The report, tagged,"The Adaptation Economy," which investigates the need for climate adaptation investment in 10 markets - including Nigeria, China, India, Bangladesh and Pakistan - reveals that, without investing a minimum of USD30 billion in adaptation by 2030, these markets could face projected damages and lost GDP growth of $377 billion: over 12 times that amount.
"Examples of climate adaptation projects include the creation of coastal barrier protection solutions for areas vulnerable to flooding, the development of drought-resistant crops and early-warning systems against pending natural disasters,"it stated. Nigeria, the report stressed, is among the top 5 countries to benefit the most from adaptation investment
According to the report,"Among the 10 markets in the study, Nigeria is projected to Nigeria significantly from the adptataion investment. Leading the pack is India, which will benefit the most from adaptation investment. The market would require an estimated $11billion to prevent climate damages and lost growth of $135.5 billion in a 1.5°C warming scenario - equal to a thirteen-to-one return for the Indian economy of investment in climate adaptation.
"Even if the world's nations manage to achieve the goals of the Paris Agreement, measures to adapt to climate change must be pursued alongside the global decarbonisation agenda, with the banking sector having a critical role to play in unlocking finance. The $30billion investment required for adaptation represents only slightly more than 0.