Adaptation Fund Finances Projects in Cuba, Seychelles and Uzbekistan
26 February 2014: Following contributions from Germany, Switzerland, Norway and the Brussels Region, the Adaptation Fund has approved financing for US$17 million worth of projects in Cuba, Seychelles and Uzbekistan, all of which will be implemented by the UN Development Programme (UNDP).
The programmes had been previously approved, but were waiting for financing to be made available. The Cuban project will address coastal resilience in Artemisa and Mayabeque provinces by focusing on coastal erosion, flooding and salt water intrusion. It will also plant and rehabilitate large areas of mangroves. The Seychelles project will address water scarcity and seek to reduce flooding, in particular by increasing water harvesting capabilities.
In Uzbekistan, project finance will be used to improve weather monitoring and drought management, while increasing capacity for early warning and climate resilient agricultural systems.
The Adaptation Fund was established under the Kyoto Protocol and it is financed in part by government and private donors, as well as from a 2% share of proceeds of Certified Emission Reductions (CERs) issued under the Protocol's Clean Development Mechanism (CDM) projects. The World Bank serves as the interim trustee of the Adaptation Fund by invitation of the parties to the Kyoto Protocol. [Adaptation Fund Press Release]