But the report found that $ 100 billion a year — a pledge which wealthy nations have so far been unable to achieve — isn’t even enough to match the demand. Adaptation costs for low-income countries will hit $ 140 aan 300 billion each year by 2030 en $ 280 aan 500 billion per year by 2050, UNEP reports.
In 2019, enigste $ 79 billion of climate financing flowed into developing nations, according to the latest analysis.
As the climate crisis intensifies, adaptation measures are becoming more critical. Global scientists have said the world should try to keep warming below 1.5 degrees Celsius above pre-industrial levels — a critical threshold to avoid the worst impacts. But Thursday’s report suggests this threshold will be breached sooner than previously imagined, and some climate impacts are already irreversible. Wildfires, droughts, record heat waves and deadly floods terrorized parts of the Northern Hemisphere this summer.
“While strong mitigation is the way to minimize impacts and long-term costs, increased ambition in terms of adaptation, particularly for finance and implementation, is critical to prevent existing gaps widening,” the report’s authors wrote.
Rofweg 79% of all countries have adopted at least one adaptation plan, policy or strategy to stem the impact, a 7% increase since 2020. Intussen, 9% of countries that don’t currently have a plan or policy in place are in the process of developing one.
But the report says implementation of these adaptation measures is stalling
. A separate UNEP report found
daardie 15 major economies will continue to produce roughly
110% more coal
, olie, and gas in
2030 than what’s necessary to limit warming to
1.5 grade, which will worsen climate change-fueled extreme weather events and make adaptation all the more critical
At a forum on vulnerable countries at COP26 this week, UN Secretary-General António Guterres called on wealthy nations, banks and shareholders to “allocate half their climate finance to adaptation” en “offer debt relief” for low-income nations.
“Vulnerable countries must have faster and easier access to finance,” Guterres said. “I urge the developed world to accelerate delivery on the $ 100 billion dollars to rebuild trust. Vulnerable countries need it for adaptation and for mitigation. [Hulle] are not the cause of climate disruption.”
One way to tackle this, according to the report’s authors, is to use Covid-19 recovery stimulus packages as an opportunity to deliver green and resilient adaptation measures to developing countries. The twin crises of climate change and the pandemic have stretched economic and disaster response thin, but authors say it proves the world can adapt to the worst impacts of warming temperatures.
The adaptation gap report comes at a critical time as world leaders gather at COP26 to discuss the probability of keeping the goal of 1.5 degrees Celsius alive, as well as also ensuring that wealthy, fossil fuel-generating nations hold on to their promise of transferring $ 100 billion a year to low-income countries, particularly in the Global South.
Andersen said one thing is clear: “The more we delay climate action, the more adaptation will become important, especially for the most poor, who are going to be hit the hardest.”