APCW side event: Needs-based Finance (NBF): Mobilization for Scaled-up Regional Climate Action - Consultation Session and Peer Exchange

In 2017 and 2021, the COP requested the UN Climate Change secretariat to explore ways and means to assist developing country Parties in assessing their climate finance needs and priorities, in a country-driven manner and to translate these needs into action (Long-term finance decision 6/CP.23, para 10; Long-term finance decision 4/CP.26, para 22). The secretariat was also requested by the CDM Executive Board to facilitate the financing of projects and use of the CDM by international finance institutions, as requested by the CMP (3/CMP.1, Annex, para B 4(d), para C 5(i); 6/CMP.11, para 8; 12/CMA.1). In response to these mandates the UN Climate Change secretariat launched the Needs-based Finance (NBF) project with the objective of facilitating access and mobilization of climate finance for the implementation of priority mitigation and adaptation projects to address the needs identified by developing countries. Specifically, the project aims to empower developing countries to assess their climate finance requirements, set their priorities through the development of a strategy, and translate these needs into actionable solutions by creating a project pipeline and mobilizing climate finance. The NBF project is being implemented as regional projects and national projects in over 96 countries.

Given the strategic opportunity that Asia-Pacific Climate Week provides to further support developing countries access climate finance, a side event is being organized to raise awareness about the NBF project among stakeholders and to promote knowledge exchange on lessons learned and suggestions for improvement on the NBF projects. It will showcase how NBF participants have benefited from the project and also seek inputs as to how NBF projects can better support countries’ ambition. Additionally, a consultation session for the draft project ideas will be conducted to advance the project ideas from Southeast Asia and LDC Asia.