New Delhi: As Hurricane Melissa battered Jamaica and Cuba, before moving on to Bahamas and Bermuda, a new UN report confirmed a gap of at least $284 billion a year in funds to help developing countries adapt to such devastating impacts of climate change.
In 2023, actual financial flows to help developing countries in their adaptation needs was just $26 billion. According to the report, Running on Empty, developing countries will need between $310 and $365 billion a year in 2035 to adapt to climate impacts. That is 12 times as much as the current international public adaptation finance flows.
"As action to cut greenhouse gas emissions continues to lag, these impacts will only get worse, harming more people and causing significant economic damage," said Inger Andersen, executive director of UNEP.
Experts at the UN Environment Programme explain that the figure of $310 billion per year is based on modelled costs.
Estimates based on extrapolated needs included by countries in their Nationally Determined Contributions and National Adaptation Plans throws a up a higher requirement of $365 billion.
The report makes it clear that climate finance target of $300 billion agreed to in Baku is not sufficient. That sum of $300 billion is meant for all climate action, that is mitigation and adaptation.
On the other hand, adaptation planning and implementation by countries are improving.
Around 172 countries have at least one national adaptation policy, strategy or plan in place; only four countries have not started developing a plan.
The Biennial Transparency Reports, submitted by countries under the Paris Agreement to outline progress in meeting climate pledges, include over 1,600 implemented adaptation actions, mostly on biodiversity, agriculture, water and infrastructure.
The report finds that only few countries are reporting on actual outcomes and impacts, which are needed to assess their effectiveness and adequacy.
Funding for adaptation, comprising primarily of public funds and grants, will be a key issue at COP30 in Brazil.
In 2023, actual financial flows to help developing countries in their adaptation needs was just $26 billion. According to the report, Running on Empty, developing countries will need between $310 and $365 billion a year in 2035 to adapt to climate impacts. That is 12 times as much as the current international public adaptation finance flows.
"As action to cut greenhouse gas emissions continues to lag, these impacts will only get worse, harming more people and causing significant economic damage," said Inger Andersen, executive director of UNEP.
Experts at the UN Environment Programme explain that the figure of $310 billion per year is based on modelled costs.
Estimates based on extrapolated needs included by countries in their Nationally Determined Contributions and National Adaptation Plans throws a up a higher requirement of $365 billion.
The report makes it clear that climate finance target of $300 billion agreed to in Baku is not sufficient. That sum of $300 billion is meant for all climate action, that is mitigation and adaptation.
On the other hand, adaptation planning and implementation by countries are improving.
Around 172 countries have at least one national adaptation policy, strategy or plan in place; only four countries have not started developing a plan.
The Biennial Transparency Reports, submitted by countries under the Paris Agreement to outline progress in meeting climate pledges, include over 1,600 implemented adaptation actions, mostly on biodiversity, agriculture, water and infrastructure.
The report finds that only few countries are reporting on actual outcomes and impacts, which are needed to assess their effectiveness and adequacy.
Funding for adaptation, comprising primarily of public funds and grants, will be a key issue at COP30 in Brazil.
You may also like
For Maharashtra civic polls, SEC seeks EC nod for 'supplementary' voters list
Indian American groups condemn Zohran Mamdani's 'Hinduphobic' remarks as acts of bigotry and bias
Yunus fears attempts to thwart planned Bangladesh polls
Have RTI query? Take a scooter instead. Why answer seekers in Kashmir are hitting a wall
Coastal growth & blue economy priority for 25 years: PM Modi
