A recently released UN Environment Programme (UNEP) report has identified that adaptation financing in response to changing climate impacts is increasing, but this rise is outpaced by rapidly increasing adaptation costs.
The report places annual adaptation costs in developing countries at an estimated US$70bn, with this figure expected to reach US$140bn-US$300bn in 2030 and US$280bn-US$500bn in 2050.
“We need a global commitment to put half of all global climate finance towards adaptation in the next year,” said Inger Andersen, executive director of UNEP. “This will allow a huge step up in adaptation – in everything from early warning systems to resilient water resources to nature-based solutions.”
The report notes that almost three-quarters of nations have some adaptation plans in place, but financing and implementation fall far short of what is needed. It also states that nature-based solutions, critical for adaptation, need to receive more attention.
The full report can be downloaded here.