The 2022 Joint Report on Multilateral Development Banks’ Climate Finance highlights the urgent need to scale up efforts to meet the climate crisis. While climate financing has increased, current commitments fall short of the vast requirements developing countries face. The report identifies critical gaps like lack of funding for adaptation, difficulties in leveraging private finance, and capacity constraints. We must address these challenges head-on to put the world on track for net zero and climate-resilient development.
We ( Green Climate Fund) are addressing many of these challenges from its journey. We are uniquely positioned, with its mandate to promote paradigm shift towards low-emission and climate-resilient communities.
The GCF aims to mobilize #50by30 with a 50:50 balance for mitigation and adaptation to support our most vulnerable countries, especially SIDS, LDCs and African states. Enhanced direct access will allow developing countries to access funding based on national priorities. The GCF also scaled up efforts to catalyze private climate finance.
Along with ramped-up funding, the GCF boost policy engagement, capacity building, and coordination with other development partners. This comprehensive approach can enhance climate action in developing countries.
The time for action is now. We can work towards a climate-resilient world for all with bold collective action.
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Bapon (SHM) Fakhruddin, PhD 