894. Climate Change Adaptation ―  Underfinanced and Underprepared

In 2023, the world will experience record-high temperatures, accompanied by a surge in destructive events such as typhoons, hurricanes, floods, droughts and heat waves. The United Nations Environment Programme's Adaptation Gap Report 2023 is a stark warning that inadequate funding and lack of preparedness pose a grave risk to our planet at a time when accelerated action to adapt to climate change is imperative.

The report presents alarming statistics. Adaptation financing needs in developing countries exceed current international public financial support by a staggering 10-18 times, a 50% increase over previous estimates. Adapting to climate impacts in these countries is projected to require an annual investment of $215 billion over the course of this decade, with an additional $387 billion per year needed to address domestic priorities.

However, the financial support needed falls far short of actual contributions. Multilateral and bilateral financial flows to developing countries are projected to fall by 15% to just $21 billion by 2021. This yawning gap in adaptation finance currently stands at a staggering $194 billion to $366 billion per year, as the soaring demand for climate finance far outstrips the available resources. At the same time, the momentum behind adaptation planning and implementation appears to have stalled, increasing the potential for profound loss and damage, especially to the world's most vulnerable populations.

The report suggests several ways to close the adaptation finance gap, including strengthening domestic investment, increasing international financial support, engaging the private sector in financing climate action, and addressing the critical aspect of loss and damage caused by climate-related events. These measures serve as a call to action for governments, organizations, and private entities to join forces in the fight against climate change and strengthen global resilience to its adverse impacts.
 

Contributor: IIYAMA Miyuki (Information Program)