Adaptation shortfall tallied
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The UN says much more climate adaptation is needed as global temperatures creep dangerously close to a 1.5°C increase.
The United Nations Environment Programme (UNEP) has released its 2024 Adaptation Gap Report, ominously titled Come Hell and High Water.
The report urges countries to dramatically increase climate adaptation, with new efforts for the COP29 climate finance discussions and beyond.
It describes a widening gap between the funds required to shield vulnerable communities from climate impacts and what is actually available.
Despite a jump in adaptation funding - from US$22 billion in 2021 to $28 billion in 2022 - current international public adaptation finance appears likely to fall short.
The UNEP estimates about US$187–359 billion per year is needed, meaning even if the Glasgow Climate Pact’s goal of US$38 billion is met, it would close just 5 per cent of the shortfall.
“Climate change is already devastating communities across the world, particularly the most poor and vulnerable,” the UNEP’s executive director Inger Andersen warns.
“Raging storms, wildfires, droughts - without action, this is a preview of our future. There simply is no excuse for the world not to get serious about adaptation, now.”
While funding is increasing, developing nations facing climate loss and damage are increasingly burdened by debt.
Many report that planned adaptation projects are stalling without sufficient resources to implement them at the required scale and pace.
Further complicating matters is the looming New Collective Quantified Goal on climate finance, set to be decided at COP29.
The report warns that if adaptation finance is not prioritised in these new funding pledges, rising climate impacts will continue to overwhelm the most vulnerable.
The experts outline three key areas for action: significantly increasing finance, strengthening capacity-building, and enhancing technology transfer.
Currently adaptation finance is often reactionary and project-based, according to the report.
To truly make a difference, UNEP suggests a shift to “anticipatory, strategic, and transformational” funding approaches.
Public finance will be essential for de-risking private sector involvement in adaptation projects and unlocking further investment.
However, this strategic approach demands both capacity-building and new financing instruments tailored to adaptation needs.
The UNEP suggests climate fiscal planning and climate budget tagging in national planning frameworks. Proposed international financial reforms could also help developing countries leverage the adaptation finance they urgently need.
Private sector innovations, such as climate resilience bonds or ecosystem service payments, could further close the finance gap if public funds are used to de-risk these investments.
In addition to funding, UNEP calls for a major push in capacity-building and technology transfer.
The report points out that, while references to capacity needs are common in UN climate agreements, efforts are often “uncoordinated, expensive, and short-term”.
Most adaptation funding focuses on water, food, and agriculture, sectors that remain underserved and lacking in adaptive technologies.
The report recommends capacity-building initiatives emphasise both technology and social inclusivity, focusing on marginalised groups.
It also calls for a “robust evidence base” for better-informed adaptation strategies, as well as a holistic approach that integrates these strategies with broader national development goals.
