BACKGROUND

Established in 2010, the National Adaptation Plans (NAPs) serve as the primary instrument for climate adaptation and resilience building, as well as a foundation for mobilizing finance to implement adaptation actions. As more countries put in place their NAPs, the need for scaled-up efforts to secure adequate financing for the implementation of the countries’ identified policies, projects, and programmes becomes increasingly urgent. Meanwhile, CMA 5 called upon all Parties that have not yet done so to have in place their national adaptation plans, policies, and planning processes by 2025, and to have progress in implementing them by 2030.

According to the UNEP Adaptation Gap Report, adaptation finance needs are estimated at USD 215–387 billion per year by 2030, while current flows stand at only USD 28 billion (as of 2022). Innovative and novel sources and modalities of finance such as green bonds, climate resilience funds, carbon markets, and private sector investments, along with emerging mechanisms yet to be developed, hold significant potential to close the growing adaptation finance gap in the years ahead. Unlocking this potential requires creative thinking, the incubation of novel ideas, and the active engagement of non-traditional actors.

The UNFCCC Executive Secretary launched the NAP 3.0 initiative in April 2024. One of its key pillars is to position NAPs to attract financial support from a broad and diverse range of sources and modalities of adaptation finance.

OBJECTIVE

This event aims to accelerate the implementation of NAPs mobilizing diverse sources of finance. It will bring together countries and a range of financiers including development banks, private investors, philanthropic institutions, and innovative finance platforms, to explore practical approaches to fund NAP priority actions at scale.

FORMAT

Selected countries will present executive summaries of their NAPs, highlight key priorities for financing. This will be followed by quick round of reflections from selected partners to provide guidance on pathways they can explore to support the implementation of their adaptation priorities. Afterwards, a panel discussion will inform the participants on the various financing options, so that country teams can develop roadmaps towards financing their NAP.

AGENDA