The Adaptation Fund was established in 2001 to finance adaptation projects in developing countries that have ratified the Kyoto Protocol and which are particularly vulnerable to the adverse effects of climate change.
Form 2015, Italy co-financed the Fund with 7 million euros.
The Fund finances projects and programs whose explicit aim is to increase climate change resilience. Developing countries that are part of the Kyoto Protocol and which are particularly vulnerable to the adverse effects of climate change, can access the resources from the Fund. This definition includes small island countries, nations with fragile mountain ecosystems, arid and semi-arid areas and areas liable to floods, drought and desertification. The access to resources can be made through two tracks:
In the first case, developing countries access the financing through National or Regional Implementing Entities which obtain an accreditation by demonstrating that they meet the fiduciary criteria established by the Fund Board. Accreditation is valid for 5 years (more info here). In the second case, multilateral development agencies or development banks are invited to serve the Fund Board as “multilateral implementing entities”. They must also meet the fiduciary criteria mentioned above.
The Adaptation Fund is particularly appreciated by recipient countries as it has fostered a strong system of direct access to resources while ensuring the monitoring and transparency of approved projects.
For further details you can consult “Accessing resources from the Adaptation Fund“ handbook.
More information on implementing entities here.
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