Project Document

Adaptation Fund Projects

Project Approved

<p>The overall objective of the proposed Locally-led Adapatation Project is to enhance the country's capacity to effectively respond to the adaptation challenges posed by climate change and enhance adaptation resilience in the regions and municipalities of Armenia through establishment of a National Adaptation Finance Facility.  Specific objectives of the Project are:➢ Increasing climate resilience of Armenia's regions to the impacts of climate change. This involves identifying and addressing vulnerabilities in various sectors, such as agriculture, water resources,  infrastructure, and ecosystems, to ensure they can withstand the changing climate and associatedrisks;➢ Promoting regional inclusivity by involving various stakeholders at the regional level (regional and municipal authorities, CSOs and private sector). Collaborative efforts will ensure that adaptation measures are tailored to the specific needs and conditions of different regions and municipalities within Armenia;➢ Launching and operationalizing innovative financial instrument (National Adaptation Finance Facility) that will provide funding for “incremental adaptation costs”, thus enabling private sector to come in with implementation funding. The facility will further fundraise to receive contributions from international donors, government budgets, private sector investments, and other funding sources to support regional adaptation projects effectively;➢ Capacity-building activities to enhance the technical and institutional capabilities of regional stakeholders involved in climate adaptation. This will ensure that projects are identified, structured, implemented, and monitored effectively to maximize their impact and sustainability;➢ Enhance knowledge transfer and data management to make informed decisions and develop effective adaptation resilience seeking projects. This will include assessments of climate risks, conducting vulnerability assessments, and using scientific data to inform decision-making processes;➢ Advance policy-making and good governance reform to create an enabling environment for climate adaptation in the regions. This will include aligning marz adaptation plans (MAPs) and sectorial adaptation plans (SAPs) with climate resilience goals and integrating climate considerations into relevant policies and regulations. By achieving these objectives, the Project aims to strengthen Armenia's ability to respond proactively and effectively to the challenges of climate change at the regional and municipal level, ultimately contributing to the country's adaptation resilience-building and safeguarding the well-being of its communities.</p>