Developing countries rely on the availability of climate finance for their enhanced adaptation, as well as their mitigation actions and plans. As a result, finance communications based on forecasts or ex-ante climate finance should help developing countries understand what financial support to expect from developed countries. This information better enables countries to plan and enhance their ambition.
In recognition of this, Article 9, Paragraph 5 of the Paris Agreement mandates developed country parties to submit information every two years on ex-ante climate finance and encourages others providing support to do so voluntarily. This mandate, known as 9.5 communications, is part of a broader transparency framework and reporting modalities for climate finance. These communications are the only formal source of forward-looking climate finance information, making them essential tools for planning and enhancing ambition. This framework has evolved over time and aims to enhance tra
World Bank Group Announcements to Support Countries Take Climate Action
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WASHINGTON, Dec 10, 2020 - The World Bank Group today made several announcements in line with its ongoing support to help developing countries address climate change and adapt to its mounting impacts. These include:
Germany, the UK, and Austria are the first donors to a Green Recovery Initiative, which aims to help countries build a low-carbon, climate-resilient recovery from COVID-19. Funding will be provided through a new flagship World Bank trust fund, the Climate Support Facility which was launched today with an initial investment of $52 million from the German Federal Ministry of Economic Cooperation and Development, the UK s Foreign, Commonwealth and Development Office, and the Austrian Federal Ministry of Finance.