"France is one of the largest contributors to adaptation finance in the world. We provide at least 6 billion euros in climate finance every year, and a third of it goes to adaptation," said French Energy Minister Olga Givernet during the panel meeting held in Baku within the framework of the Preliminary Conference of the Parties on Climate Change (Pre-COP29), APA reports.
The French minister said that we have allocated 2.5 billion euros for adaptation in 2022 through the Green Climate Fund, the Adaptation Fund and the Least Developed Countries Fund: "Our Development Agency has developed a special mechanism called AdaptAction, which provides grants for technical assistance and capacity building to many vulnerable countries. It helps them develop their national adaptation plans to attract adaptation finance. Since its launch in 2017, this mechanism has leveraged almost €700 million of sustainable investment. For example, we have agreed a €1 billion adaptation pact with Bangladesh, based on the Bangladesh National Adaptation Plan, which demonstrates the benefits of adaptation planning and investment together. We also learned that the scale of investment needed for adaptation requires the mobilization of all resources. That's why we need to turn to multilateral development banks, as well as private, institutional investors, innovative financial instruments and mechanisms."