Rich countries fall far short on climate adaptation funding, UN says
LONDON: Rich countries are falling well short of the $305 billion needed each year to help developing nations adapt to climate change, even as extreme weather events become more frequent and severe, a UN report said on Wednesday. Funding from developed countries rose by $1 billion to $28.2 billion in 2024, but remained a fraction of what is required to help poorer nations cope with worsening…
The United Nations has reported that wealthy nations are significantly underfunding the adaptation efforts necessary to help developing countries combat the impacts of climate change. Despite extreme weather events becoming more frequent and severe, annual climate adaptation funding from developed countries stood at $28.2 billion in 2024, only a $1 billion increase from the previous year. This funding still falls far short of the $305 billion required each year, according to the UN's 2026 Adaptation Gap Report.
At upcoming climate talks in Turkey from November 9 to 20, negotiators will discuss why nations are off track to meet a $300 billion annual climate finance pledge made in Baku. The report highlights that global temperatures are projected to exceed the critical 1.5 degrees Celsius threshold in the coming years, necessitating accelerated adaptation efforts. These efforts include restoring ecosystems and strengthening infrastructure to cope with worsening heatwaves, droughts, wildfires, and floods.
The UN's report notes that an agreement reached at last year's climate talks in Brazil aimed to triple adaptation finance for developing countries, with the goal of reaching $120 billion a year by 2035. However, this target would still leave a funding gap of over two-thirds. By 2035, adaptation finance needs in developing countries are expected to reach $420 billion annually.
Inger Andersen, executive director of the UN Environment Programme, emphasized that "the world is not ready to adapt to current climatic conditions, never mind what overshoot of 1.5 C will bring." Despite this, the report also notes a growth in other sources of funding. Financing from multilateral development banks is expected to increase significantly in 2025, while financial flows between developing countries have continued to rise, more than doubling to $9.6 billion in 2024 from $3.8 billion in 2019.
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