Home Business US, Canada, Denmark, Estonia, France, Germany, others pledged $413m to support vulnerable cope with climate crisis

US, Canada, Denmark, Estonia, France, Germany, others pledged $413m to support vulnerable cope with climate crisis

by Business News Report

In a show of support for those most at risk from climate change, 12 donor governments have pledged $413 million in new funding for the least developed countries fund during the COP26 climate summit. The LDCF, hosted by the Global Environment Facility, is the only dedicated source of climate resilience funds for the 46 Least Developed Countries, which have contributed the least to carbon emissions and face some of the highest risks from the effects of climate change. The pledges from Belgium, the Belgian region of Walloon, Canada, Denmark, Estonia, France, Germany, Ireland, the Netherlands, Sweden, Switzerland, and the United States were announced in Glasgow, where signatories to the UN Framework Convention on Climate Change are discussing ways to close the climate finance gap and meet the commitments made in the Paris Agreement in 2015.

Meanwhile Senator Ike Ekweremadu said that  the proposed Green Grid remains Nigeria’s greatest takeaway from the United Nations Climate Change Conference, COP26, as the country stood to benefit immensely from the energy superhighway. Speaking  with reporters on the sidelines of the Climate Conference holding in Glasgow, Scotland, United Kingdom, Ekweremadu who is the Chairman, Senate Committee on Environment and Member of the Paris-based Climate Parliament, said, “I think the greatest takeaway from this COP26 is the launch of the Green Grid because, for us as Africans, we see opportunity to contribute to world development and also to benefit thereof. With Green Grid energy superhighway, it is most likely that there will be energy sufficiency across the globe. So, I am happy also that Nigeria has indicated interest in being part of it. I am a member of the Climate Parliament. We deliberated on it and everybody was excited that Nigeria and Kenya in Africa are going to partner with the rest of the world, including the United States of America, to drive this initiative, which is going to be a mega revolution”.

Ekweremadu said, “Nigeria has not shown sufficient interest and commitment in terms of budgetary provisions to the Ministry of Environment and its agencies as well as funding projects and policies in the environmental sector. So, COP26 is an opportunity for those of us here to attract investments, opportunities, and supports from our global partners and the international community to drive some of these initiatives because climate change is real. Before we can get funding or support, you must have the necessary and well-articulated legal framework for us to drive these policies. So, I am happy that we have been able to pass the Climate Change Bill, which is awaiting the President’s assent. Hopefully, the assent will be accelerated now that the President is here and saw what is happening in different parts of the world and he must have interacted with his colleague Heads of States and Governments. “On our part as legislature, we are also going to put pressure on the executive to ensure immediate implementation, making sure that all the necessary agencies that have to be set up are established immediately so that they will be able to take off.
“We are many years behind as far as this environment and climate issues are concerned. Therefore, we need to  fast-track the processes and policies to see some improvements in this sector.”

“I am delighted at the strong show of support to the Least Developed Countries Fund, which stands alone as a source of support to the world’s most vulnerable countries. The pledges made today will make an immediate difference in the places where climate change risks are most acute,” said GEF CEO and Chairperson Carlos Manuel Rodriguez. “We need to keep building on this support to close the climate finance gap and meet the Paris Agreement’s goal to increase all countries’ resilience to the very serious challenges that climate change will bring.”

“The LDCF has a special place in the hearts of Least Developed Countries, as it is the only climate change adaptation fund that is designed to meet our unique needs and priorities. We are 46 of the world’s most vulnerable countries, and the science indicates that our climate risk exposure will only increase,” said Sonam Phuntsho Wangdi, Chair of the LDCGroup at the UN climate negotiations. “Support from the LDCF enables us to take action and prepare for trouble ahead. We are pleased about the generous new contributions to the LDCF announced today and sincerely hope that additional donors will follow suit given how meaningful this source of support is to us.”

The LDCF is the only climate resilience fund that exclusively targets the Least Developed Countries. Since 2001, it has provided $1.7 billion for projects that have reduced the climate vulnerability of more than 50 million people and strengthened the climate resilient management of 6 million hectares of land. The LDCF also supports countries’ planning processes to reduce their medium- and long-term vulnerability to the impacts of climate change and facilitate the integration of climate change adaptation into relevant policies, programs, and activities.

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