaptation Finance and capacity building, including in the margins of IMF/WB spring and autumn meetings;
Reaching out to other initiatives working in the context of climate finance (e.g. Taskforce on Access to Climate Finance, NDC Partnership) to share the vision and mission of the Champions Group and to join forces in working towards supporting the most vulnerable;
Background
The Champions Group on Adaptation Finance was launched at the UN General Assembly in September 2021, and has 13 members including Australia, Belgium, Denmark, Finland, Germany, Ireland, Italy, the Netherlands, New Zealand, Sweden and the United Kingdom as well as the African Development Bank and is supported by the European Commission. This statement of commitment seeks to articulate our vision and objectives as we work together to drive strong outcomes for adaptation finance at COP27.