The majority of this, 20 million euros, goes to the “Adaptation Fund”. This fund supports specific adaptation projects in countries in the global south that are particularly affected by the climate crisis. Twelve million euros are to go to the World Food Program for measures in the Sahel zone, the remaining three million to “CREWS – Climate Risk Early Warning Systems”. CREWS is a financing mechanism that funds projects in Least Developed Countries (LDCs) and Small Island Developing States (SIDS) to establish early warning services related to climate change.
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“Adaptation is important – but one thing is clear: If we do not fight the climate crisis, then the moment will come when adaptation is no longer possible. It is fossil fuels that are heating up our climate. That is why we are, above all, called upon to initiate a real energy transformation “Into renewables – and quickly and consistently out of fossils. This is the only way we can protect our only planet on which we all live,” emphasized Gewessler in her speech.
“Neglected stepchild at the world climate conferences”
“Adaptation to the consequences of the climate crisis has so far been the neglected stepchild of the world climate conferences. The international community continues to underestimate the extent of adaptation measures that will await us in the next few years and decades. The increased Austrian contribution is therefore an important step towards the goal of doubling adaptation financing,” said WWF climate spokesman Thomas Zehetner.
In view of the newly established fund for losses and damage at the beginning of COP28, it is now the turn of the Austrian government to join the international pioneers and make a contribution to this new fund, demanded WWF Austria. At the climate conference in Glasgow, the global community agreed to double adaptation financing, reminded Greenpeace. “Austria’s announced contribution of 35 million euros is a significant step towards bringing this promise to life. However, Austria is still yet to contribute to the financial pot for climate-related damage and losses,” says Jasmin Duregger, climate and energy expert at Greenpeace in Austria
To this end, the Ministry of the Environment announced in April this year that it would increase Austria’s contribution to the Green Climate Fund (GCF). The replenishment funds for the coming period from 2024 to 2027 will be increased to 160 million euros. In the current period it was 130 million euros. “Austria is thus the first country in the world to announce the restocking of the Green Climate Fund,” it said.