In a joint announcement, USAID Administrator Samantha Power and Special Presidential Envoy for Climate John Kerry revealed that 21 additional companies have pledged investments in climate adaptation.
The commitment is part of the Call to Action to the Private Sector under the President’s Emergency Plan for Adaptation and Resilience (PREPARE), with an estimated $2.3 billion in additional adaptation finance set to be mobilized.
The PREPARE Call to Action, initiated at COP27, invites businesses to make substantial commitments to bolstering global climate resilience. In the past year, corporate actions under this initiative have generated over $610 million, benefiting more than 9.3 million individuals in Africa, the Middle East, and Latin America. Commitments include expanding climate information systems, introducing new financial products and services, developing climate-smart food systems, and creating innovative insurance solutions.
With 31 companies now responding to the Call to Action on adaptation, the new commitments include renowned names like Aon, Bezos Earth Fund, IBM, Visa, and others. These companies join the initial 10 founding participants from COP27, including Google, Microsoft, and Meta.
Additionally, Administrator Power announced new USAID investments to mobilize finance for climate adaptation under the PREPARE Adaptation Finance Window.
The awards will support seven local and international companies operating in Africa and Asia to scale parametric climate insurance coverage for farmers, enhance market-based water efficiency, and bolster businesses against climate hazards.
Partnerships with the Governments of Denmark and Sweden, along with the U.S. Development Finance Corporation, will facilitate a second funding round under the Adaptation Window. This round will provide catalytic grant finance, guarantees, and technical assistance to attract private investment into climate adaptation efforts.
USAID Allocates $53 Million to Combat Climate Change in Global Cities
In another press release during COP28, USAID Administrator Samantha Power revealed a commitment of over $53 million for initiatives addressing low-carbon and climate-resilient measures in 23 cities across Asia, Africa, Latin America, and the Caribbean.
The funds aim to translate national climate goals into localized actions, particularly in urban areas responsible for 75 percent of global CO2 emissions and home to more than half of the world’s population.
The projects will prioritize anticipating climate risks and tackling urban challenges, such as air pollution in Bishkek, Kyrgyz Republic, and enhancing resilience to temperature increases and water scarcity in Rajkot, India. Initiatives in other cities include decarbonizing transportation, transitioning buildings to net-zero emissions, promoting innovative adaptation solutions, and expanding climate finance options for local governments.
This commitment aligns with USAID’s ongoing efforts to empower local governments and communities for resilient, low-carbon futures.
