"We are in an adaptation emergency. We must act like it. And take steps to close the adaptation gap, now..."
finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows - over 50 per cent higher than the previous range estimate. As a result of the growing adaptation finance needs and faltering flows, the current adaptation finance gap is now estimated to be US$194-366 billion per year. At the same time, adaptation planning and implementation appear to be plateauing. This failure to adapt has massive implications for losses and damages, particularly for the most vulnerable.
The modelled costs of adaptation in developing countries are estimated at US$215 billion per year this decade and are projected to rise significantly by 2050. The adaptation finance needed to implement domestic adaptation priorities, based on extrapolation of costed Nationally Determined Contributions and National Adaptation Plans to all developing countries, is estimated at US$387 billion per year.
The report points to a study indicating that the 55 most climate-vulnerable economies alone have experienced losses and damages of more than US$500 billion in the last two decades. These costs will rise steeply in the coming decades, particularly in the absence of forceful mitigation and adaptation.