Source(s): Stockholm Environment Institute
In the new Adaptation Finance Gap Update, part of the UN Environment Programme(UNEP) Adaptation Gap Report 2023, we examine recent trends in adaptation funding.
Specifically, we focus on the flow of public adaptation funds from the governments of developed countries to developing countries, since the implementation of the Paris Agreement.
In this article, we identify three major gaps in adaptation finance and explain why these gaps have emerged even as nations commit to scaling up these funds.
Financial shortfall
Adaptation costs for developing countries are estimatedat between $215bn and $387bn annually this decade, according to the latest Adaptation Finance Gap Update report.
Spending from the public funds of developed nations, while not the only source of adaptation finance, remains a crucial source, especially for low-income countries.
As it stands, people in the least developed countries(LDCs) and small-island states are often more exposedto climate hazards and more likelyto be killed by climate-related disasters. This is despite the fact that these nations bear very little responsibilityfor causing climate change.
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