COP29: International cooperation on adaptation for NDCs - non-market approaches under Article 6.8

Most developing countries have included in their NDCs their national needs and priorities for adaptation, largely depending on international cooperation and support to meet them. Article 6.8 of the Paris Agreement offers an opportunity for introducing non-market mechanisms for, among others, international cooperation on adaptation and resilience. This event will feature two such mechanisms designed to contribute to the implementation of the adaptation component of NDCs, provide information on participation, funding options and linkages with other non-market mechanisms and reflect on the experiences of host countries. The African Development Bank (AfDB) is piloting the Adaptation Benefits Mechanism (ABM) in Africa since 2019. It is an innovative financing mechanism for enhancing the resilience of vulnerable communities and ecosystems. It certifies the multiple benefits and co-benefits of adaptation action and monetises them through a results-based approach, creating new revenue streams to realise adaptation projects, which would otherwise not be feasible. The Local Climate Adaptive Living Facility (LoCAL) designed and managed by the UN Capital Development Fund (UNCDF), is a standard internationally recognized mechanism that helps local government authorities in developing and least developed countries access the climate finance, capacity building and technical support they need to respond and adapt to climate change.