Unlocking finance: how coastal adaptation and nature-based solutions could meet funding criteria
A new publication has been launched to help unlock finance for coastal and marine nature-based solutions through the Green Climate Fund (GCF) by means of high-quality proposals.
The publication, called Coastal Adaptation and Nature-based Solutions for the Implementation of NAPs: Considerations for the GCF Proposal Development intends to provide guidance to developing countries on accessing finance for the implementation of coastal and marine nature-based solutions to increase their resilience to extreme climatic events.
Ocean and climate issues are often intertwined, particularly for Least Developed Countries (LDCs) and Small Island Developing States (SIDS). Coastal and marine nature-based solutions play a significant role in boosting the resilience of developing countries, especially for LDCs and SIDS.
The publication is timely given that a number of countries have communicated their intentions to increase efforts to adapt ocean ecosystems to promote sustainable development while safeguarding oceans. Measures are focused on investing in ocean and the ‘blue’ economy and protecting marine and coastal ecosystems, with a focus on coral reefs and mangrove restoration. These solutions have a clear role for coastal protection and prevention of coastal erosion as well as lessening the impacts from severe weather events.
Unlocking financing is necessary to support developing countries to implement and strengthen their climate commitments and resilience needs. The GCF is an important source of grants and concessional finance for coastal and marine nature-based solutions.
Enabling the capacity of LDCs and SIDS to develop high-quality proposals is needed to unlock access to funding for nature-based solutions, including ecosystem-based adaptation. The publication clarifies the entry points and financial instruments to enhance access to coastal and marine nature-based solutions opportunities in the GCF. It also provides a specifically coastal ecosystem-based adaptation and nature-based solutions lens that takes into account the GCF’s funding requirements and priorities as well as the standards that ensure environmental integrity of nature-based approaches in coastal zones.
The publication also contributes towards addressing the gaps and needs related to the process to formulate and implement National Adaptation Plans (NAPs), particularly those related to accessing financial and other support. NAPs provide countries with the opportunity of formulating and capturing medium- and long-term resilience-building needs and developing and implementing strategies and programmes to address those needs.
The Nairobi work programme (NWP), UNFCCC knowledge-to-action hub on adaptation and resilience, expert group on oceans prepared the publication. Additionally, the UNFCCC LDC Expert Group (LEG) and the GCF secretariat provided inputs. The publication aims to complement the GCF’s upcoming Sectoral Guidelines for Ecosystems and Ecosystem Services (EES). This is one of the collaborative actions of the NWP expert group on oceans, a group with a purpose to fill knowledge gaps that will support countries in strengthening the nexus between climate action and the ocean, coastal areas and ecosystems.