Project GAIA ("GAIA")

In the past two decades, there has been an 83 per cent global increase in the frequency of major climate-related disasters, such as floods, droughts, heatwaves, and violent maritime weather. Low- and middle-income economies bear the heaviest burden related to these events. Yet climate adaptation investments in the most vulnerable, least prepared states are often too few and too far between to meet their adaptation needs. The estimated annual cost of adaptation in these countries is expected to reach as much as 500 billion per year in 2050. To meet the adaptation needs of the most vulnerable countries, public and private financiers have to work together in investment partnerships. This is the driving force behind Project GAIA.    Project GAIA will establish a blended finance platform that offers long-term loans for climate adaptation and mitigation investments in 19 of the most climate vulnerable countries in the world - making funding accessible through sources previously unattainable to participating countries. To answer to the immediate needs of developing countries, the platform allocates 70 per cent of its portfolio investments towards adaptation projects; with a further allocation of 25 per cent for Least Developed Countries and Small Island Developing States, ensuring that funding reaches the most climate vulnerable communities. The project targets countries facing similar challenges in accessing climate finance for their pipeline of high-impact adaptation projects.