The European Commission has said it would support Africa with the sum of €1 billion to help fund climate change adaptation and resilience.
The program aims to improve cooperation between the EU and the African Union. It will “bring together existing and new” climate change adaptation programs.
This was disclosed in a Press Release from the European Commission.
It further stated that the four pillars of the project would be improving early-warning systems, developing and implementing climate “risk finance and insurance” systems, improving public sector readiness and international funding of climate adaptation projects, and more funding for data-driven risk assessment projects designed to improve responses.
“It would be funded by the EU and governments of Germany, France, Denmark and the Netherlands, adding that other countries would be welcome to join the initiative.
“The fund’s size was a starting point and that a small share of it, around €60 million, would be earmarked for ‘loss and damage’ spending.”
The Press Release also stated that it would “present ideas on how to bring take loss and damage negotiations forward” at the UN’s 5COP27 Climate Summit.
However, this came as leading politicians diluted hopes for a broad agreement on the idea of a global fund to compensate developing countries suffering the effects of climate change in Sharm el-Sheikh this year.