Climate crisis has a negative impact on people's lives across the world, especially among the most vulnerable countries and communities, French Minister of Energy, Olga Givernet, said at the ministerial meeting on climate and development (C&DM) during the second day of Pre-COP29 in Baku, according to Report.
"That's why it was important for France that the G 20 agreed last week on the need to explore a way to increase financing for adaptation. France is one of the largest contributors of adaptation finance worldwide, while providing at least €6 billion of climate finance every year and a third of those resources is dedicated for adaptation," she said.
The minister noted that in 2022, France provided €2.5 billion for adaptation, including through the Green Climate Fund Adaptation Fund and the List Developed Countries Fund.
"Our development agencies have developed a dedicated facility called Adaptation, which has been providing grants for technical assistance and capacity building to many vulnerable countries. This helps them develop their own national adaptation plans to attract adaptation finance. Since its start in 2017, this facility has leveraged almost €700 million of resilient investments.
She noted that in particular, France agreed with Bangladesh on an adaptation pact of 1 billion euro that is based on Bangladesh national adaptation plan and showcases the benefits of adaptation, clarification and investment.
"Working hand in hand, we have learned that the only way for adaptation from finances to be effective is to develop adaptation that relies on local needs identified in partnership with communities and local institutions, and, as often as possible, with nature based solutions to create positive co benefits on biodiversity loss and pollution. We have also learned that the scale of investment needed for adaptation requires the mobilization of all resources," the minister said.
"That's why we need to turn to multilateral development bands, but also to private institutional impact and philanthropy vessels into innovative financial instruments and mechanisms. As we negotiate the NCQG this year, we hope that we can draw from experience like this to shape future climate finance in a pragmatic way that will provide concrete solutions on the ground," Givernet said.