Objectives international climate finance achieved
The Government of Flanders approved a package of 11.5 million euros for international climate finance. In total, the Government spends this year 15 million euros for international climate finance. As a result, the target of contributing 14.5 million euros annually is more than achieved.
Over the past three years, the Flemish engagement averaged more than 15 million euros per year. That is about half a million euros more than the target Flanders has committed to within the intra-Belgian burden sharing in the area of climate finance.
Approximately 10 of the 15 million euros of the commitments entered into in 2018 are additional to the budget for development cooperation. Five million euros comes from the provisioning reserve of the general expenditure budget. And almost five million comes from the Flemish Climate Fund that collects the sale of emission rights that are then reinvested in climate policy at home and abroad.
The 15 million euro international climate financing are allocated to:
- Green Climate Fund (5 million euros): This is the most important fund for international climate finance worldwide. The fund aims for an equal distribution between projects focussing on mitigation (limiting emissions) and adaptation (adapting to the consequences of climate change).
- Call for local projects South Africa 'Increasing Climate Resilience': In 2018, the government launched a call for local projects in South Africa that contribute to an increased climate resilience of the country. A total of 80 organizations submitted a project proposal. A joint evaluation committee of Flemish and South African representatives (the South African Department of Environmental Affairs) selected 7 projects, representing a total contribution of almost 7 million euros.
- UNDP Malawi (2.5 million euros): The supported project builds on the Flemish efforts to strengthen local administrative power in the area of climate resilience in 2 districts in Malawi. UNDP will support local communities in these districts in implementing adaptation measures.
- The collaboration between I-Propeller and Ashoka: The goal of the project is to help African social entrepreneurs making successful companies in the broad climate field. The project also provides active cooperation and exchange with Flemish companies. Flanders grants 600,000 euros for this innovative multi-actor partnership.