{"id":24131,"date":"2024-06-20T16:34:15","date_gmt":"2024-06-20T21:34:15","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=24131"},"modified":"2024-06-20T16:36:59","modified_gmt":"2024-06-20T21:36:59","slug":"climate-and-biodiversity-funds-complementarity","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2024\/06\/20\/climate-and-biodiversity-funds-complementarity\/","title":{"rendered":"Lessons learned: New climate and biodiversity funds don’t need to start from scratch"},"content":{"rendered":"

By <\/span><\/span>Juan Pablo Hoffmaister<\/span><\/span><\/a>, <\/span>Associate <\/span>Vice President, Global Climate Cooperation<\/span>, and Zach Cohen, Senior Analyst, Global Climate Cooperation<\/span><\/span>\u00a0<\/span><\/p>\n

As we face the triple planetary crisis of climate change, air pollution, and biodiversity loss, the need for urgent and united action is undeniable. Addressing these linked challenges demands more than just ambition\u2014it requires collaboration, guided by the principle of <\/span>complementarity<\/span><\/b><\/a>. This approach emphasizes working together in harmony to achieve greater effectiveness and sustainability in our efforts to protect the planet.<\/span>\u00a0<\/span><\/p>\n

Complementarity refers to coordinating activities and resources to achieve a common goal, and has emerged as a key tactic for strengthening the effectiveness of climate action. In recent years, major climate funds and agencies have sought to identify synergies between their work, to maximize the potential of limited resources and make the biggest impact.<\/span>\u00a0<\/span><\/p>\n

Strengthening complementarity is more important now than ever, with the launch of new funds like the Loss and Damage Fund (L&D Fund) and the Kunming-Montreal Global Biodiversity Framework Fund (GBFF). These funds will play a significant role in providing urgently needed finance for both people and nature \u2013 and they have strong mandates to do so in partnership with other funds<\/span>. As the funds become operational, they should build upon the successes of existing coordination initiatives to accelerate transformative climate action.<\/span>\u00a0<\/span><\/p>\n

Learning from the Climate Finance Ecosystem<\/span><\/b>\u00a0<\/span><\/p>\n

Major climate and environmental funds like the Adaptation Fund (AF), Climate Investment Funds (CIFs), Global Environment Facility (GEF), and Green Climate Fund (GCF) have integrated principles of complementarity into their work. In doing so, these funds have benefited from <\/span>bolstered coordination<\/span><\/b>, <\/span>mutual learning<\/span><\/b>, and <\/span>shared project development.<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

For example, the GEF and the GCF have collaborated on the Great Green Wall Initiative in the Sahel region. <\/span>This collaboration has allowed them to strategically plan and implement projects, enhancing their climate adaptation efforts.<\/span>\u00a0<\/span><\/p>\n

These established roadmaps of cooperation offer invaluable insights for the nascent L&D Fund and GBFF. A new factsheet from EDF details three ways for how these new funds can draw lessons on working collaboratively across the climate and environmental finance landscape:<\/span>\u00a0<\/span><\/p>\n

Planning and Programming: <\/span><\/b>For these funds to effectively contribute to shared climate and biodiversity goals, it will be important to have investment strategies that align with global environmental frameworks. This can be done by:<\/span>\u00a0<\/span><\/p>\n