Germany and Spain allocate $100 million to support countries fighting the effects of climate change
Kyiv • UNN
Germany and Spain have announced joint funding of $100 million for a new climate change adaptation program aimed at helping developing countries. The funds will be channeled through the Climate Investment Funds, a multilateral mechanism of the World Bank.
At the UN climate summit COP30 in the Brazilian city of Belém, Germany and Spain announced joint funding of $100 million for a new climate change adaptation program aimed at helping developing countries. This was reported by Bloomberg, writes UNN.
Details
The funds will be channeled through the Climate Investment Fund – a $13 billion multilateral mechanism of the World Bank. The new initiative, called ARISE (Accelerating Resilience and Innovation for a Sustainable Economy), aims to help vulnerable states "turn climate risk into opportunity" and strengthen their "adaptive capacity."
Building climate resilience is too big an opportunity to ignore
According to her, this challenge "requires a new type of response."
The program will focus on integrating climate resilience into economic strategies, attracting financing from multilateral development banks, climate funds, and the private sector.
According to estimates by the UN Environment Program, developing countries will need up to $365 billion annually by 2035 to adapt to climate change – several times more than current aid volumes.