President Edgar Lungu says Least Developed Countries (LDC) are concerned with delayed funding towards technically cleared projects for climate adaptation under the climate finance programme.
President Lungu raised the concern when he made a key note statement on behalf of Least developed Countries group during the high level ministerial dialogue on climate finance under the theme ‘Approach to Mobilisation and Delivery of Adaptation Finance.’
He noted that climate change threatens the survival of millions of poor and vulnerable people in least developed countries.
“For the millions of poor and vulnerable people our countries represent, climate change threatens their very lives and livelihoods. Therefore adaptation to the impacts of climate change is a priority for our countries and must be a key component of the long term global response to climate change,” he said.
President Lungu said through adaptation, countries will be able to reverse the impact of climate change on the environment.
“Through adaptation efforts, the least developed countries will be able to restore the degraded ecosystems and increase our adaptive capacities, strengthen resilience and reduce vulnerability to climate change,” the President said.
He lamented that although developed countries are required under the Paris Convention to provide financial resources in meeting costs regarding climate adaptation, least developed countries such as Zambia are being left with little support leading to neglect of adaptation needs.
President Lungu said although LDCs have come up with National Adaptation Plans (NAPs) towards adaptation to the impacts of climate change, access to financial resources for the formulation and implementation of NAPs has been a challenge.
“We also face challenges in accrediting national entities for direct access to funding and this has created delays in accessing funds for preparatory support that is already available under the Green Climate Fund,” he said.
He said parties have to-date failed to agree on a quantified goal for adaptation finance to mobilise sufficient resources to scale up adaptation finance to levels needed.
President Lungu observed that there is low allocation of funding allocated to adaptation a development he said is a strain on LDCs and makes it difficult to attract private sector participation to support adaptation actions.
He said LDCs look forward to receiving new predictable, scaled up and sustainable resources for adaptation actions, pointing out that enhanced resilience to climate impacts will allow countries to transition to low greenhouse gas economies which will in turn reduce the need for adaptation finance in future.