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. It was also revealed that a new Call for Proposals 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 ideas. 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, transport and agriculture. As highlighted in the IEA Breakthrough Agenda Report 2022 [1], these sectors cumulatively account for more than 40 GtCO2e, or 67% of global annual GHG emissions. This narrowed focus will ensure that the NAMA Facility, 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.
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.
Building on the success of the Ambition Initiative Calls in driving more ambitious climate action, the 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.
As a valuable knowledge and learning hub, the NAMA Facility, the future Mitigation Action Facility, expands its reach, disseminates lessons learnt and tackles frontier challenges in priority sectors through monitoring, evaluation and learning.
QUOTES
Germany: new name, new Call and continuity
UK: future direction and priority sectors
“As the NAMA Facility enters its second decade of driving ambitious climate action, the Technical Support Unit as the portfolio manager is keen to continue supporting our Board and project proponents alike. We are excited to further increase our reach and impacts through simplified application processes, additional means of project development support and advice to projects to contribute to NDC implementation.” – Dr. Sören David, Head of the NAMA Facility’s Technical Support Unit.