Letter of Intent to Guide Joint Adaptation Efforts of the Climate Investment Funds and Global Center on Adaptation
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harm El-Sheikh, Egypt, 10th November 2022 –The Climate Investment Funds (CIF) and the Global Center on Adaptation (GCA) today launched a new collaboration to strengthen climate resilience and accelerate adaptation action.
The Letter of Intent (LoI) between CIF and GCA provides a framework for cooperation on their shared objectives. CEO of CIF, Ms. Mafalda Duarte, and CEO of GCA Prof. Dr. Patrick Verkooijen, signed the LoI at the GCA Pavilion at COP27 on Science Day and Youth and Future Generations Day celebrated today at COP27.
CIF and GCA plan to cooperate by exchanging information, knowledge and lessons learned on supporting climate resilient development in low- and middle-income countries. The organizations will conduct joint activities to promote adaptation action in areas such as youth entrepreneurship and Nature-based Solutions. They also plan to collaborate on regional and country specific technical and capacity building activities, participate in high-level and technical meetings, and undertake outreach and communication activities on issues of common interest.
CIF is already actively involved with GCA as one of its partners in the African Youth Adaptation Solutions Challenge (YouthADAPT Challenge). On Youth and Future Generations Day, the YouthADAPT Challenge held its Awards Ceremony at the Africa Pavilion. The YouthADAPT Challenge is an annual competition organized by the African Development Bank, CIF and GCA as part of the Africa Adaptation Acceleration Program (AAAP). The focus on youth entrepreneurship as part of the AAAP aims to strengthen inclusive growth, catalyze sustainable job creation, and boost youth-led innovation in Africa. Through the YouthADAPT Challenge, winners receive business grants of up to $100,000 each and participate in a 12-month business accelerator program to help them scale their businesses.
The AAAP aims to mobilize $25 billion by 2025 to implement and accelerate climate adaptation action across the African continent. Since 2021, the AAAP’s Upstream Financing Facility has mainstreamed climate adaptation in over $3.5 billion in investments in 19 countries.
About the Climate Investment Funds
The Climate Investment Funds (CIF) is one of the world’s largest and most ambitious multilateral climate funds. It was established in 2008 to mobilize finance for low-carbon, climate-resilient development at scale in developing countries. contributor countries have pledged over $10 billion to the funds. To date CIF committed capital has mobilized more than $62 billion in additional financing, particularly from the private sector, in 72 countries. CIF’s large-scale, low-cost, long-term financing lowers the risk and cost of climate financing. It tests new business models, builds track records in unproven markets, and boosts investor confidence to unlock additional sources of finance.
About the Global Center on Adaptation
The Global Center on Adaptation (GCA) is an international organization which works as a solutions broker to accelerate action and support for adaptation solutions, from the international to the local, in partnership with the public and private sector. Founded in 2018, GCA operates from its headquarters in the largest floating office in the world, located in Rotterdam, the Netherlands. GCA has a worldwide network of regional offices in Abidjan, Cote d’Ivoire; Dhaka, Bangladesh and Beijing, China.
Contacts:
Alex Gee
Head of Communications
Global Center on Adaptation
alex.gee@gca.org
Chinedu Moghalu
Senior Communication Advisor to the CEO
Global Center on Adaptation
chinedu.moghalu@gca.org
