As prepared for delivery

Ladies and gentlemen,

• It is a pleasure to be here today as part of this crucial discussion on water security. 

• Water is central to development, and UNDP's engagement spans the full range of water resource challenges.

• We are actively involved in applied water management across the Sustainable Development Goals, in portfolios as diverse as Nature, Climate, Energy, Waste, Inclusive Growth, and Disaster Risk Reduction.

• UNDP also serves as the custodian of the largest transboundary water portfolio in the UN system.

• We are also a key contributor to the Water Action Agenda and the Water Action Decade (2018-2028), focusing on integrated water management through three critical pillars: water access, water security, and water quality.

• Our long-standing expertise in the water sector allows us to combine best practices with innovative approaches to sustainable and integrated water resource management. 

• We are proud to have supported the COP27 Presidency through a multi-donor project, funded by the European Union, the Governments of Denmark and Switzerland. 

• This project helped launch several initiatives, including the AWARe initiative, which UNDP is committed to supporting, particularly in the promotion of climate change mitigation and adaptation technologies related to water management.

 • In the current context of water scarcity, climate change adaptation requires substantial support. 

• Simply delivering solutions is not enough, and a transactional approach will not suffice.

• One of the key challenges in the region is ensuring access to affordable climate change adaptation technologies.

 • Collective efforts are needed to reduce the costs of these technologies, enabling farmers to adopt alternative water resource systems and sustainable agricultural practices that produce more with less fresh water. 

• This is essential to the transition towards a low-carbon economy.

 • The good news is that we do not lack the necessary capital to finance the course correction we need.

• The global financial system holds an estimated $300 trillion in assets.

• However, we face a challenge in effectively channeling this capital towards climate change adaptation technologies and investments.

• What we need is innovative finance that can unlock and catalyze resources for promising technologies and projects.

• We know what these solutions are: blended finance, digital finance, insurance products, performance-based grants, and improved alignment between domestic and international climate finance.

• Developing the right policies and regulations for green finance, coupled with promoting sustainable economic growth through green technologies, is critical for a seamless green transition. 

• Moreover, finance solutions must be executed in a way that does not exacerbate debt.

 • According to UNCTAD, 70% of public climate finance is in the form of debt, and it primarily goes towards mitigation.

• We must leverage financial innovation to support both mitigation and adaptation efforts, ensuring sustainable growth.

• To scale up climate finance for resilience, we must help countries in the region:

- Establish new policies and institutions that de-risk private investments,

- Advance strategies such as climate debt swaps and payments for ecosystem services,

- Provide access to cutting-edge climate adaptation technologies,

- Promote synergies between grants and concessional lending, and

- Ensure that climate finance reaches the most vulnerable communities.

• UNDP is committed to aligning climate and development financing for water security with the needs of our partner governments in the region.

• Partnerships will be essential to our success, and together, we can ensure that the region is better equipped to face the challenges of water security and climate change adaptation.

Thank you.