As climate impacts accelerate, finance gap for adaptation efforts at least 50% bigger than thought

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'We are in an adaptation emergency. We must act like it. And take steps to close the adaptation gap, now...'

"We are in an adaptation emergency. We must act like it. And take steps to close the adaptation gap, now..."Progress on climate adaptation is slowing on all fronts when it should be accelerating to catch up with rising climate change impacts and risks, according to a new United Nations Environment Programme report.

“Today’s Adaptation Gap Report shows a growing divide between need and action when it comes to protecting people from climate extremes. Action to protect people and nature is more pressing than ever,” UN Secretary-General António Guterres said in his message on the report. “Lives and livelihoods are being lost and destroyed, with the vulnerable suffering the most.”

“In 2023, climate change yet again became more disruptive and deadly: temperature records toppled, while storms, floods, heatwaves and wildfires caused devastation,” said Inger Andersen, Executive Director of UNEP. “These intensifying impacts tell us that the world must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations. Neither is happening.”

Despite these needs, public multilateral and bilateral adaptation finance flows to developing countries declined by 15 per cent to US$21 billion in 2021. This dip comes despite pledges made at COP26 in Glasgow to deliver around US$40 billion per year in adaptation finance support by 2025 and sets a worrying precedent.

Studies indicate that every billion invested in adaptation against coastal flooding leads to a US$14 billion reduction in economic damages. Meanwhile, US$16 billion per year invested in agriculture would prevent approximately 78 million people from starving or chronic hunger because of climate impacts.

 

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