Yesterday, during the high-plenary session at COP26, the EU annouced a €100 million pledge for the Adaptation Fund to help Member States achieve climate adaptation objectives.
The Adaptation Fund was established under the Kyoto Protocol of the UN Framework Convention on Climate Change. It is financed largely by government and private donors, and also from a two percent share of proceeds of Certified Emission Reductions (CERs) issued under the Protocol’s Clean Development Mechanism projects.
The Adaptation Fund is first addressed to the most vulnerable countries, i.e. Least Developed Countries and Small Island Developing States, to help them implement the 2015 Paris climate change agreement.