This event aimed to shed light on the global climate finance, to underline the challenges and gaps, and to introduce innovative mechanisms to address these issues, with a focus on adaptation and nature financing for smallholder rural communities. The event presented findings from the Climate Policy Initiative (CPI), which reflects the global landscape of climate finance. The intention was to highlight the disparities between existing climate finance flow and the global finance gaps, and particularly on the shortfall in financing for adaptation and nature, which is the cornerstone for smallholder rural adaptation.
The event featured the upcoming adaptation gap report by the United Nations Environment Programme (UNEP). The International Fund for Agricultural Development showcased its achievements in climate finance and unveil a new financing model known as “Additional Climate Contributions.” This funding instrument is set to be introduced in IFAD’s upcoming Thirteenth Replenishment Cycle (IFAD13), representing a proactive approach to further contribute to climate finance efforts. In addition, the audience learned about IFAD’s role as an assembler of finance, specifically with regards to the private sector as well as innovative ways to track and orientate finance for climate and nature, including IFAD’s three-pronged approach in IFAD13, aiming at leveraging investments, providing financing, and attracting private sector participation.
All events from COP28 Food and Agriculture Pavilion can be found here.
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