Bonn, 11 June 2015: The UN climate change negotiations in Bonn are ending today, and the Least Developed Countries (LDCs) group remain concerned over the serious funding gap for vital and urgent climate-adaptation projects for the world’s most vulnerable communities. They also express disappointment for a lack of commitment to a more ambitious temperature goal in the context of a new, legally-binding agreement to be adopted in Paris this December.
Last week, the 18th Meeting of the Least Developed Countries Fund (LDCF) Council closed without any new pledges – the first time this has happened since the fund’s inception in 2001.
The Fund remains empty while there is an increasing number of bankable projects ready to be implemented. To date, there are 29 projects approved projects for which the Fund does not have necessary resources.
The LDCF, established to assist the LDCs in implementing their National Adaptation Programs of Action (NAPAs), plays a vital climate finance role as the sole instrument for LDCs. As it stands, the 48 countries hardest hit by climate change and least capable to cope with its effects, face the most challenges in accessing climate finance.
The Chair of the LDC Group at UN climate change negotiations, Mr. Giza Gaspar-Martins of Angola said: Read the rest of this entry »