Trees and forests: An investment in climate resilience

06 – 18 November 2022, Sharm el Sheikh, Egypt

Stakeholder consultation on the Adaptation Benefits Mechanism

In response to Egyptian COP27 Presidency’s call for new initiatives that support adaptation action on the ground and private sector engagement, the African Development Bank (AfDB) in collaboration with the European Bank for Reconstruction and Development (EBRD) other international organizations and African governments, are launching a stakeholder consultation on the operationalization of the Adaptation Benefits Mechanism. This is a new global instrument for mobilizing public and private sector finance for activities enhancing the resilience of vulnerable communities and ecosystems.

The Adaptation Benefits Mechanism has been proposed under Article 6.8 of the Paris Agreement as a global cooperative non-market approach to address access to  adaptation finance. It also anticipates the need for new instruments to meet the growing demand for reliable measurable, quantified and verified information on adaptation and adaptation finance that can be used for transparency and reporting. Such information is currently scarce.

The African Development Bank is inviting pledges to the AABF at COP27 from pioneering donor countries, credible private sector entities, philanthropies, climate funds and other contributors. The European Bank for Reconstruction and Development intends to work together with the African Development Bank on financing the development of Adaptation Benefits Mechanism projects in North Africa.

The objectives of this event are to inform stakeholders of the progress to date with the development and piloting of the Adaptation Benefits Mechanism and seek views and feedback from stakeholders on progress to date and future steps.