GCA working with the International Monetary Fund to integrate adaptation into the Resilience and Sustainability Facility for Madagascar
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otterdam, the Netherlands, 25 June 2024 – The Global Center on Adaptation (GCA) announced today that is providing technical assistance to the International Monetary Fund (IMF) to enhance adaptation in Madagascar through its Enhanced Cooperation Framework for Scaled-Up Climate Action.
Madagascar, one of the countries most vulnerable to climate change, will be the first to benefit from this Framework in the context of the Resilience and Sustainability Facility (RSF) arrangement approved by the IMF Executive Board. The World Bank Group (WBG) is also actively engaged in addressing climate change in the country. Key areas of focus for the coordinated efforts among the Malagasy authorities, the IMF, and the WBG include promoting green and resilient investments and adaptation interventions that deliver immediate development benefits.
The RSF will support Madagascar’s efforts to integrate climate considerations into policymaking, complementing the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) in bolstering overall socio-economic resilience. The identified RSF reform measures build on Madagascar’s national adaptation plan and existing diagnostics, including the IMF’s Climate Public Investment Assessment (C-PIMA) and the World Bank’s Country Climate and Development Report (CCDR). The Global Center on Adaptation has been leveraging its expertise to strengthen climate adaptation measures within the RSF policy framework. In consultation with the IMF, GCA will identify additional areas for technical assistance to support the government implementing these policy measures effectively.
Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, commenting on the announcement said: “Adapting to the impacts of climate change is essential for Madagascar’s long-term macroeconomic resilience. By integrating climate adaptation into the Resilience and Sustainability Facility, we are not only addressing the immediate environmental threats but also laying the groundwork for sustainable economic growth. Madagascar’s adoption of a national climate finance mobilization strategy will significantly enhance its ability to attract climate-related investments, which are crucial for building resilient infrastructure and communities. The collaboration between the IMF, World Bank Group, and GCA aims to create a robust, country-led platform that can effectively mobilize additional programmatic and project climate financing. This will help ensure that Madagascar is well-equipped to face future climate challenges and seize opportunities for green growth.”
As one of the key measures included in the RSF, Madagascar will adopt a national climate finance mobilization strategy to strengthen its position as an attractive destination for climate-related investments. The IMF and WBG stand ready to support a country-led platform to mobilize additional programmatic and project climate financing that could be implemented in 2025, in coordination with all financers and multi-lateral development banks.
Notes to Editors
About the Global Center on Adaptation
The Global Center on Adaptation (GCA) is an international organization that promotes adaptation to the impacts of climate change. It works to climate-proof development by instigating policy reforms and influencing investments made by international financial institutions and the private sector. The goal is to bring climate adaptation to the forefront of the global fight against climate change and ensure that it remains prominent.
Founded in 2018, GCA embodies innovation in its approach to climate adaptation as well as in its physical presence. It operates from the largest floating office in the world, in Rotterdam, the Netherlands. GCA has a worldwide network of regional offices in Abidjan, Côte d’Ivoire; Dhaka, Bangladesh; and Beijing, China. The Center will open a new office in Nairobi, Kenya in 2025.
