Periodic Reporting for period 1 - CLIMATEFIT (Resilient CLIMATE Financing and Investment Taskforces)
Periodo di rendicontazione: 2023-09-01 al 2024-08-31
Climate adaptation investments must be substantially scaled up. Public budgets will not be able to address the adaptation financing challenge alone, financing from the private sector will also be necessary. CLIMATEFIT contributes to bridging the adaptation finance gap by providing critical insight and building the capacities of Public Authorities (PAs) to attract and orchestrate various public and private funding & financing sources, and of Financing and Investment Entities (FIEs) to discover and access resilient investment opportunities.
CLIMATEFIT experiments on 20 territories in Southern, Eastern and Northwestern Europe in their transformational pathways towards climate resilience. The journey has started by taking stock of funding & financing barriers and enablers gathered in the Adaptation Financing Landscape. CLIMATEFIT is currently creating a Manual for leveraging finance to: 1) co-design 20 innovative investment strategies allowing to identify sources of financing; 2) develop 10 credible and scalable investment plans to help better negotiate and articulate financing streams and define investment concepts, and; 3) pilot 4 bankable, tailored investment cases.
CLIMATEFIT is also building a pathway for FIEs to accelerate finance, test refined methods to reward adaptation investment and apply smart adaptation funding and financing solutions. It is establishing Local Resilience Taskforces (LRTs) composed of PAs and FIEs that propose a catalytic and systemic approach to resilience financing. Finally, CLIMATEFIT aims to boost adaptation finance in Europe by consolidating the dynamics in LRTs, and to promote and scale its innovative results through the European Network of LRTs and its user-oriented One-Stop Shop.
CLIMATEFIT experiments on 20 territories in Southern, Eastern and Northwestern Europe in their transformational pathways towards climate resilience. The journey has started by taking stock of funding & financing barriers and enablers gathered in the Adaptation Financing Landscape. CLIMATEFIT is currently creating a Manual for leveraging finance to: 1) co-design 20 innovative investment strategies allowing to identify sources of financing; 2) develop 10 credible and scalable investment plans to help better negotiate and articulate financing streams and define investment concepts, and; 3) pilot 4 bankable, tailored investment cases.
CLIMATEFIT is also building a pathway for FIEs to accelerate finance, test refined methods to reward adaptation investment and apply smart adaptation funding and financing solutions. It is establishing Local Resilience Taskforces (LRTs) composed of PAs and FIEs that propose a catalytic and systemic approach to resilience financing. Finally, CLIMATEFIT aims to boost adaptation finance in Europe by consolidating the dynamics in LRTs, and to promote and scale its innovative results through the European Network of LRTs and its user-oriented One-Stop Shop.
In WP1, an Adaptation Investment Landscape (AIL) was produced, focusing on barriers and drivers for adaptation finance from both financial entities and public authorities. The AIL included mapping of the supply and demand approaches in EU territories, identifying key actors and existing Adaptation Funding and Financing Solutions (AFFS); financial and investment entities' (FIEs) perspectives and maturity; and best practices in EU and international climate financing.
In WP2, level 1 training for both PAs and FIEs was delivered, and preparatory work started on Level 2 and train-the-trainer sessions. A joint WP2-WP3 taskforce defined a unique approach and documentation for PA's investment planning. Efforts to apply the investment strategy methodology to 20 territories are ongoing.
WP3 started developing a methodology for 10 PAs to create investment plans. Key stakeholders were engaged in co-designing processes. The team refined methods to assess revenue streams for resilience investments.
WP4 engaged stakeholders in 4 lead territories for Local Resilience Taskforces (LRTs). Preparatory work for climate finance integration and testing of Investment Concepts and AFFSs has started.
WP5 drafted a guidance and application form for a public call for replication of CLIMATEFIT approaches. Synergies with WP4 on LRTs were highlighted, and a timeline for workshop consolidation was developed.
In WP6, a Policy White Paper to guide PAs and FIEs on unlocking adaptation finance was drafted, analyzing EU adaptation policy and finance frameworks. An Exploitation & Upscaling Plan was also created; and collaboration with related projects, particularly Pathways2Resilience, was activated, contributing to working groups on adaptation and climate finance.
WP7 focused on project coordination, internal communication, and quality control. Most deliverables and milestones were submitted on time, except for a few which received short extensions. Monthly meetings among WP leaders and between the coordination team and the EU project officer ensured proper monitoring and reporting. Two consortium meetings took place. A new FIE Engagement Lead (FEL) role was introduced, and an Advisory Board was established.
In WP2, level 1 training for both PAs and FIEs was delivered, and preparatory work started on Level 2 and train-the-trainer sessions. A joint WP2-WP3 taskforce defined a unique approach and documentation for PA's investment planning. Efforts to apply the investment strategy methodology to 20 territories are ongoing.
WP3 started developing a methodology for 10 PAs to create investment plans. Key stakeholders were engaged in co-designing processes. The team refined methods to assess revenue streams for resilience investments.
WP4 engaged stakeholders in 4 lead territories for Local Resilience Taskforces (LRTs). Preparatory work for climate finance integration and testing of Investment Concepts and AFFSs has started.
WP5 drafted a guidance and application form for a public call for replication of CLIMATEFIT approaches. Synergies with WP4 on LRTs were highlighted, and a timeline for workshop consolidation was developed.
In WP6, a Policy White Paper to guide PAs and FIEs on unlocking adaptation finance was drafted, analyzing EU adaptation policy and finance frameworks. An Exploitation & Upscaling Plan was also created; and collaboration with related projects, particularly Pathways2Resilience, was activated, contributing to working groups on adaptation and climate finance.
WP7 focused on project coordination, internal communication, and quality control. Most deliverables and milestones were submitted on time, except for a few which received short extensions. Monthly meetings among WP leaders and between the coordination team and the EU project officer ensured proper monitoring and reporting. Two consortium meetings took place. A new FIE Engagement Lead (FEL) role was introduced, and an Advisory Board was established.
In WP1, CLIMATEFIT provided critical resources for capacity building, co-creation of AFFS, and delivery of policy recommendations. It supported other EU projects by sharing insights on climate adaptation finance challenges, barriers, and the investment landscape in specific countries. WP1’s results help inform projects in similar territories, offering international best practices for innovative finance solutions. Its innovative tools, such as maturity assessments, can be adopted to measure PAs' and FIEs' capacity to access and manage adaptation finance. These tools and insights play a significant role in strengthening local adaptation finance and building a more cohesive approach to climate adaptation.
In WP2, the Level 1 training explored the nexus of climate change, finance, and adaptation strategies. The investment strategy methodology, defined by 10 modules, provides practical guidance to prioritize investments. Modules will be further developed.
WP3 focuses on translating investment strategies into actionable, financially sound plans. By fostering public-private collaboration, it enables scalable climate projects and promotes innovation in financial instruments, helping to unlock new financing avenues.
WP4 has started establishing Local Resilience Taskforces (LRTs) in four territories, enhancing collaboration and realising investment cases for climate adaptation. These models can be replicated across Europe, driving increased adaptation finance.
WP5 strengthens the role of a EUNLRT in driving climate adaptation finance and awareness. Through the European Network and One-Stop Shop, its findings help scale innovative adaptation finance solutions across regions.
The Policy White Paper produced in WP6 provides insights to climate adaptation and contributes to establishing the enabling conditions to unlock public and private financing for new adaptation investment opportunities.
In WP2, the Level 1 training explored the nexus of climate change, finance, and adaptation strategies. The investment strategy methodology, defined by 10 modules, provides practical guidance to prioritize investments. Modules will be further developed.
WP3 focuses on translating investment strategies into actionable, financially sound plans. By fostering public-private collaboration, it enables scalable climate projects and promotes innovation in financial instruments, helping to unlock new financing avenues.
WP4 has started establishing Local Resilience Taskforces (LRTs) in four territories, enhancing collaboration and realising investment cases for climate adaptation. These models can be replicated across Europe, driving increased adaptation finance.
WP5 strengthens the role of a EUNLRT in driving climate adaptation finance and awareness. Through the European Network and One-Stop Shop, its findings help scale innovative adaptation finance solutions across regions.
The Policy White Paper produced in WP6 provides insights to climate adaptation and contributes to establishing the enabling conditions to unlock public and private financing for new adaptation investment opportunities.