During COP29, the White House announced that the U.S. government fulfilled a major commitment to help vulnerable countries adapt to the climate crisis by providing more than $3 billion in funding for the President’s Emergency Plan for Adaptation and Resilience (PREPARE). This significant achievement marks the first time the Biden Administration has met its adaptation finance pledge, reaching over $3 billion in Fiscal Year 2023.
Key Takeaways
- The U.S. government has committed over $3 billion to the PREPARE initiative, aimed at helping vulnerable countries adapt to climate change.
- USAID highlighted nearly $61 million in investments under PREPARE to enhance resilience against environmental threats.
- The initiative aims to support over 3 billion people in 100 countries by 2027 with early warning systems for extreme weather events.
- Private sector investment in climate resilience is growing, with commitments valued at approximately $3 billion from 40 companies.
Overview of PREPARE
Co-led by the U.S. Department of State and USAID, PREPARE is a collaborative effort involving 20 departments and agencies. The initiative is designed to assist more than half a billion people in developing countries in adapting to and managing the impacts of climate change by 2030. The funding is not only aimed at immediate relief but also at long-term resilience building.
Investments in Climate Resilience
At COP29, USAID announced nearly $61 million in investments under the PREPARE initiative. These funds are directed towards improving resilience and security against environmental threats, demonstrating that a $1 investment in extreme weather preparedness can yield savings of $2 to $10 by avoiding future humanitarian assistance costs.
Since 2022, USAID has allocated an additional $50 million to support the Early Warning for All initiative through PREPARE, bringing the total funding to $83 million. This initiative has expanded flood and flash flood early warning systems in over 30 countries, with a goal of providing early warnings to an additional 200 million people by 2027.
Climate Smart and Disaster Ready Program
As part of its Climate Smart and Disaster Ready program, USAID announced $11.8 million in new awards to strengthen localized climate adaptation for communities at the highest risk of climate-related disasters. This brings the total investment for this initiative to $16.2 million, funding five multi-year projects across various regions, including West Africa, Central America, and the Pacific Islands.
Private Sector Engagement
The private sector’s role in climate resilience is increasingly recognized, with 40 companies and organizations committing to invest in climate adaptation in support of PREPARE. These commitments, valued at approximately $3 billion, aim to enhance the resilience of over 118 million people globally by 2030. This growing collaboration between the public and private sectors underscores the urgency of addressing climate change and its impacts on vulnerable populations.
Conclusion
The progress highlighted by USAID during COP29 reflects a significant step forward in the U.S. government’s commitment to climate adaptation. With substantial investments and collaborative efforts, the PREPARE initiative aims to build resilience in communities worldwide, ensuring that vulnerable populations are better equipped to face the challenges posed by climate change.
Sources
- USAID Highlights Progress on PREPARE, Celebrates Reaching President Biden’s $3 Billion Pledge | Press Release | U.S. Agency for International Development, U.S. Agency for International Development (.gov).
