NAMA Facility announces name change
NAMA Facility announces name change to Mitigation Action Facility and focus on priority sectors energy, industry and transport from 2023.
At the 27th Conference of Parties (COP27) held in Sharm El-Sheikh, Egypt, the NAMA Facility presented its new name, the Mitigation Action Facility, restating its decade-long commitment to fund ambitious climate solutions in partner countries in line with the Paris Agreement while shifting toward driving decarbonisation in priority sectors.
“The new name reflects the vision for the Mitigation Action Facility to become a key vehicle for the implementation of ambitious mitigation goals in the context of the Paris Agreement and UNFCCC. As a multi-donor funding programme, we encourage interested governments to join the Mitigation Action Facility and our objective to drive decarbonisation for net zero emissions,” said State Secretary Wenzel, German Federal Ministry for Economic Affairs & Climate Action (BMWK).
It was also revealed that a new Call for Projects will be launched in the first half of 2023, with a funding volume comparable to previous Calls of the NAMA Facility. The Call will offer a simplified application process inviting public and private actors to submit project concepts. Remaining agile, high-impact and country-driven, the Facility enters a new phase as a go-to platform for technical support and climate finance reflecting the evolution in the international climate finance architecture.
With the new Call, the future Mitigation Action Facility will refine its approach to competitive Calls focusing on transformational climate mitigation projects in the priority sectors, energy, industry and transport. As highlighted in the IPCC’s Sixth Assessment Report, these sectors cumulatively account for more than 40 GtCO2e, or 67% of global annual GHG emissions. This narrowed focus, aligned with the Breakthrough Agenda Report recommendations, will ensure that the future Mitigation Action Facility is targeted to leverage the most relevant financial investments to accelerate global decarbonisation efforts. The Facility will equally welcome cross-sectoral projects linked to one of the priority sectors.
Building on the success of the Ambition Initiative Calls in driving more ambitious climate action, the future Mitigation Action Facility will continue to demonstrate alignment with Nationally Determined Contribution (NDC) implementation and long-term strategies (LTS) as well as the UNFCCC process. Aligning with the Breakthrough Agenda’s 2030 goal to improve the affordability, accessibility and attractiveness of clean technologies and sustainable practices through the provision of technical and financial assistance, the Facility will continue to provide grant-based funding for projects that combine technical assistance and financial cooperation targeting market-based, sustainable and scalable financial mechanisms supporting partner countries in achieving their climate goals.
As a valuable knowledge and learning hub, the future Mitigation Action Facility will expand its reach, disseminate lessons learnt and tackle frontier challenges in priority sectors through monitoring, evaluation and learning.
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