The Addis Ababa Action Agenda reaffirms decisions and agreements on climate finance made in the context of the United Nations Framework Convention on Climate Change (UNFCCC). It also calls for transparent methodologies in reporting climate finance. Related commitments on disaster risk and environmental resilience are also covered in a dedicated section on ecosystems.
The Addis Agenda specifically:
- Reaffirms existing climate finance commitments (US $100 billion annually from a wide variety of sources) by 2020
- Commits to support the most vulnerable in addressing and adapting to climate change
- Recognizes the need for transparent methodologies for reporting climate finance
- Welcomes GCF board decision to aim for a 50:50 balance between mitigation and adaptation over time and floor of 50 per cent of adaptation activities for LDCs, SIDS and African countries
- Encourages consideration of climate and disaster resilience in development financing to ensure the sustainability of development results
According to the Standing Committee on Finance of the United Nations Framework Convention on Climate Change (UNFCCC), climate-specific finance provided through bilateral and multilateral channels reported by developed countries to developing countries amounted to $38 billion in 2016. More recent estimates by the OECD signal an increasing trend in both public flows and mobilized private flows for climate action, including to LDCs and SIDS.19 Climate finance remains skewed towards mitigation compared to adaptation activities, except in the case of LDCs and SIDS where financing is more balanced.
As of November 2019, the Green Climate Fund had approved total funding of $5.6 billion for 124 projects and programmes, with co-financing of $15 billion. LDCs, SIDS and African States accounted for 25.0 per cent, 18.8 per and 39.2 per cent of approved projects, respectively.
Read the latest analysis by the Task Force here.
Relevant SDG indicator
- 13.a.1 Mobilized amount of United States dollars per year starting in 2020 accountable towards the $100 billion commitment
- 13.b.1 Number of least developed countries and small island developing States that are receiving specialized support, and amount of support, including finance, technology and capacity-building, for mechanisms for raising capacities for effective climate change-related planning and management, including focusing on women, youth and local and marginalized communities