UNDP, June 1, 2021
The European Union announces EUR 10 million to boost community-led innovative adaptation solutions
The European Union has announced EUR 10 million for the United Nations Development Programme (UNDP)-led Adaptation Fund Climate Innovation Accelerator.
The funding builds on a multi-partner project, the ‘Adaptation Fund Climate Innovation Accelerator,’ launched in November 2020 with an initial US$10 million grant from the Adaptation Fund, and will support local entrepreneurs in developing countries to grow their innovative resilience-building solutions into viable business model that attract commercial financing.
UNDP will blend comparative strengths of the two partners in the project – UN Environment and the Climate Technology Centre and Network – and provide not only grant funding for incubating ideas but also capacity-building in business skills, technical support, and advocacy support.
“Emerging from the multiple extreme weather disasters and the COVID-19 pandemic last year, we heard a great many stories of grassroots resilience, proactiveness and solidarity – these were both inspiring and instructive, casting a light on the role of local people in responding to immediate crises,” said Haoliang Xu, Assistant Administrator and Director of the Bureau for Policy and Programme Support, UNDP. “With this in mind, and with the support from the EU and the Adaptation Fund, we hope to make innovation, finance and technical support much more accessible to local stakeholders, placing them at the heart of our work to climate change resilience.”