Alignment: A key element of successful financing strategies for climate change adaptation
The number of financing strategies for adaptation has grown in recent years, and many developing countries are accessing support for their preparation through the Green Climate Fund.
More than just a document, a financing strategy for adaptation is a series of actions that will allow a country to secure funding for its adaptation priorities from national and international sources of finance—both public and private.
Encouraging alignment between a country's financing strategy for adaptation and other relevant strategies can help governments adopt a coordinated strategic approach that considers the best use of public and private finance across sectors.
Making the link between financing strategies for adaptation and a country’s other financing plans and strategies can provide multiple benefits, such as
- improved understanding across government of the costs and benefits of adaptation actions that contribute to other national priorities;
- consistent messaging to international development partners;
- an expanded number of ministries and development partners working through various channels to increase financing for adaptation priorities; and
- ensuring that the strategy has an impact—and that it does not remain a document prepared by the ministry responsible for climate change that is not taken up by stakeholders.
Overall, aligning financing strategies for adaptation with financing plans for other priorities facilitates stronger prioritization, resource mobilization (domestic and international), and monitoring and evaluation of the impacts of financing for adaptation. Common adaptation priorities across strategies can encourage political buy-in with finance, planning, and line ministries and encourage the integration of climate adaptation actions into public budgeting and planning at the national and subnational levels. Ideally, a financing strategy for adaptation can help us get to the point where all investment considers climate change risks—incentivizing the financing of adaptation action that ensures the achievement of national development goals in a changing climate.
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